C.R.S. § 5-18-112 — CO Code / Title 5 / Article 18 / Section 5-18-112
5-18-112. Security freeze - timing - covered entities - cost
Status: in_force

5-18-112. Security freeze - timing - covered entities - cost. (1) (a) A consumer may elect to place a security freeze on his or her consumer report by making a request in writing by certified mail to a consumer reporting agency.

(b) Except as provided in subsections (6)(b) and (11) of this section, if a security freeze is in place, information from a consumer report may not be released to a third party without prior, express authorization from the consumer.

(c) This section does not prevent a consumer reporting agency from advising a third party that a security freeze is in effect with respect to the consumer report.

(2) (a) A consumer reporting agency shall place a security freeze on a consumer report no later than five business days after receiving the request from the consumer.

(b) The consumer reporting agency shall send a written confirmation of the security freeze to the consumer within ten business days and, with the confirmation, shall provide the consumer with a unique personal identification number or password to be used by the consumer when providing authorization for the release of his or her consumer report to a specific party or for a specific period of time.

(3) If a consumer wishes to allow his or her consumer report to be accessed by a specific party or for a specific period of time while a freeze is in place, he or she shall contact the consumer reporting agency, request that the freeze be temporarily lifted, and provide the following:

(a) Proper identification;

(b) The unique personal identification number or password provided by the consumer reporting agency pursuant to subsection (2)(b) of this section; and

(c) The proper information regarding the third party who is to receive the consumer report or the time period that the report shall be available to users of the consumer report.

(4) A consumer reporting agency that receives a request from a consumer to temporarily lift a freeze on a consumer report pursuant to subsection (3) of this section, shall comply with the request no later than three business days after receiving the request.

(5) A consumer reporting agency may develop procedures involving the use of telephone, fax, internet, or other electronic media to receive and process a request from a consumer to place a freeze or to temporarily lift a freeze on a consumer report pursuant to subsection (3) of this section in an expedited manner.

(6) A consumer reporting agency shall remove or temporarily lift a freeze placed on a consumer report only in the following cases:

(a) Upon consumer request, pursuant to subsection (3) or (9) of this section; or

(b) If the consumer report was frozen due to a material misrepresentation of fact by the consumer or somebody purporting to be the consumer. If a consumer reporting agency intends to remove a freeze on a consumer report pursuant to this subsection (6)(b), the consumer reporting agency shall notify the consumer in writing prior to removing the freeze placed on the consumer report.

(7) If a third party requests access to a consumer report on which a security freeze is in effect, and the request is in connection with an application for credit or other use, and the consumer does not allow his or her consumer report to be accessed by that specific party or during that period of time, the third party may treat the application as incomplete.

(8) If a consumer requests a security freeze, the consumer reporting agency shall disclose the process of placing and temporarily lifting a freeze and the process for allowing access to information from the consumer report to a specific party or for a specific period of time while the freeze is in place.

(9) Except as otherwise provided pursuant to subsection (6)(b) of this section, a security freeze shall remain in place until the consumer requests that the security freeze be removed. A consumer reporting agency shall remove a security freeze within three business days of receiving a request for removal from the consumer, who provides both of the following:

(a) Proper identification; and

(b) The unique personal identification number or password provided by the consumer reporting agency pursuant to subsection (2)(b) of this section.

(10) A consumer reporting agency shall require proper identification of the person making a request to place a security freeze in a manner consistent with the requirements of this section.

(11) The provisions of this section shall not apply to the use of a consumer report by or for any of the following:

(a) A person or entity, or a subsidiary, affiliate, or agent of that person or entity that owns a financial obligation owing by the consumer to that person or entity, including a demand deposit account, or to whom the consumer issued a negotiable instrument, for the purposes of reviewing the account or collecting the financial obligation owing for the account, contract, debt, or negotiable instrument, and lawful associated costs;

(b) An assignee or a prospective assignee of a financial obligation owing by the consumer to a person or entity in subsection (11)(a) of this section;

(c) A subsidiary, affiliate, agent, assignee, or prospective assignee of a person to whom access has been granted under subsection (3) of this section for purposes of facilitating the extension of credit or other permissible use;

(d) A state or local agency, law enforcement agency, trial court, private collection agency, or person acting pursuant to a court order, warrant, or subpoena authorizing the use of the consumer report;

(e) A child support enforcement agency acting to enforce child support obligations;

(f) The department of health care policy and financing or its agents or assigns acting to investigate fraud;

(g) The department of human services or its agents or assignees acting to investigate fraud;

(h) The department of revenue or its agents or assigns acting to investigate or collect delinquent taxes or unpaid court orders or to fulfill any of its other statutory responsibilities or exercise any of its statutory authority;

(i) The use of credit information for the purposes of prescreening as provided for by the federal "Fair Credit Reporting Act", 15 U.S.C. sec. 1681 et seq.;

(j) Any person or entity administering a credit file monitoring subscription service to which the consumer has subscribed;

(k) Any person or entity for the purpose of providing a consumer with a copy of his or her consumer report upon the consumer's request;

(l) Any person or entity for use in setting or adjusting a rate, adjusting a claim, or underwriting for insurance purposes;

(m) A pension plan acting to determine the consumer's eligibility for plan benefits or payments authorized by law or to investigate fraud;

(n) A person conducting a pre-sentence investigation in a criminal matter or a probation officer using this information for supervision of an offender;

(o) A collections investigator or other person engaged in the collecting of fees, fines, or restitution assessed in a court proceeding;

(p) A licensed hospital with which the consumer has or had a contract, or a debtor-creditor relationship for the purposes of reviewing the account or collecting the financial obligation owing for the contract, account, or debt;

(q) A law enforcement agency or its agents acting to investigate a crime or conducting a criminal background check.

(12) (a) Fees for requesting a security freeze, temporarily lifting a security freeze, and permanently removing a security freeze from consumer reports may be charged only in accordance with this subsection (12).

(b) A consumer reporting agency may not charge a fee for a consumer's first request to place a security freeze on his or her consumer report.

(c) Except as provided for in subsections (12)(a) and (12)(b) of this section, a consumer reporting agency may charge a consumer a reasonable fee of no more than ten dollars for:

(I) A temporary lift for a period of time or permanent removal of a security freeze from the consumer report; or

(II) A subsequent request for a security freeze of the consumer report after the consumer's first request for a security freeze has been permanently removed from his or her consumer report.

(d) Except as provided for in subsections (12)(a) and (12)(b) of this section, a consumer reporting agency may charge a fee not to exceed twelve dollars for temporarily lifting a security freeze on the consumer report for a specific party.
C.R.S. § 5-19-210 — CO Code / Title 5 / Article 19 / Part 2 / Section 5-19-210
5-19-210. Certificate of registration - timing
Status: in_force

5-19-210. Certificate of registration - timing. (a) The administrator shall approve or deny an initial registration as a provider within ninety days after an application is filed. In connection with a request pursuant to section 5-19-206 (17) for additional information, the administrator may extend the ninety-day period for not more than thirty days. Within seven days after denying an application, the administrator, in a record, shall inform the applicant of the reasons for the denial.

(b) If the administrator denies an application for registration as a provider or does not act on an application within the time prescribed in subsection (a) of this section, the applicant may appeal and request a hearing pursuant to article 4 of title 24.
C.R.S. § 5-19-217 — CO Code / Title 5 / Article 19 / Part 2 / Section 5-19-217
5-19-217. Prerequisites for providing debt-management services
Status: in_force

5-19-217. Prerequisites for providing debt-management services. (a) Before providing or contracting to provide debt-management services, a registered provider shall give the individual an itemized list of goods and services and the charges for each. The list shall be clear and conspicuous, be in a record the individual may keep whether or not the individual assents to an agreement, and describe the goods and services the provider offers:

(1) Free of additional charge if the individual enters into an agreement;

(2) For a charge if the individual does not enter into an agreement; and

(3) For a charge if the individual enters into an agreement, using the following terminology, as applicable, and format:

Set-up fee dollar amount of fee

Monthly service fee dollar amount of fee or method of determining amount

Settlement fee dollar amount of fee or method of determining amount

Goods and services in addition to those provided in connection with a plan:

(item) dollar amount or method of determining amount

(item) dollar amount or method of determining amount.

