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– Uniform Consumer Credit Code - Notification Filing and Fees Mandatory For Dealers as of January 1, 2010 – New Regulatory / Legal Topics Index Page
– Several Measures Moving Forward For 2010 Ballot
– Dealer Friday Morning at the Capitol – Legislative Policy Committee Meeting – NADA Convention and Exposition – CADA 2010 Annual Golf Tournament
–Ethel Maxine Nichols Passes Away
–All the News That's Fit to Email! CLICK HERE for an Index of Regulatory CLICK HERE for Bulletin archives.
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UNIFORM CONSUMER CREDIT CODE - NOTIFICATION FILING AND FEES MANDATORY FOR DEALERS AS OF JANUARY 1, 2010. The Colorado Uniform Consumer Credit Code (UCCC) is a state law that regulates the terms and conditions of consumer credit in the State of Colorado. It sets maximum rates and charges for some fees, requires disclosure of the cost of credit so consumers may shop for the best rates, and provides remedies for consumers on default. New law goes into effect this next year so that ALL “creditors” (which includes dealerships that arrange financing) MUST file a notification form and fee with the state, regardless of how long any paper is held. The previously hard-to-determine volume fee has also been eliminated, with one, flat notice fee of $50.00. Below are prior Open Road articles with more information on advertising requirements. Download the memo regarding this change, and the revised notice form. CLICK HERE to link to the state Attorney General Uniform Consumer Credit Code page. Visit the prior Open Road article for background information on this topic: * * * * * * * * NEW REGULATORY / LEGAL TOPICS INDEX PAGE New Regulatory / Legal Topics Index Page Visit: * * * * * * * * If you have questions on any legal or regulatory topic, please contact:
DISCLAIMER: CADA is not authorized to dispense legal advice.The information contained in this weekly email is intended to provide important updates and reminders regarding statutes, litigation, and regulations. CADA always advises that dealers should consult legal counsel on the specifics of any laws or regulations to ensure proper compliance
Information provided by the Economic Development Council of Colorado Last spring, proponents of three ballot initiatives filed the required paperwork with the Office of Legislative Council and subsequently with the Colorado Secretary of State to put these initiatives on the November, 2010 general election ballot. At the time, these were labeled Initiatives #10, #12, and #21. After setting of the respective titles of the three initiatives and approval of the petition format by the Secretary of State, the proponents then were required to gather signatures of at least 76,047 qualified Colorado voters (5% of the total number of votes cast in the last general election for the office of Secretary of State). Proponents turned in petitions with about 140,000 signatures for each of the initiatives and in early December, Colorado Secretary of State Bernie Buescher certified the three measures for next fall's ballot. Proposition 101 is a statutory change that will drop motor vehicle registration fees to $10 per year and lower the state income tax rate from the current 4.63% to 3.5%. It is estimated that this would cause state revenues to drop an additional $1.2 billion. It should also be noted that a large portion of the Highway Users Trust Fund, used for maintenance and construction of the state's highways, is funded from motor vehicle registration fees. (Note: Beginning in 2010, statutory changes will be labeled "Proposition" and constitutional changes will be labeled "Amendment"). Amendment 60 is a constitutional change that will make significant changes in property tax law. It appears that the numerous "de-Brucing" elections that have successfully passed since 1992 will be overturned and phased out, having a huge impact on local governments and school districts. This in turn would have a disastrous impact on the state budget because of the required state backfill to local K-12 districts. Amendment 61 is a constitutional change that will prohibit any debt financing by the state or any local government, regardless of enterprise status, without voter approval and would require that any existing debt be paid. This is important in that many local and state-owned buildings and structures are financed with certificates of participation, which require an annual appropriation, but allow schools, libraries, prisons and college buildings to be constructed and paid for over time. Proponents of the three measures have remained very much "under the radar" and with the exception of long-time lobbyist Freda Poundstone, are generally unknown. The wording of the initiatives, however, does seem to be consistent with similar initiatives we have seen over the past 20 years from tax crusader Doug Bruce. * * * * * * * * Questions or Comments? Please contact:
Ethyl is the mother of CADA chair, Nancy Ariano, New Country Auto Center, Durango and Cortez. Durango native Ethel Maxine Nichols died Thursday, Dec. 24, 2009, in Durango. She was 87. Mrs. Nichols was born to Fred and Ruth McLaughlin on Sept. 27, 1922, in Durango. She grew up in Durango and graduated from Durango High School. Until the last few years, she had been active in organizing class reunions. On April 18, 1940, she married Harold Nichols in Durango. Her family said Mrs. Nichols was a homemaker who loved being with her family and was involved in the community. When her children were young, she was active with the PTA and was a member of several auxiliaries and homemaking clubs. Her family said she was a great cook, an avid knitter and enjoyed sewing. Mrs. Nichols was preceded in death by her husband of 53 years, Harold Nichols; sons Tommy Nichols and John Nichols; and grandson Eric Prior. She is survived by her sons Jerry Nichols and Paul Nichols, both of Durango; daughters Nancy Ariano of Durango and Judy Prior of Powell, Wyo.; sisters Dorothy Gardner of Durango and Eleanor Wildes of Jacksonville, Fla.; seven grandchildren; and seven great-grandchildren. Visitation will be held from 2 to 5 p.m. Sunday, Dec. 27, 2009, at Hood Mortuary Chapel. A funeral will take place at 2 p.m. Monday, Dec. 28, 2009, at St. Mark's Episcopal Church. The Rev. Andrew Cooley will officiate. Burial will occur at Greenmount Cemetery. In lieu of flowers, memorial contributions may be sent to Hospice of Mercy, 1 Mercado St., Suite 270, Durango, CO 81301.
LET US KNOW ABOUT YOUR ACCOMPLISHMENTS! Have you or anyone else at your dealership won an award recently? Have you or your dealership provided any outstanding community service? We want to recognize such accomplishments. Please send us a brief write-up of the award or event along with any other information to milestones@coloradodealers.org. Also include your contact information for further follow-up.
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