Consumer alerts

Protecting Consumers by Stopping Online Lenders from Evading Colorado Laws

9:00 - 10:00am MST

VIRTUAL
Webinar

Micheile Henderson | Unsplash.com

UPDATE: While this event has ended, you can find a video and information about what was covered on this webinar here.

Join Center for Responsible Lending and CoPIRG for a webinar exploring Colorado’s recent legislative victory against high-cost lenders who use Rent-A-Bank arrangements to skirt Colorado interest rates.

Keynote remarks will be delivered by Colorado Attorney General Phil Weiser.

Rent-A-Bank schemes were made possible by the federal Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA or DIDA), which in recent years has been exploited by high-cost on-line lenders that use arrangements with banks chartered in other states and charge Colorado borrowers interest rates far in excess of what is legal under Colorado law.

In 2023, Colorado made it clear: lenders must comply with Colorado law, regardless of where they are located, when making on-line loans to Coloradans. The passage of Colorado’s House Bill 23-1229 exercised Colorado’s right under DIDMCA to stop lenders from evading Colorado law, joining Iowa and Puerto Rico in closing the rent-a-bank loophole.

Come learn about the significance of this victory for consumers from a panel of experts and the legislative sponsors.


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