(b) A provider may not furnish or contract to furnish debt-management services unless the provider, through the services of a counselor or debt specialist:

(1) Provides the individual with reasonable education about the management of personal finance. The provider shall maintain records of the education provided to an individual pursuant to this subsection (b)(1).

(2) Has prepared a financial analysis; and

(3) If the individual is to make regular, periodic payments:

(A) Has prepared a plan, as defined in section 5-19-202 (13), for the individual;

(B) Has made a determination, based on the provider's analysis of the information provided by the individual and otherwise available to it, that the plan is suitable for the individual and the individual will be able to meet the payment obligations under the plan; and

(C) Believes that each creditor of the individual listed as a participating creditor in the plan will accept payment of the individual's debts as provided in the plan.

(c) Before an individual assents to an agreement to engage in a plan, a provider shall:

(1) Provide the individual with a copy of the analysis and plan required by subsection (b) of this section in a record that identifies the provider and that the individual may keep whether or not the individual assents to the agreement;

(2) Inform the individual of the availability, at the individual's option, of assistance by a toll-free communication system or in person to discuss the financial analysis and plan required by subsection (b) of this section; and

(3) With respect to all creditors identified by the individual or otherwise known by the provider to be creditors of the individual, provide the individual with a list of:

(A) Creditors that the provider expects to participate in the plan and grant concessions;

(B) Creditors that the provider expects to participate in the plan but not grant concessions; and

(C) Creditors that the provider expects not to participate in the plan.

(D) (Deleted by amendment, L. 2024).

(d) Before an individual assents to an agreement to engage in a plan, the provider shall inform the individual, in a record that contains nothing else, that is given separately, and that the individual may keep whether or not the individual assents to the agreement:

(1) Of the name and business address of the provider;

(2) That plans are not suitable for all individuals and the individual may ask the provider about other ways, including bankruptcy, to deal with indebtedness;

(3) That establishment of a plan may adversely affect the individual's credit rating or credit scores;

(4) That nonpayment of debt may lead creditors to increase finance and other charges or undertake collection activity, including litigation;

(5) Unless it is not true, that the provider may receive compensation from the creditors of the individual; and

(6) That, unless the individual is insolvent, if a creditor settles for less than the full amount of the debt, the plan may result in the creation of taxable income to the individual, even though the individual does not receive any money.

(e) If a provider may receive payments from an individual's creditors and the plan contemplates that the individual's creditors will reduce finance charges or fees for late payment, default, or delinquency, the provider may comply with subsection (d) of this section by providing the following disclosure, surrounded by black lines:

IMPORTANT INFORMATION FOR YOU TO CONSIDER

(1) Debt-management plans are not right for all individuals, and you may ask us to provide information about other ways, including bankruptcy, to deal with your debts.

(2) Using a debt-management plan may hurt your credit rating or credit scores.

(3) We may receive compensation for our services from your creditors.

Name and business address of provider

(f) If a provider will not receive payments from an individual's creditors and the plan contemplates that the individual's creditors will reduce finance charges or fees for late payment, default, or delinquency, a provider may comply with subsection (d) of this section by providing the following disclosure, surrounded by black lines:

IMPORTANT INFORMATION FOR YOU TO CONSIDER

(1) Debt-management plans are not right for all individuals, and you may ask us to provide information about other ways, including bankruptcy, to deal with your debts.

(2) Using a debt-management plan may hurt your credit rating or credit scores.

Name and business address of provider

(g) If a plan contemplates that creditors will settle debts for less than the full principal amount of debt owed, a provider may comply with subsection (d) of this section by providing the following disclosure, surrounded by black lines:

IMPORTANT INFORMATION FOR YOU TO CONSIDER

(1) Our program is not right for all individuals, and you may ask us to provide information about bankruptcy and other ways to deal with your debts.

(2) Nonpayment of your debts under our program may:

Hurt your credit rating or credit scores;

Lead your creditors to increase finance and other charges; and

Lead your creditors to undertake activity, including lawsuits, to collect the debts.

(3) Reduction of debt under our program may result in taxable income to you, even though you will not actually receive any money.

Name and business address of provider
C.R.S. § 5-18-103 — CO Code / Title 5 / Article 18 / Section 5-18-103
5-18-103. Definitions
Status: in_force

5-18-103. Definitions. As used in this article 18, unless the context otherwise requires:

(1) "Adverse action" includes:

(a) The denial of, increase in any charge for, or reduction in the amount of insurance for personal, family, or household purposes;

(b) The denial of employment or any other decision for employment purposes that adversely affects a current or prospective employee; and

(c) An action or determination with respect to a consumer's application for credit under a credit arrangement that is adverse to the consumer's interests.

(2) "Consumer" means a natural person residing in the state of Colorado.

(3) (a) "Consumer report" means any written, oral, or other communication or any information by a consumer reporting agency bearing on a consumer's credit worthiness, credit standing, credit capacity, debts, character, general reputation, personal characteristics, or mode of living, that is used or expected to be used or collected, in whole or in part, as a factor to establish a consumer's eligibility for credit or insurance to be used for personal, family, or household purposes, employment purposes, or any other purpose authorized pursuant to applicable provisions of the federal "Fair Credit Reporting Act", 15 U.S.C. secs. 1681a and 1681b, as amended.

(b) "Consumer report" does not include:

(I) Any report containing information solely as to a transaction between the consumer and the person making the report;

(II) Any authorization or approval of a specific extension of credit directly or indirectly by the issuer of a credit card or similar device;

(III) Any report in which a person who has been requested by a third party to make a specific extension of credit directly or indirectly to a consumer conveys a decision with respect to the request, if the third party advises the consumer of the name and address of the person to whom the request was made and the person makes the disclosures that must be made to the consumer pursuant to the provisions of the federal "Fair Credit Reporting Act", 15 U.S.C. sec. 1681m, as amended, in the event of adverse action.

(4) "Consumer reporting agency" means any person that, for monetary fees, dues, or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of assembling or evaluating consumer credit information or other information on consumers for the purpose of furnishing consumer reports to third parties. "Consumer reporting agency" shall not include any business entity that provides check verification or check guarantee services only.

(5) "Credit scoring" means the practice of quantifying the credit risk a person presents using the person's history, characteristics, or attributes in a formula designed to objectively rate credit risk or insurance risk of loss.

(6) "Creditworthiness" means any entry in a consumer's credit file that impacts the ability of a consumer to obtain and retain credit, employment, business or professional licenses, investment opportunities, or insurance. Entries contained in a consumer file or in a consumer report that affect creditworthiness shall include, but not be limited to, payment information, defaults, judgments, liens, bankruptcies, collections, records of arrest and indictments, and multiple-credit inquiries.

(7) "Dwelling" means a residential structure that contains one to four units, whether or not that structure is attached to real property. The term includes any individual condominium unit, cooperative unit, mobile home, or trailer, if it is used as a residence.

(8) "Employment purposes", when used in connection with a consumer report, means a report used for the purpose of evaluating a consumer for employment, promotion, reassignment, or retention as an employee.

(9) "File" means all of the information on the consumer that is recorded and retained by a consumer reporting agency regardless of how the information is stored.

