CFPB, Federal Agencies, State Agencies, and Attorneys General
The Colorado Attorney General’s Office recently published licensing applications for entities that are engaged in servicing student loans owed by Colorado residents.
There are two types of applications available: (1) a short “form” for “Federal Contractors” who hold a contract awarded by the U.S. Secretary of Education to service federal student loans; and (2) a longer “application” for all “Other Servicers” who are not federal student loan servicing contractors.… Continue Reading
The Colorado Attorney General reached a $175,263 settlement with a lender and a debt management company that are owned and operated by the same individuals. The Colorado Attorney General alleged the companies violated Colorado law when the lender issued loans to customers of the related debt management company. Colorado law prohibits debt management companies from offering loans through a related company due to the risk of a conflict of interest.… Continue Reading
In a January 4 posting, Colorado’s outgoing Attorney General, Cynthia Coffman, issued an administrator’s opinion as to whether Section 5-2-214 of the Uniform Consumer Credit Code prohibits supervised lenders from utilizing post-dated checks, debit authorizations, and other forms of up-front payment authorization, as security for payment of “alternate charge” consumer installment loans.… Continue Reading
