Colorado Revised Statutes Title 5. Consumer Credit Code § 5-2-214. Alternative charges for loans not exceeding one thousand dollars

(a) An acquisition charge for making the original loan or any refinanced loan, not to exceed eight percent of the amount financed; and

(b) A monthly installment account handling charge, not to exceed the following amounts:

(5.5)(a) A lender shall require a consumer to fill out a loan application for every loan under this section and shall maintain the application on file. The application must be signed and dated by the consumer.

(b) A lender shall require the consumer to provide a pay stub or other evidence of income in every application for a loan under this section and shall maintain this application on file. The pay stub or other evidence of income must have been issued or dated within forty-five days before the date of the application. If a lender requires a consumer to present a bank statement to secure a loan, the lender shall allow the consumer to delete from the statement the information regarding to whom the debits listed on the statement were payable. If the amount borrowed is not more than twenty-five percent of the consumer's monthly gross income and benefits, as evidenced by a paycheck stub or otherwise substantiated, a lender is not obligated to investigate the consumer's continued debt position, and the consumer's ability to repay the loan need not be further demonstrated.

(c) If a lender complies with the requirements of subsections (5.5)(a) and (5.5)(b) of this section, and the loan otherwise complies with this article 2 and other applicable law, neither the consumer's inability to repay the loan nor the lender's decision to obtain or not obtain additional information concerning the consumer's creditworthiness is cause to determine that a loan is unconscionable.