(10) "Investigative consumer report" means a consumer report or portion thereof in which information on a consumer's character, general reputation, personal characteristics, or mode of living is obtained through personal interviews with neighbors, friends, or associates of the consumer, reported on or with others with whom the consumer is acquainted or who may have knowledge concerning any of the items of information. The term does not include specific factual information on a consumer's credit record obtained directly from a creditor of the consumer or from a consumer reporting agency when the information was obtained directly from a creditor of the consumer or from the consumer.

(11) "Key factors" means all relevant elements or reasons adversely affecting a specific credit score assigned to a consumer, listed in the order of importance, based on the respective effects on the credit score.

(11.5) "Medical debt" means debt arising from health-care services, as defined in section 10-16-102 (33), or health-care goods, including products, devices, durable medical equipment, and prescription drugs. "Medical debt" does not include debt charged to a credit card unless the credit card is issued under an open-end or closed-end credit plan offered specifically for the payment of health-care services or health-care goods.

(12) "Person" means any natural person, firm, corporation, or partnership.

(13) "Proper identification" means information generally deemed sufficient to identify a person. If the consumer is unable to reasonably identify himself or herself with the information described above, a consumer reporting agency may require additional information concerning the consumer's employment and personal or family history in order to verify his or her identity.

(13.5) "Protected consumer" means a consumer who, at the time a security freeze request is made, is:

(a) Under sixteen years of age; or

(b) Represented by a representative.

(13.7) "Record" means a compilation of information that:

(a) Identifies a protected consumer;

(b) Is created by a consumer reporting agency solely for the purpose of complying with section 5-18-112.5; and

(c) Is not created or used to consider the protected consumer's creditworthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or eligibility for other financial services.

(13.9) "Representative" means a:

(a) Parent of an individual who is under sixteen years of age; or

(b) Legal guardian who, pursuant to a testamentary or other trusteeship, power of attorney, or court appointment, is qualified to make decisions regarding the support, care, education, health, or welfare of an individual.

(14) "Reviewing the account" means activities related to account maintenance, monitoring, credit line increases, and account upgrades and enhancements.

(15) (a) "Security freeze" or "freeze" means a notice placed in a consumer report or record, at the request of a consumer or a protected consumer's representative and subject to certain exemptions, that prohibits the consumer reporting agency from releasing the consumer report or record or any information from it without the express authorization of the consumer or of the protected consumer's representative.

(b) "Security freeze" includes a notice:

(I) Placed on a record created under section 5-18-112.5 for a protected consumer for whom the consumer reporting agency does not have a consumer report; and

(II) That prohibits the consumer reporting agency from releasing the protected consumer's record except as provided in section 5-18-112.5.

(16) (a) "Sufficient proof of authority" means documentation demonstrating that a representative has authority to act on behalf of a protected consumer.

(b) "Sufficient proof of authority" includes:

(I) A court order, a copy of a valid power of attorney, a valid trust document, or another legal document that clearly establishes the authority of the representative to act on behalf of the protected consumer; or

(II) In the case of a representative who is a parent of the protected consumer, a certified or official copy of the protected consumer's birth certificate.

(17) (a) "Sufficient proof of identification" means documentation identifying a protected consumer or a representative.

(b) "Sufficient proof of identification" includes a copy of a social security card, a certified or official copy of a birth certificate, a copy of a valid driver's license, or a copy of a government-issued photo identification document.
C.R.S. § 5-19-235 — CO Code / Title 5 / Article 19 / Part 2 / Section 5-19-235
5-19-235. Private enforcement
Status: in_force

5-19-235. Private enforcement. (a) If an individual voids an agreement pursuant to section 5-19-225 (b), the individual may recover in a civil action all money paid or deposited by or on behalf of the individual pursuant to the agreement, except amounts paid to creditors, in addition to the recovery under subsections (c)(3) and (c)(4) of this section.

(b) If an individual voids an agreement pursuant to section 5-19-225 (a), the individual may recover in a civil action three times the total amount of the fees, charges, money, and payments made by the individual to the provider, in addition to the recovery under subsection (c)(4) of this section.

(c) Subject to subsection (d) of this section, an individual with respect to whom a provider violates this part 2 may recover in a civil action from the provider and any person that caused the violation:

(1) Compensatory damages for injury, including noneconomic injury, caused by the violation;

(2) Except as otherwise provided in subsection (d) of this section, with respect to a violation of section 5-19-217, 5-19-219 to 5-19-224, 5-19-227, or 5-19-228 (a), (b), or (d), the greater of the amount recoverable under subsection (c)(1) of this section or five thousand dollars;

(3) Punitive damages; and

(4) Reasonable attorney fees and costs.

(d) In a class action, except for a violation of section 5-19-228 (a)(4), the minimum damages provided in subsection (c)(2) of this section do not apply.

(e) In addition to the remedy available under subsection (c) of this section, if a provider violates an individual's rights under section 5-19-220, the individual may recover in a civil action all money paid or deposited by or on behalf of the individual pursuant to the agreement, except for amounts paid to creditors.

(f) A provider is not liable under this section for a violation of this part 2 if the provider proves that the violation was not intentional and resulted from a good-faith error notwithstanding the maintenance of procedures reasonably adapted to avoid the error. An error of legal judgment with respect to a provider's obligations under this part 2 is not a good-faith error. If, in connection with a violation, the provider has received more money than authorized by an agreement or this part 2, the defense provided by this subsection (f) is not available unless the provider refunds the excess within two business days after learning of the violation.

(g) The administrator shall assist an individual in enforcing a judgment against the surety bond or other security provided under section 5-19-213 or 5-19-214.
C.R.S. § 5-10-201 — CO Code / Title 5 / Article 10 / Part 2 / Section 5-10-201
5-10-201. Application
Status: in_force

5-10-201. Application. (1) This article shall apply to a rental purchase agreement, or acts, practices, or conduct relating to a rental purchase agreement if:

(a) The rental purchase agreement is entered into in this state; or

(b) The lessee is a resident of this state at the time the lessor offering the rental purchase agreement solicits the rental purchase agreement or modification thereof, whether such solicitation is made personally, by mail, or by telephone.

(2) For the purposes of this article, the residence of the lessee is the address given by the lessee as the lessee's residence in any writing signed by the lessee in connection with the rental purchase agreement. Unless the lessee notifies the lessor in writing of a new or different residence address, the given residence address is presumed to be unchanged.
C.R.S. § 5-10-103 — CO Code / Title 5 / Article 10 / Part 1 / Section 5-10-103
5-10-103. Waiver - agreement to forego rights - prohibited
Status: in_force

5-10-103. Waiver - agreement to forego rights - prohibited. Except as otherwise provided in this article, a lessor or lessee, as those terms are defined in section 5-10-301, may not waive or agree to forego rights or benefits under this article, and any attempt to waive or agree to forego such rights or benefits is void.
C.R.S. § 5-4-202 — CO Code / Title 5 / Article 4 / Part 2 / Section 5-4-202
5-4-202. Amount of insurance
Status: in_force

5-4-202. Amount of insurance. (1) Except as provided in subsection (2) of this section:

(a) In the case of consumer credit insurance providing life coverage, the amount of insurance may not initially exceed the debt and, if the debt is payable in installments, may not at any time exceed the greater of the scheduled or actual amount of the debt; or

(b) In the case of any other consumer credit insurance, the total amount of periodic benefits payable may not exceed the total of scheduled unpaid installments of the debt, and the amount of any periodic benefit may not exceed the original amount of debt divided by the number of periodic installments in which it is payable.

