5-6-203. Fees - repeal.
415 words·~2 min read·
/co/title-5-consumer-credit-code/article-6-administration/5-6-203·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)A person required to file notification shall, with the first notification on or before July 1, 2024, and on or before July 1 each year thereafter, pay to the administrator a nonrefundable annual notification fee. The administrator may examine the loans, business, and records of such a person without issuance of a subpoena.
(I)Notifications issued by the administrator in calendar year 2023 expire on July 1, 2024. The administrator may assess an additional notification fee in January 2024 to cover the direct and indirect costs of administering this section until notification renewals are due July 1, 2024.
(II)This subsection (1)(b) is repealed, effective July 1, 2026.
(2)(Deleted by amendment, L. 2009, (HB 09-1141), ch. 41, p. 158, § 5, effective January 1, 2010.)
(a)Persons required to file notification who are assignees of consumer credit sales or consumer leases shall pay an additional nonrefundable annual volume fee on or before July 1, 2024, and on or before July 1 each year thereafter, for one hundred thousand dollars, or part thereof, of the unpaid balances at the time of the assignment of obligations arising from consumer credit sales or consumer leases made in this state and taken by assignment during the
preceding calendar year. Persons required to file notification shall report any such volume to the administrator on or before March 1 in the form and manner determined by the administrator. The administrator may charge a late fee for failure to report such a volume.
(I)A person that pays a volume fee in calendar year 2023 is not required to pay a renewal of the volume fee until July 1, 2024. The administrator may assess an additional volume fee in January 2024 to cover the direct and indirect costs of administering this section until volume fee renewals are due on July 1, 2024.
(II)This subsection (3)(b) is repealed, effective July 1, 2026.
(4)The administrator shall impose a penalty of five dollars per day on any person that fails to comply with this section. If a person required to file notification and pay a notification fee fails to do so, the consumer has no obligation to pay the finance charge due under the consumer credit transaction, and any finance charges paid shall be refunded to the consumer. In addition, if the administrator examines the loans, business, or records of such person, the person shall pay the reasonable and necessary examination expenses of the administrator.
(5)Repealed.