Rule 14	Fee Schedule

For calendar year 2008 and thereafter, unless modified by future rule, the amount payable for the following fees, whether initial or renewal, shall be:

Fee	Amount	
Supervised Lender License (single or master license) [5-2-302(1)]

Supervised Lender Branch License [5-2-302(1) & (5)]

Notification Fee [5-6-203(1)]

Volume Fee [5-6-203(2) & (3)]	$350*

$350*

$20

$5 (per $100,000)	

Any fee not listed above shall be in the amount specified in the Colorado Uniform Consumer Credit Code (“UCCC”).

* In addition to these license fees, there is a surcharge of $100.00 on each supervised lender license and branch license.  The surcharge is deposited in the Colorado Department of Public Safety’s Identity Theft and Financial Fraud Cash Fund and is authorized by section 24-33.5-1707(2)(b), C.R.S.

Rule 16	Deferred Deposit Loan Payment Plans
For deferred deposit loans subject to section 5-3.1-108(5), C.R.S. on voluntary payment plans, a lender shall also comply with this rule.
(a)  Notice of Written Payment Plan Offers
(1) The written notice of the option to participate in a voluntary payment plan required in section 5-3.1-108(5)(a), C.R.S. shall state the following language in at least ten-point type:

“notice of payment plan option

you have the right to participate in a voluntary payment plan to repay this loan.  if you select a payment plan, you may repay any amounts due in at least 6 equal installments rather than 1 single payment.  Payments will be due on your payday or date you receive benefits.  there is no additional fee for a payment plan.

you may select the payment plan now or at any time before the close of business on the day before this loan is due.  to select a payment plan (select either or both of the phrases below as applicable)

return to this location or any other branch locations we operate in Colorado.  contact our office for the names and addresses of other branch locations, if any, we operate in colorado.

(and/or) 

if this loan was originated at a web site, by telephone, or at another remote location, visit or contact us at (insert applicable information).

	the decision to select a payment plan is yours to make.  if you select a payment plan, the lender must provide a plan that meets the requirements described above.  you are entitled to receive a copy of this notice.

	by signing below i acknowledge that i was offered the option of a payment plan.

________________________________			___________________
(signature)							(date)”

(2) The Notice of Payment Plan Option shall prominently include the lender’s business name, physical location address, and telephone number, and shall also include the consumer’s signature and the date the notice was provided.  It shall be contained in a document separate from the loan application, loan agreement, contract, and any other disclosures required by state or federal law, except that the notice may also contain the written payment plan.  The lender shall provide the consumer with a copy of the notice of payment plan option in a form the consumer may keep.

(b) Contents of Written Payment Plan.  The written payment plan shall contain all of the following information:
(1) Total amount of existing debt,
(2) Dates of each payment,
(3) Amount of each payment,
(4) That there is no additional fee to select a plan,
(5) That the lender is prohibited by law from collection activities while the consumer meets the terms of the plan, 
(6) That the lender and its affiliates are prohibited by law from making any deferred deposit loans to the consumer before a plan is completed, and
(7) That if the consumer does not pay the full amount of each payment by the due date, the lender may collect all of the remaining debt due and charge the consumer a $25.00 default fee.

A lender that requires a consumer to provide post-dated checks or electronic authorizations for the payments under the plan must disclose that information in the written payment plan.  The payment plan must be dated and signed by both the lender and consumer.

(c) Record Retention.  A lender shall maintain records relating to all of its written payment plan offers and payment plans pursuant to Rule 10 of the Uniform Consumer Credit Code Rules. 

statement of basis, specific statutory authority, and purpose

The purpose of amended Rule 14 is to increase license fee amounts for 2008 and thereafter to ensure collection of the sufficient revenue to meet the program’s budget appropriation.  This includes costs to partially fund the first six months of regulation of debt-management service providers under Senate Bill 07-57, effective January 1, 2008.  The purpose of amended Rule 16 is to clarify that the written notice to consumers of payment plans for deferred deposit loans must be provided to consumers in a form they can retain.  Some lenders obtain the consumer’s signature on the written notice but do not automatically provide a copy to the consumer.  The notice contains information useful to consumers such as the due date to exercise the payment plan option and lender contact information.

The amendment to Rule 14 increases fees from the 2007 level by $50 per master license and $150 per branch license.  These fees remain below the statutory amounts of $400 per license.  The amendment would not change other fees.  Fees are adjusted periodically based on projections of numbers of licensees and registrants to ensure sufficient collection of revenue but avoid fee collection in excess of permitted reserve amounts.

New and renewal supervised lender license fees are subject to a $100 per license surcharge to support the activities of the Colorado Department of Public Safety in enforcing and prosecuting identity theft and financial fraud crimes.  The surcharges are deposited in the Colorado Department of Public Safety’s Identity Theft and Financial Fraud Cash Fund and are authorized by section 24-33.5-1707(2)(b), C.R.S.  Notification and volume fees are not subject to the surcharge. 

The statutory authority for these rules is contained in sections 5-3.1-108(5), 5-6-104(1)(e), 5-6-203(5), 5-6-302(2), and 24-4-103, C.R.S.