(2) If consumer credit insurance is provided in connection with a revolving credit account, the amounts payable as insurance benefits may be reasonably commensurate with the amount of debt as it exists from time to time. If consumer credit insurance is provided in connection with a commitment to grant credit in the future, the amounts payable as insurance benefits may be reasonably commensurate with the total from time to time of the amount of debt and the amount of the commitment.
C.R.S. § 5-3.1-104 — CO Code / Title 5 / Article 3.1 / Section 5-3.1-104
5-3.1-104. Notice to consumers
Status: in_force

5-3.1-104. Notice to consumers. A lender shall provide the following notice in a prominent place on each loan agreement in at least ten-point type:

A DEFERRED DEPOSIT LOAN IS NOT INTENDED TO MEET LONG-TERM FINANCIAL NEEDS.

A DEFERRED DEPOSIT LOAN SHOULD BE USED ONLY TO MEET SHORT-TERM CASH NEEDS.

RENEWING THE DEFERRED DEPOSIT LOAN RATHER THAN PAYING THE DEBT IN FULL WILL REQUIRE ADDITIONAL FINANCE CHARGES.
C.R.S. § 5-17-101 — CO Code / Title 5 / Article 17 / Section 5-17-101
5-17-101. Legislative declaration
Status: in_force

5-17-101. Legislative declaration. The general assembly finds and determines that, to ensure that families receive the maximum amount of child support established by court or administrative order, additional consumer protections are needed for parents entitled to receive child support who contract with private collection agencies for the collection of child support.
C.R.S. § 5-20-102 — CO Code / Title 5 / Article 20 / Part 1 / Section 5-20-102
5-20-102. Scope of article - residence of debtor
Status: in_force

5-20-102. Scope of article - residence of debtor. (1) This part 1 applies to any person engaged in servicing a student education loan owed by an individual who is a resident of this state. For the purposes of this article 20, the residence of an individual is the address given by the individual as the individual's residence to the creditor or to the student loan servicer. Until an individual notifies the creditor or the student loan servicer of a new or different address, the given address is presumed to be unchanged.

(2) Part 2 of this article 20 applies to private education creditors and collection agencies in connection with student education loans that are not made, insured, or guaranteed under federal law and that are used for postsecondary education.
C.R.S. § 5-5-107 — CO Code / Title 5 / Article 5 / Part 1 / Section 5-5-107
5-5-107. No discharge from employment for garnishment
Status: in_force

5-5-107. No discharge from employment for garnishment. No employer shall discharge an employee for the reason that a creditor of the employee has subjected or attempted to subject unpaid earnings of the employee to garnishment or like proceedings directed to the employer for the purpose of paying a judgment arising from a consumer credit transaction.
C.R.S. § 5-17-113 — CO Code / Title 5 / Article 17 / Section 5-17-113
5-17-113. Notice - rules
Status: in_force

5-17-113. Notice - rules. (1) The administrator shall promulgate rules related to the notice required to be provided to the obligee in section 5-17-106 (2) and the accounting required to be provided in section 5-17-107.

(2) The notice required by section 5-17-106 (2) shall, at a minimum, address the following:

(a) The option that child support collection services are offered at minimal or no cost through government child support collection services in every county in Colorado and in every state;

(b) A statement that the collector cannot require a government child support collection service to send payments to any person but the obligee;

(c) A statement that the collector will not provide legal advice or act as legal counsel for the obligee;

(d) A statement related to the rights the obligee has pursuant to this article 17; and

(e) A statement that the obligee may have the private child support enforcement service contract reviewed by an attorney.
C.R.S. § 5-4-111 — CO Code / Title 5 / Article 4 / Part 1 / Section 5-4-111
5-4-111. Cooperation between administrator and commissioner of insurance
Status: in_force

5-4-111. Cooperation between administrator and commissioner of insurance. The administrator and the commissioner of insurance are authorized and directed to consult and assist one another in maintaining compliance with this article. They may jointly pursue investigations, prosecute suits, and take other official action, as may seem to them appropriate, if either of them is otherwise empowered to take the action. If the administrator is informed of a violation or suspected violation by an insurer of this article or of the insurance laws, rules, and regulations of this state, the administrator shall advise the commissioner of insurance of the circumstances.
C.R.S. § 5-18-104 — CO Code / Title 5 / Article 18 / Section 5-18-104
5-18-104. Permissible purposes - prohibition
Status: in_force

5-18-104. Permissible purposes - prohibition. (1) A consumer reporting agency may furnish a consumer report only under the following circumstances:

(a) In response to an order of a court having jurisdiction to issue such an order;

(b) In accordance with the written instructions of the consumer to whom it relates; and

(c) To a person which the consumer reporting agency has reason to believe:

(I) Intends to use the information in connection with a credit transaction involving the consumer on whom the information is to be furnished and involving an extension of credit to, or review or collection of an account of, the consumer and if the consumer chooses to provide his or her social security number to the user, the user shall include the social security number with, or as a supplement to, a request for a consumer report, and include the social security number when transmitting subsequent credit information to a consumer reporting agency; or

(II) Intends to use the information for employment purposes only if an applicant or employee is first informed that a credit report may be requested in connection with his or her application for employment and the consumer consents in writing to the same; or

(III) Intends to use credit scoring information in connection with the underwriting or rating of insurance involving the consumer and the person establishes that the consumer has received written notification, or notification in the same medium as the application for insurance, that a credit report may be requested in connection with his or her application for insurance, and that credit scoring information may be used to determine either the consumer's eligibility for insurance or the premium to be charged to the consumer; or

(IV) Intends to use the information in connection with a determination of the consumer's eligibility for a license or other benefit granted by a governmental instrumentality required by law to consider an applicant's financial responsibility or status; or

(V) Otherwise has a legitimate business need for the information in connection with a business transaction involving the consumer; or

(VI) Intends to use the information for any purpose allowed under the federal "Fair Credit Reporting Act" and rules promulgated pursuant to that act.

(2) A consumer reporting agency may not, by contract or otherwise, prohibit a user of any consumer report or investigative consumer report from, upon request of the consumer, disclosing and explaining the contents of the report or providing a copy of the report to the consumer to whom it relates if adverse action against the consumer has been taken or is contemplated by the user of the consumer report or investigative consumer report, based in whole or in part on the report. No user or consumer reporting agency shall be held liable or otherwise responsible for a disclosed or copied report when acting pursuant to this subsection (2) nor shall disclosure or provision of a copy of the report, by themselves, make the user a consumer reporting agency.
C.R.S. § 5-6-301 — CO Code / Title 5 / Article 6 / Part 3 / Section 5-6-301
5-6-301. Council of advisors on consumer credit
Status: in_force

5-6-301. Council of advisors on consumer credit. (1) There is hereby created the council of advisors on consumer credit consisting of nine members who shall be appointed by the governor. One of the advisors shall be designated by the governor as chairperson. In appointing members of the council, the governor shall seek to achieve a fair representation from the various segments of the consumer credit industry and public.

(2) The term of office of each member of the council is three years. A member chosen to fill a vacancy arising otherwise than by expiration of a term shall be appointed for the unexpired term of the member whom he or she is to succeed. A member of the council is eligible for reappointment.

