REMINDER: UNIFORM CONSUMER CREDIT CODE (UCCC) - ANNUAL FILING
Most all dealers in Colorado need to make this annual filing with the Attorney General’s office. The few exceptions include dealerships that do not assign any retail paper (installment contracts), do not arrange financing, or do not make any consumer credit transactions. Renewal packets were mailed to prior filers the end of December.
* * * DUE JANUARY 31st * * *
The annual notice fee for 2017 is $130.00. LATE FEES: the annual fee is due each year by January 31st (with a 30-day grace period; late fees of $5.00 per day start to accrue on March 1st).
CLICK HERE for information and forms for the annual filing (includes a form and online payment options (online requires a Retail Sales Notification number)).
Note that active filers are now listed on the UCCC web site. Recently an auto lender was demanding a copy of this annual notice filing from a dealership to prove compliance. Any such requests can be satisfied by directing the lender to this listing on the UCCC site. See Active Notification Filers, Retail Sales.
About the UCCC: The Colorado Uniform Consumer Credit Code (UCCC) is a state law that regulates the terms and conditions of consumer credit in the State of Colorado. It sets maximum rates and charges for some fees, requires disclosure of the cost of credit so consumers may shop for the best rates, and provides remedies for consumers on default. Dealerships, as retail merchants that regularly extend consumer credit and "arrange financing" (even if all paper is ultimately assigned to a lender) are included in the UCCC requirement to annually file with the state. The UCCC is enforced by an Administrator within the Attorney General’s office. Visit: https://coag.gov/uccc
If you have questions on any legal or regulatory topic, please contact:
Tammi McCoy, VP, email@example.com, 303.282.1449
Tim Jackson, President, firstname.lastname@example.org, 303.282.1448
DISCLAIMER: CADA is not authorized to dispense legal advice. The information contained in this weekly email is intended to provide important updates and reminders regarding statutes, litigation, and regulations. CADA always advises that dealers should consult legal counsel on the specifics of any laws or regulations to ensure proper compliance.