On the very last day for filing an appeal, the Colorado Attorney General and UCCC Administrator filed a Notice of Appeal to the Tenth Circuit Court of Appeals of the Colorado federal district court’s order in favor of the plaintiffs in NAIB, et al v. Weiser, et al. The lawsuit was filed by three consumer financial services industry trade groups challenging Colorado’s opt-out legislation. The District Court on June 18 granted the plaintiffs’ motion for preliminary injunction. As interpreted by the defendant State officials, Colo. Rev. Stat. § 5-13-106 (Opt-out Law), which took effect on July 1, purports to apply Colorado’s interest rate and fee limits to interstate loans made by federally insured out-of-state state-chartered banks to Colorado borrowers. The preliminary injunction provides that Colorado is preliminarily enjoined from enforcing its interest rate and fee limits “with respect to any loan made by the plaintiffs’ members, to the extent the loan is not “made in” Colorado and the applicable interest rate in Section 1831d(a) [Section 521 of the Depository Institutions Deregulation and Monetary Control Act] exceeds the rate that would otherwise be permitted.”

No briefing schedule has yet been established.

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