(3) Members of the council shall serve without compensation but are entitled to reimbursement of actual and necessary expenses incurred in the performance of their duties.
C.R.S. § 5-3.1-110 — CO Code / Title 5 / Article 3.1 / Section 5-3.1-110
5-3.1-110. Endorsement of instrument
Status: in_force

5-3.1-110. Endorsement of instrument. A lender shall not negotiate or present an instrument for payment unless the instrument is endorsed with the actual business name of the lender.
C.R.S. § 5-12-101 — CO Code / Title 5 / Article 12 / Section 5-12-101
5-12-101. Legal rate of interest
Status: in_force

5-12-101. Legal rate of interest. If there is no agreement or provision of law for a different rate, the interest on money shall be at the rate of eight percent per annum, compounded annually.
C.R.S. § 5-3.1-123 — CO Code / Title 5 / Article 3.1 / Section 5-3.1-123
5-3.1-123. Use of multiple agreements for deferred deposit loans
Status: in_force

5-3.1-123. Use of multiple agreements for deferred deposit loans. If a consumer obtains a deferred deposit loan voluntarily and separately from his or her spouse and the consumer's action is documented in writing, signed by the consumer, and retained by the lender, the transaction shall not be considered a violation of section 5-3-205.
C.R.S. § 5-3-303 — CO Code / Title 5 / Article 3 / Part 3 / Section 5-3-303
5-3-303. Assignee subject to claims and defenses
Status: in_force

5-3-303. Assignee subject to claims and defenses. (1) With respect to a consumer credit sale or consumer lease, an assignee of the rights of the seller or lessor is subject to all claims and defenses of the buyer against the seller or lessor arising from the sale or lease of goods or services, notwithstanding that the assignee is a holder in due course of a negotiable instrument issued in connection with the consumer credit sale or consumer lease.

(2) A claim or defense of a consumer specified in subsection (1) of this section may be asserted against the assignee under this section only to the extent of the amount owing to the assignee with respect to the sale or lease of the goods or services as to which the claim or defense arose at the time the assignee has written notice of the claim or defense.

(3) For the purpose of determining the amount owing to the assignee with respect to the sale or lease:

(a) Payments received by the assignee after the consolidation of two or more consumer credit sales, except pursuant to a revolving credit account, are deemed to have been first applied to the payment of the sales first made; if the sales consolidated arose from sales made on the same day, payments are deemed to have been first applied to the smallest sale; and

(b) Payments received upon a revolving credit account are deemed to have been first applied to the payment of finance charges in the order of their entry to the account and then to the payment of debts in the order in which the entries of the debts are made to the account.

(4) An agreement may not limit or waive the claims or defenses of a consumer under this section.
C.R.S. § 5-16-118 — CO Code / Title 5 / Article 16 / Section 5-16-118
5-16-118. Collection agency license - required
Status: in_force

5-16-118. Collection agency license - required. Any person acting as a collection agency must possess a valid license issued by the administrator in accordance with this article 16 and any rules adopted pursuant thereto.
C.R.S. § 5-16-133 — CO Code / Title 5 / Article 16 / Section 5-16-133
5-16-133. Injunction - receiver
Status: in_force

5-16-133. Injunction - receiver. The district court in and for the city and county of Denver, upon application of the administrator, may issue an injunction or other appropriate order restraining any person from a violation of this article 16 and may appoint a receiver or award other relief to effectuate the provisions of this article 16; order restitution for consumers or creditors for violations of this article 16; impose civil penalties up to one thousand five hundred dollars per violation of this article 16; and award reasonable costs and attorney fees to the administrator if the administrator prevails in an action brought under this article 16. This provision shall be in addition to any other remedy and shall not prohibit the enforcement of any other law. The administrator shall not be required to show irreparable injury or to post a bond.
C.R.S. § 5-3-503 — CO Code / Title 5 / Article 3 / Part 5 / Section 5-3-503
5-3-503. Notice of cancellation
Status: in_force

5-3-503. Notice of cancellation. If a default exists on a consumer insurance premium loan and any right to cure that exists has expired without cure being effected, the lender may give notice of cancellation of each insurance policy or contract to be canceled. If given, the notice of cancellation shall be in writing and given to the insurer who issued the policy or contract and to the insured. The insurer, within two business days after receipt of the notice of cancellation together with a copy of the insurance premium loan agreement if not previously given to the insurer, shall give any notice of cancellation required by the policy, contract, or law and, within ten business days after the effective date of the cancellation, pay to the lender any premium unearned on the policy or contract as of that effective date. Within ten business days after receipt of the unearned premium, the lender shall pay to the consumer indebted upon the insurance premium loan any excess of the unearned premium received over the amount owing by the consumer upon the insurance premium loan.
C.R.S. § 5-3.1-106 — CO Code / Title 5 / Article 3.1 / Section 5-3.1-106
5-3.1-106. Maximum loan amount - right to rescind
Status: in_force

5-3.1-106. Maximum loan amount - right to rescind. (1) A lender shall not lend an amount greater than five hundred dollars nor shall the amount financed exceed five hundred dollars by any one lender at any time to a consumer. Nothing in this subsection (1) shall preclude a lender from making more than one loan to a consumer so long as the total amount financed does not exceed five hundred dollars at any one time and there is at least a thirty-day waiting period between loans.

(2) A consumer shall have the right to rescind the deferred deposit loan on or before 5 p.m. the next business day following the loan transaction.
C.R.S. § 5-2-208 — CO Code / Title 5 / Article 2 / Part 2 / Section 5-2-208
5-2-208. Conversion to revolving account
Status: in_force

5-2-208. Conversion to revolving account. The parties may agree to add to a revolving account the unpaid balance of a consumer credit transaction not made pursuant to a revolving account. The unpaid balance is an amount equal to the amount financed determined according to the provisions on refinancing contained in section 5-2-205.
C.R.S. § 5-19-219 — CO Code / Title 5 / Article 19 / Part 2 / Section 5-19-219
5-19-219. Form and contents of agreement
Status: in_force

5-19-219. Form and contents of agreement. (a) An agreement shall:

(1) Be in a record;

(2) Be dated and signed by the provider and the individual;

(3) Include the name of the individual and the address where the individual resides;

(4) Include the name, business address, and telephone number of the provider;

(5) Be delivered to the individual immediately upon formation of the agreement; and

(6) Disclose:

(A) The services to be provided;

(B) In a clear and conspicuous manner, the amount, percentage, or method of determining the amount, of all fees, individually itemized, to be paid by the individual, using only the terminology contained in section 5-19-223;

(C) The schedule of payments to be made by or on behalf of the individual, including the amount of each payment, the date on which each payment is due, an estimate of the date of the final payment, and an estimate of the total of all payments to be made under the plan;

(D) In a clear and conspicuous manner, the following information:

(i) The amount of time necessary to achieve the represented results;

(ii) If the plan includes a settlement offer to any of the individual's creditors or debt collectors, the time by which the provider will make a bona fide settlement offer to each of them and the amount of money or the percentage of each outstanding debt that the individual must accumulate before the provider will make a bona fide settlement offer to each of them; and

(iii) If the provider requests or requires the individual to place funds in an account at an insured financial institution, that the individual owns the funds held in the account, the individual may withdraw from the plan at any time without penalty, and, if the individual withdraws, the individual must receive all funds in the account, other than funds earned by the provider in compliance with section 5-19-222 (h);

(E) If a plan provides for regular periodic payments to creditors:

(i) Each creditor of the individual to which payment will be made, the amount owed to each creditor, and any concessions the provider reasonably believes each creditor will offer; and

(ii) The schedule of expected payments to each creditor, including the amount of each payment and the date on which it will be made;

(F) If the provider holds money on behalf of the individual, each creditor that the provider believes will not participate in the plan and to which the provider will not direct payment;

(G) How the provider will comply with its obligations under section 5-19-227 (a);

(H) If the provider holds money on behalf of the individual, that the provider may terminate the agreement for good cause, upon return of unexpended money of the individual;

(I) That the individual may cancel the agreement as provided in section 5-19-220;

(J) That the individual may contact the administrator with any questions or complaints regarding the provider; and

(K) The address, telephone number, and internet address or website of the administrator.

(b) For purposes of subsection (a)(5) of this section, delivery of an electronic record occurs when it is made available in a format in which the individual may retrieve, save, and print it, and the individual is notified that it is available.

(c) If the administrator supplies the provider with any information required under subsection (a)(6)(K) of this section, the provider may comply with that requirement only by disclosing the information supplied by the administrator.

