Compliance Matters to Your Dealership
There is arguably nothing more important for a Colorado Independent Automobile Dealer than compliance. Compliance with local, state and federal laws not only protects the consumer, but also the dealer.
Your CIADA staff are experts in all things compliance and are a call or email away to help you stay legal and focused so you can grow your dealership.
Colorado Independent Dealer Compliance Resources
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Colorado Uniform Consumer Credit Code: Licensing & Notification
Credit sellers and retail merchants that regularly extend consumer credit as a “creditor” must annually file notification and pay the appropriate fee, pursuant to §§ 5-6- 201, 5-6-202 and 5-6-203, C.R.S.
A “creditor” is a person or business that sells or leases goods or services to consumers and either arranges financing from others or provides its own financing. If your name appears on a retail installment contract or consumer lease as the creditor, seller, or lessor, even if you immediately sell or assign the contract to a finance company or bank, you are a creditor.
Pursuant to § 5-1-301(11) and (14), C.R.S., a consumer credit sale or lease contract is entered into by you, the seller, and a buyer who is an individual person(s) other than an organization. Consumer sale contracts are primarily for a personal, family or household purpose and do not exceed $75,000. The debt is created by written agreement, payable in five or more installments and involves a finance charge and/or interest [§ 5-1-301(11) and (14), C.R.S.]
Retail sales companies are required to file notification even if the contracts are immediately sold or assigned to a third party.
You are required by law to file the UCCC notification form and pay the notification fee within 30 days after commencing business in Colorado and thereafter, on or before January 31st of each year.
If you are required to file notification and fail to do so, consumers have no legal obligation to pay any of the finance charges due under the credit transactions.
Retail Sales – FAQs
Credit sellers and retail merchants that regularly extend consumer credit as a “creditor” must file the notification form and pay the notification fee within 30 days after commencing business in Colorado and thereafter, on or before January 31 of each year.
If you have failed to file notification for previous years, please fill out each applicable year’s notification form below and submit along with the required notification and late fees:
*Please note you will not be considered an active Retail Sales Notification Filer until all notification forms and fees have been submitted*