Rule 10	Records to be Maintained by Creditors
(a)	A creditor must maintain and make available records for compliance examinations and investigations that enable the Administrator to determine that the creditor is in compliance with the Colorado Uniform Consumer Credit Code (“UCCC”).  These records include, but are not limited to, the following as applicable:
1.	Advertising and solicitation material.
2.	Credit applications and any other documents obtained by a creditor or required by law verifying the financial information contained in the application, approvals, and denials.
3.	Disclosures required by the UCCC, including the Deferred Deposit Loan Act, and the federal Truth in Lending and Truth in Leasing Acts, and any regulations thereunder.
4.	Promissory notes, loan agreements, retail installment sales contracts, invoices, purchase orders, and buyer’s orders.
5.	Co-signer notices.
6.	Rescission notices.
7.	Payment and account history documents including application of each payment to principal and interest, prepayment, payment in full, delinquency fees, insufficient check fees, credits and refunds, and ledger transaction codes.
8.	Delinquency fee and deferral notices.
9.	Change in terms notices.
10.	Right to cure, default, and repossession of collateral notices.
11.	Collection attempt documentation including records of the time, date, and substance of telephone calls.
12.	Insurance authorizations, policies, premiums, and certificates.
13.	Authorization for benefits permitted as additional charges by UCCC rule.
14.	Receipts for cash payments.
15.	Release of security interests, termination of financing statements, and payment in full notices.
16.	Credit reports, appraisals, title policies, and other records of closing costs on real estate secured transactions legally permitted to be excluded from the finance charge.
17.	For deferred deposit loans lenders, a consumer log including the consumer’s name, date of all loans made to the consumer for the prior four years, amount financed, finance charge, due date, actual payment date, method of payment (e.g., consumer’s check deposited or cashed; payment electronically debited from consumer’s bank account; consumer redeems check or debit authorization with cash; loan renewed, refinanced, extended or rolled), and if applicable, the dates the lender offered written payment plans and the dates payment plans were established.
18.	For deferred deposit loans lenders, daily activity logs, check and cash disbursement registers, and bank records including bank statements and deposit slips reflecting disbursements of loan proceeds and payments on deferred deposit loans.
19.	For deferred deposit loans lenders, records of postings of charges, notices on assignment or sale of instruments, and compliance with renewal limitations and payment plan requirements.
20.	For lenders making loans under section 5-2-214, “Alternative charges for loans not exceeding one thousand dollars:”
(a)	For each consumer, a consumer log including the consumer’s name, date of all loans made to the consumer for the prior four years, date of actual final payment, amount financed, dollar amount of contractual acquisition charge, total dollar amount of contractual monthly installment account handling charge, loan term, method of payment (e.g., paid by consumer, refinanced, or consolidated), the dollar amount of any refunds paid to the consumer upon prepayment, and for refinances and consolidations the amount of any loan proceeds given to the consumer directly and/or paid to others on the consumer’s behalf.
(b)	Daily activity logs of all loans made, refinanced, or consolidated, including the consumer’s name, whether the consumer is new, a former customer, or a current customer; check and cash disbursement registers; and bank records including bank statements and deposit slips reflecting disbursements of loan proceeds and loan payments.

(The amendments to Rule 10 shall take effect August 1, 2007 except that pursuant to section 5-3.1-118(3), C.R.S., compliance with Rule 10(a)(17)-(19) is not mandatory until September 2, 2007.) 

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.

(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. 

(Rule 16 shall take effect August 1, 2007 but pursuant to section 5-3.1-118(3), C.R.S., compliance with the rule is not mandatory until September 2, 2007.) 

statement of basis, specific statutory authority, and purpose

The basis and purpose of the new and amended rules are to implement House Bill 07-1261 “Concerning The Mandatory Offer Of A Voluntary Payment Plan By A Deferred Deposit Lender To A Consumer Who Has Received Consecutive Deferred Deposit Loans,” adopt a rule on the contents of the written notice to consumers of the payment plan option and of the plan, and update and revise existing rules on record retention rules to reflect these and other recent legislative changes, including the 2004 adoption of section 5-2-214, C.R.S. and Senate Bill 07-144 “Concerning Changes To The Uniform Consumer Credit Code Concerning Small Consumer Loans, And, In Connection Therewith, Limiting The Number Of Times A Loan May Be Refinanced, Prohibiting A Creditor From Taking Collateral From A Consumer, And Changing The Way A Refund Is Calculated For The Prepayment Of Small Installment Loans.”

The statutory authority for these rules is contained in sections 5-2-214, 5-3-109, 5-3.1-108(5) (House Bill 07-1261), 5-3.1-115, 5-6-104(1)(e), 5-6-302(2), and 24-4-103, C.R.S.