(d) An agreement shall provide that:

(1) The individual has a right to terminate the agreement at any time, without penalty or obligation, by giving the provider written or electronic notice, in which event:

(A) The provider will refund all unexpended money that the provider or its agent has received from or on behalf of the individual for the reduction or satisfaction of the individual's debt; and

(B) All powers of attorney granted by the individual to the provider are revoked and ineffective;

(2) The individual authorizes any bank in which the provider or its agent has established a trust account to disclose to the administrator any financial records relating to the trust account; and

(3) The provider will notify the individual within five days after learning of a creditor's decision to reject or withdraw from a plan and that this notice will include:

(A) The identity of the creditor; and

(B) The right of the individual to modify or terminate the agreement.

(e) An agreement may not:

(1) Provide for application of the law of any jurisdiction other than the United States and this state;

(2) Except as permitted by the uniform arbitration act, part 2 of article 22 of title 13, contain a provision that modifies or limits otherwise available forums or procedural rights, including the right to trial by jury, that are generally available to the individual under law other than this part 2;

(3) Contain a provision that restricts the individual's remedies under this part 2 or law other than this part 2; or

(4) Contain a provision that:

(A) Limits or releases the liability of any person for not performing the agreement or for violating this part 2; or

(B) Indemnifies any person for liability arising under the agreement or this part 2.

(f) All rights and obligations specified in subsection (d) of this section and section 5-19-220 exist even if not provided in the agreement. A provision in an agreement that violates subsection (d), (e), or (f) of this section is void.
C.R.S. § 5-2-205 — CO Code / Title 5 / Article 2 / Part 2 / Section 5-2-205
5-2-205. Finance charge on refinancing
Status: in_force

5-2-205. Finance charge on refinancing. (1) With respect to a consumer credit transaction, the creditor may by agreement with the consumer refinance the unpaid balance and may contract for and receive a finance charge based on the amount financed resulting from the refinancing at a rate not exceeding that permitted by the provisions on finance charges. For the purpose of determining the finance charge permitted, the amount financed resulting from the refinancing comprises the following:

(a) If the transaction was not precomputed, the total of the unpaid balance and the accrued charges on the date of the refinancing, or, if the transaction was precomputed, the amount that the consumer would have been required to pay upon prepayment pursuant to the provisions on rebate upon prepayment contained in section 5-2-211 on the date of refinancing; except that, for the purpose of computing this amount, no minimum charge described in section 5-2-201 shall be allowed; and

(b) Appropriate additional charges described in section 5-2-202, payment of which is deferred.
C.R.S. § 5-3-101 — CO Code / Title 5 / Article 3 / Part 1 / Section 5-3-101
5-3-101. Applicability - information required
Status: in_force

5-3-101. Applicability - information required. (1) For purposes of this section, a consumer credit transaction includes a transaction secured primarily by an interest in land without regard to the rate of the finance charge if the consumer credit transaction is otherwise a consumer credit transaction.

(2) The creditor shall disclose to the consumer to whom credit is extended with respect to a consumer credit transaction the information, disclosures, and notices required by the federal "Truth in Lending Act", the federal "Consumer Leasing Act", and any regulation thereunder.

(3) The information, disclosures, and notices required by subsection (2) of this section must be provided if the transaction is a consumer credit transaction under this code even though the transaction is one of a class of credit transactions exempted from the federal "Truth in Lending Act", the federal "Consumer Leasing Act", and any regulation thereunder.
C.R.S. § 5-20-203 — CO Code / Title 5 / Article 20 / Part 2 / Section 5-20-203
5-20-203. Registration of private education creditors - penalties - rules
Status: in_force

5-20-203. Registration of private education creditors - penalties - rules. (1) On or after September 1, 2021, a person shall not offer or make a private education loan to a resident of Colorado without first registering with the administrator as provided in this section.

(2) A private education creditor shall:

(a) Register with the administrator pursuant to any registration procedures set forth by the administrator and pay the fee set by the administrator by rule; and

(b) Provide the administrator, at the time of registration and not less than once per year thereafter, as established by the administrator by rule, and at other times upon the administrator's request, with the following documents and information:

(I) A list of all schools at which the private education creditor has provided a private education credit obligation to a private education credit borrower; except that this requirement does not apply to a private education credit obligation that is refinanced;

(II) The volume of private education loans made annually to private education loan borrowers;

(III) The volume of private education credit obligations made annually at each school identified under subsection (2)(b)(I) of this section; except that this requirement does not apply to a private education credit obligation that is refinanced;

(IV) The default rate for private education credit borrowers obtaining private education credit obligations from the private education creditor, including the default rate for private education credit obligations made to private education credit borrowers at each school listed pursuant to subsection (2)(b)(I) of this section; except that this requirement does not apply to a private education credit obligation that is refinanced;

(V) A copy of each model promissory note, agreement, contract, or other instrument used by the private education lender during the previous year to substantiate that a private education loan has been extended to a private education loan borrower or that a private education loan borrower owes a debt to the lender; and

(VI) The name and address of the private education lender and any officer, director, partner, or owner of a controlling interest of the lender.

(3) The administrator shall create a publicly accessible website that includes the following information about private education lenders registered in Colorado:

(a) The name, address, telephone number, and website for all registered private education lenders;

(b) A summary of the information required under subsections (2)(b)(I) to (2)(b)(VI) of this section; and

(c) Copies of all model promissory notes, agreements, contracts, and other instruments provided to the administrator under subsection (2)(b)(V) of this section.

(4) The administrator may impose civil penalties on private education lenders and collection agencies in the same amounts, in substantially the same manner, and on substantially the same grounds as provided in sections 5-20-114 to 5-20-117 for the imposition of civil penalties on student loan servicers.

(5) The administrator may order that any person who has been found to have violated any provision of this part 2, or of the rules issued pursuant to this part 2, and has thereby caused financial harm to a consumer be barred for a term not exceeding ten years from acting as a private education lender or a stockholder, officer, director, partner or other owner, or employee of a private education lender.

(6) The administrator may prescribe an alternative registration process and fee structure for public and private nonprofit postsecondary educational institutions.

(7) An entity that is required to file a notification with the administrator pursuant to section 5-6-202 or required to hold a license pursuant to section 5-2-301, 5-16-118, or 5-20-106 is exempt from registration under this section but is subject to all other requirements of this part 2.

(8) The administrator may waive registration fees for:

(a) Private education creditors that make, extend, or hold fewer than five private education credit obligations in the year starting September 1 preceding the registration; and

(b) State or local governmental entities.
C.R.S. § 5-16-111.5 — CO Code / Title 5 / Article 16 / Section 5-16-111.5
5-16-111.5. Fees, costs, and costs of collection - limitation
Status: in_force

5-16-111.5. Fees, costs, and costs of collection - limitation. (1) Except as described in subsection (2) of this section, a private collection agency or privately retained attorney collecting on any debt arising from past-due orders, obligations, fines, or fees due to the state, or due to any political subdivision within the state, may add to the amount due that has been placed for collection all fees, costs, and costs of collection, including designated contractual attorney fees and costs that are awarded by a court of competent jurisdiction. Exclusive of the accrual of interest and court costs, any fees, costs, and costs of collection may not exceed eighteen percent in the aggregate unless additional reasonable attorney fees are awarded by a court of competent jurisdiction.

(2) Subsection (1) of this section does not apply if the state or political subdivision of the state has sold the debt to a third party.

