Ending years of litigation, the Colorado Attorney General and the Administrator of the Colorado Uniform Consumer Credit Code (“Administrator”) announced a settlement with marketplace lenders Avant of Colorado, LLC and Marlette Funding, LLC (together, the “Non-Bank Partners”), and their bank partners WebBank and Cross River Bank (together, the “Banks”). Under the terms of the settlement, the marketplace lending programs will be permissible under Colorado law, provided that the programs satisfy certain safe harbor conditions laid out in the settlement and the Non-Bank Partners obtain or maintain a Colorado license to make supervised loans.
Read our client alert.