CO SB034

Reduces the maximum permissible finance charge for credit cards from 21% per year to 12.5% per year on the unpaid balance of the amount financed.

Maintains the 21% per year maximum finance charge for other supervised loans and consumer credit sales pursuant to revolving credit accounts.

Takes effect at 12:01 a.m. on August 5, 2015 (or 90 days after final adjournment of the 2015 general assembly), unless a referendum petition is filed.

If a referendum petition is filed, the act takes effect only if approved by voters at the November 2016 general election.

Applies to consumer loan and consumer credit sale transactions made pursuant to revolving credit accounts on or after the effective date.