(3) Notwithstanding section 24-1-136 (11)(a)(I), on or before January 1, 2023, and on or before January 1 every five years thereafter, the state auditor shall review the rate described in subsection (1) of this section and the fee described in section 24-30-202.4 (8)(a) and report the results of his or her review to the finance committees of the senate and the house of representatives or any successor committees. The report may include any recommendations of the state auditor regarding raising or lowering the rate or the fee.
C.R.S. § 5-3.5-101 — CO Code / Title 5 / Article 3.5 / Part 1 / Section 5-3.5-101
5-3.5-101. Definitions
Status: in_force

5-3.5-101. Definitions. As used in this article, unless the context otherwise requires:

(1) "Bridge loan" means temporary or short-term financing with a maturity of less than eighteen months that requires payments of only interest until the entire unpaid balance is due and payable.

(2) "Covered loan" means a consumer credit transaction secured by property located within this state that is considered a mortgage under section 152 of the federal "Home Ownership and Equity Protection Act of 1994", 15 U.S.C. sec. 1602 (aa), as amended, and regulations adopted pursuant thereto by the federal reserve board, including, without limitation, 12 CFR 226.32, as amended; except that, if the total points and fees paid by the obligor at or before closing exceed six percent of the total loan amount, such loan shall be deemed to be a covered loan if the transaction otherwise meets the requirements of this subsection (2).

(3) "Lender" means any individual or entity that originates one or more covered loans. The individual or entity to whom a covered loan is initially payable, either on the face of the note or contract or by agreement when there is no note or contract, shall be deemed to be the lender.

(4) "Mortgage broker" means a person other than an employee or exclusive agent of a lender who, for compensation, brings an obligor and lender together to obtain a covered loan.

(5) "Obligor" means each obligor, co-obligor, co-signer, or grantor obligated to repay a covered loan.

(6) "Political subdivision" means a county, city and county, city, town, service authority, school district, local improvement district, law enforcement authority, city or county housing authority, or water, sanitation, fire protection, metropolitan, irrigation, drainage, or other special district or any other kind of municipal, quasi-municipal, or public corporation organized pursuant to law.

(7) "Principal balance" means the amount financed plus prepaid finance charges as defined in the federal "Truth in Lending Act", 15 U.S.C. sec. 1601 et seq., as amended.

(8) "Servicer" has the same meaning as set forth in section 2605 (i)(2) of the federal "Real Estate Settlement Procedures Act of 1974", 12 U.S.C. sec. 2601 et seq., as amended.
C.R.S. § 5-10-903 — CO Code / Title 5 / Article 10 / Part 9 / Section 5-10-903
5-10-903. Unconscionability
Status: in_force

5-10-903. Unconscionability. (1) With respect to a rental purchase transaction, if the court as a matter of law finds the transaction, the agreement, or any clause of the agreement to have been unconscionable at the time it was made, the court may refuse to enforce the agreement or it may enforce the remainder of the agreement without the unconscionable clause, or it may so limit the application of any unconscionable clause as to avoid any unconscionable result.

(2) If it is claimed or appears to the court that the transaction, the agreement, or any clause thereof may be unconscionable, the parties shall be afforded a reasonable opportunity to present evidence as to its setting, purpose, and effect to aid the court in making any such determination related to unconscionability.

(3) If, in an action in which unconscionability is claimed, the court finds unconscionability pursuant to this section, the court may award the costs of the action and a reasonable attorney fee to the lessee. If the court does not find unconscionability and does find that the lessee claiming unconscionability brought or maintained an action he knew to be groundless, the court may award the costs of the action and a reasonable attorney fee to the party against whom the claim was made. In determining such attorney fee, the amount of recovery claimed on behalf of the lessee shall not be controlling.

(4) The remedies of this section are in addition to remedies otherwise available for the same conduct authorized under law other than in this article, but double recovery of actual damages may not be had.

(5) For the purpose of this section, a charge or practice expressly permitted by this article is not in itself unconscionable.
C.R.S. § 5-13-102 — CO Code / Title 5 / Article 13 / Section 5-13-102
5-13-102. Business and agricultural loans
Status: in_force

5-13-102. Business and agricultural loans. In accordance with section 512 of Public Law 96-221, it is declared that the state of Colorado does not want the provisions of section 511 of Public Law 96-221 setting interest rates and preempting state interest rates on business and agricultural loans to apply in this state. The rates established in articles 1 to 9 of this title shall control consumer credit transactions in the state of Colorado.
C.R.S. § 5-17-107 — CO Code / Title 5 / Article 17 / Section 5-17-107
5-17-107. Accounting for collections
Status: in_force

5-17-107. Accounting for collections. (1) A collector shall, on a monthly basis, provide to the obligee an accurate and up-to-date accounting that meets the requirements of rules promulgated by the administrator under section 5-17-113. The accounting shall be provided to the obligee by mail, telephone, or secure internet connection. The obligee shall request in writing the preferred method that the collector should use to provide the accounting to the obligee.

(2) In addition to the monthly accounting required pursuant to subsection (1) of this section, on request of the obligee at any time, the collector shall provide the obligee with any information pertaining to the case of the obligee, including the information described in this section, not more than five business days after the date the collector receives the request.
C.R.S. § 5-6-106 — CO Code / Title 5 / Article 6 / Part 1 / Section 5-6-106
5-6-106. Investigatory powers
Status: in_force

5-6-106. Investigatory powers. (1) If the administrator has reasonable cause to believe that a person has engaged in an act that is subject to action by the administrator, the administrator may make an investigation to determine if the act has been committed, and, to the extent necessary for this purpose, may administer oaths or affirmations, and, upon his or her own motion or upon request of any party, may subpoena witnesses, compel their attendance, adduce evidence, and require the production of any matter that is relevant to the investigation, including the existence, description, nature, custody, condition, and location of any books, documents, or other tangible things and the identity and location of persons having knowledge of relevant facts, or any other matter reasonably calculated to lead to the discovery of admissible evidence. In any civil action brought by the administrator as a result of such an investigation, the administrator may recover the reasonable costs of making the investigation if the administrator prevails in the action.

(2) If the person's records are located outside this state, the person at his or her option shall either make them available to the administrator at a convenient location within this state or pay the reasonable and necessary expenses for the administrator or the administrator's representative to examine them at the place where they are maintained. The administrator may designate representatives, including comparable officials of the state in which the records are located, to inspect them on the administrator's behalf.

(3) Upon failure without lawful excuse to obey a subpoena or to give testimony, the administrator may apply to the district court for an order compelling compliance.

(4) The administrator shall not make public the name or identity of a person whose acts or conduct he or she investigates pursuant to this section or the facts disclosed in the investigation, but this subsection (4) does not apply to disclosures in actions or enforcement proceedings pursuant to this code.
C.R.S. § 5-10-703 — CO Code / Title 5 / Article 10 / Part 7 / Section 5-10-703
5-10-703. Assignee liability
Status: in_force

5-10-703. Assignee liability. (1) With respect to a rental purchase agreement, an assignee of the rights of the lessor is subject to all claims and defenses of the lessee against the lessor arising from the lease of property or services, notwithstanding that the assignee is the holder in due course of a negotiable instrument issued in violation of the provisions prohibiting certain negotiable instruments.

(2) A claim or defense of a lessee specified in subsection (1) of this section may be asserted against the assignee under this section only to the extent of the amount owing and paid to the assignee and assignor.

(3) An agreement may not limit or waive the claims or defenses of a lessee under this section.
C.R.S. § 5-19-227 — CO Code / Title 5 / Article 19 / Part 2 / Section 5-19-227
5-19-227. Periodic reports - retention of records
Status: in_force

5-19-227. Periodic reports - retention of records. (a) A provider shall provide the accounting required by subsection (b) of this section:

(1) Upon cancellation or termination of an agreement; and

(2) Before cancellation or termination of any agreement:

(A) At least once each month; and

(B) Within five business days after a request by an individual, but the provider need not comply with more than one request from an individual in any calendar month.

