Payday Loans

[parkerbrian33]

What is the name of your state (Colorado)?
A payday loan company is say'ing there going to file criminal charges against me. Because when they deposited the check the account was closed. But the account was opened when the check was dated to be deposited but they waited a month to deposit it and by then it was closed. Can they file criminal charges against me?

 

[Antigone*]

What is the name of your state (Colorado)?
A payday loan company is say'ing there going to file criminal charges against me. Because when they deposited the check the account was closed. But the account was opened when the check was dated to be deposited but they waited a month to deposit it and by then it was closed. Can they file criminal charges against me?

Yes you committed a crime and can be held accountable. You should have known that check did not clear and left enough funds in the account for that item to pay.

Criminal penalties for issuing a bad check or fraud by check are set forth in C.R.S. 18-5-512 and C.R.S. 18-5-205 of the Colorado Revised Statutes.

 

[parkerbrian33]

payday loans

But according to this it's not

A consumer shall not be subject to any criminal penalty for
entering into a deferred deposit loan agreement. A consumer
shall not be subject to any criminal penalty in the event
the instrument is dishonored, unless the consumer's account
on which the instrument was written was closed before the
agreed upon date of negotiation, subject to the provisions
of section 18-5-205, C.R.S.

 

[parkerbrian33]

Or am I misunderstandings this

 

[JustAPal00]

But according to this it's not

A consumer shall not be subject to any criminal penalty for
entering into a deferred deposit loan agreement. A consumer
shall not be subject to any criminal penalty in the event
the instrument is dishonored, unless the consumer's account
on which the instrument was written was closed before the
agreed upon date of negotiation, subject to the provisions
of section 18-5-205, C.R.S.

Don't know where you found that. It said nothing like that in the C.R.S. 18-5-205 that I read!

http://www.michie.com/colorado/lpext.dll/cocode/6ffa0/2d873/303cd/30535/30548?f=templates&fn=document-frame.htm&2.0

 

[parkerbrian33]

Payday loans

The law is under 5-3.1-120 under consumer credit code.

Article 3.1 deferred deposit loan act.