By Timothy Butler and Chelsea Lamb ( March 21, 2018, 12:43 PM EDT) -- A recent decision from a federal district court in Colorado, Colorado ex rel. Meade v. Avant, strikes another blow against many of the financial technology firms that are revolutionizing the way consumers and businesses access credit. Joining what is now a line of decisions, the court limited the valid-when-made doctrine, which provides that a loan that is valid when it is made does not become invalid (i.e., usurious) when it is sold or assigned to a third party. The court also embraced the plaintiff's argument that the economic and operational realities of the underlying loan program, rather than traditional contract principles, should determine who was the "true lender" of the loans....