Cx13355 has been provided over the years for the provisions of 4 Colo. Code Regs. § 725-3:3-1-4-5(2), which required the following:
“Information provided to consumers should clearly explain the ramifications of prepayment penalties. Borrowers should be informed of the existence of any prepayment penalty, how it will be calculated, and when it may be imposed. A prepayment penalty disclosure form may be prescribed by the Board, completion of which will constitute compliance with this section 5(2).”
In amendments to various parts of Colorado’s administrative code, as set forth in 36 CR 20 (2013), this provision was slated for repeal, effective January 10, 2014. No substantive provision was proposed or enacted to replace this provision.
As a result, we will be retiring Cx13355, since it is no longer required under Colorado law. This change is effective immediately. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.
January 13, 2014