(b) A provider, in a record, shall provide each individual for whom it has established a plan an accounting of the following information:

(1) The amount of money received from the individual since the last report;

(2) The amounts and dates of disbursement made on the individual's behalf, or by the individual upon the direction of the provider, since the last report to each creditor listed in the plan;

(3) The amounts deducted from the amount received from the individual;

(4) The amount held in reserve; and

(5) If, since the last report, a creditor has agreed to accept as payment in full an amount less than the principal amount of the debt owed by the individual:

(A) The total amount and terms of the settlement;

(B) The amount of the debt when the individual assented to the plan;

(C) The amount of the debt when the creditor agreed to the settlement; and

(D) The calculation of a settlement fee.

(c) A provider shall maintain records for each individual for whom it provides debt-management services for five years after the final payment made by the individual and produce a copy of them to the individual within a reasonable time after a request for them. The provider may use electronic or other means of storage of the records.
C.R.S. § 5-2-214 — CO Code / Title 5 / Article 2 / Part 2 / Section 5-2-214
5-2-214. Alternative charges for loans not exceeding one thousand dollars
Status: repealed

5-2-214. Alternative charges for loans not exceeding one thousand dollars. (1) For a consumer loan where the amount financed is not more than one thousand dollars, a supervised lender may charge, in lieu of the loan finance charges permitted by section 5-2-201, the following finance charges:

(a) An acquisition charge for making the original loan or any refinanced loan, not to exceed eight percent of the amount financed; and

(b) A monthly installment account handling charge, not to exceed the following amounts:

Amount financedPer month charge

$100.00 - $300 $8.50

$300.01 - $500 $11.50

$500.01 - $750$14.50

$750.01 - $ 1,000$17.50

(2) The minimum term of a loan made pursuant to this section is six months. The maximum term of a loan made pursuant to this section is twelve months. All loans shall be scheduled to be payable in substantially equal installments at equal periodic intervals.

(3) On a loan subject to the alternative charges authorized by this section, no other finance charge or any other charge or fee is permitted except as specifically provided for in this section and except for reasonable attorney fees provided for in section 5-5-112 and the fee for a dishonored check provided for in section 5-2-202 (1)(e)(II).

(4) Repealed.

(5) Upon prepayment of a loan made pursuant to this section, the unearned portion of the acquisition charge and the total monthly installment handling charge shall be refunded to the consumer. The unearned portion of these charges shall be calculated pursuant to the provisions on rebate upon prepayment contained in section 5-2-211 on the date of refinancing; except that, for the purpose of computing this amount, a minimum finance charge described in section 5-2-201 of no more than ten dollars is allowed if contracted with the consumer in the loan agreement.

(5.5) (a) A lender shall require a consumer to fill out a loan application for every loan under this section and shall maintain the application on file. The application must be signed and dated by the consumer.

(b) A lender shall require the consumer to provide a pay stub or other evidence of income in every application for a loan under this section and shall maintain this application on file. The pay stub or other evidence of income must have been issued or dated within forty-five days before the date of the application. If a lender requires a consumer to present a bank statement to secure a loan, the lender shall allow the consumer to delete from the statement the information regarding to whom the debits listed on the statement were payable. If the amount borrowed is not more than twenty-five percent of the consumer's monthly gross income and benefits, as evidenced by a paycheck stub or otherwise substantiated, a lender is not obligated to investigate the consumer's continued debt position, and the consumer's ability to repay the loan need not be further demonstrated.

(c) If a lender complies with the requirements of subsections (5.5)(a) and (5.5)(b) of this section, and the loan otherwise complies with this article 2 and other applicable law, neither the consumer's inability to repay the loan nor the lender's decision to obtain or not obtain additional information concerning the consumer's creditworthiness is cause to determine that a loan is unconscionable.

(6) The rates and charges permitted by this section shall not apply to deferred deposit loans subject to article 3.1 of this title.

(7) A lender shall not take collateral from a consumer as security for payment for any loan made pursuant to this section.

(8) A lender may not refinance a loan made pursuant to this section more than once in one year.
C.R.S. § 5-18-108 — CO Code / Title 5 / Article 18 / Section 5-18-108
5-18-108. Charges for certain disclosures
Status: in_force

5-18-108. Charges for certain disclosures. (1) A consumer reporting agency shall not impose a charge for:

(a) A request for a copy of the consumer's file made within sixty days after adverse action is taken; or

(b) Notifying any person designated by the consumer, pursuant to the applicable provisions of the federal "Fair Credit Reporting Act", 15 U.S.C. sec. 1681i, as amended, of the deletion of information that is found to be inaccurate or that can no longer be verified; or

(c) A set of instructions for understanding the information presented on the consumer report and a toll free telephone number that consumers may utilize to obtain additional assistance concerning the consumer report; or

(d) The first copy of a consumer disclosure provided to a consumer each calendar year pursuant to section 5-18-106 (2)(a).

(2) For all other disclosures to consumers of information pertaining to the consumer, the consumer reporting agency may impose a reasonable charge, not to exceed the retail price of a written report rendered in the normal course of business to the customers of the agency for each request for information.
C.R.S. § 5-19-229 — CO Code / Title 5 / Article 19 / Part 2 / Section 5-19-229
5-19-229. Notice of litigation
Status: in_force

5-19-229. Notice of litigation. No later than thirty days after a provider has been served with notice of a civil action for violation of this part 2 by or on behalf of an individual who resides in this state at either the time of an agreement or the time the notice is served, the provider shall notify the administrator in a record that it has been sued.
C.R.S. § 5-19-209 — CO Code / Title 5 / Article 19 / Part 2 / Section 5-19-209
5-19-209. Certificate of registration - issuance or denial
Status: in_force

5-19-209. Certificate of registration - issuance or denial. (a) Except as otherwise provided in subsections (b) and (c) of this section, the administrator shall issue a certificate of registration as a provider to a person that complies with sections 5-19-205 and 5-19-206.

(b) The administrator may deny registration if:

(1) The application contains information that is materially erroneous or incomplete;

(2) An officer, director, or owner of the applicant has been convicted of a crime, or suffered a civil judgment, involving dishonesty or the violation of state or federal securities laws;

(3) The applicant or any of its officers, directors, or owners has defaulted in the payment of money collected for others; or

(4) The administrator, upon reasonable belief, finds that the financial responsibility, experience, character, or general fitness of the applicant or its owners, directors, employees, or agents does not warrant belief that the business will be operated in compliance with this part 2.

(c) The administrator shall deny registration if:

(1) The application is not accompanied by the fee established by the administrator; or

(2) With respect to an applicant that is organized as a not-for-profit entity or has obtained tax-exempt status under the federal "Internal Revenue Code of 1986", 26 U.S.C. sec. 501, as amended, the applicant's board of directors is not independent of the applicant's employees and agents.

(d) A board of directors is not independent for purposes of subsection (c) of this section if more than one-fourth of its members:

(1) Are affiliates of the applicant, as defined in section 5-19-202 (2)(A), (2)(B)(i), (2)(B)(ii), (2)(B)(iv), (2)(B)(v), (2)(B)(vi), or (2)(B)(vii); or

(2) After the date ten years before first becoming a director of the applicant, were employed by or directors of a person that received from the applicant more than twenty-five thousand dollars in either the current year or the preceding year.

(e) The administrator may temporarily approve a certificate of registration in the event an applicant has made a timely effort to obtain a criminal records check as required in section 5-19-206 (12), but for which a timely return of information has not occurred, for a reasonable period of time but no longer than one hundred twenty days, provided that the applicant has provided all other required information in the application for registration and the administrator finds no reason to believe from the information that has been provided that the applicant may not provide fair and honest services to debtors under this part 2.
C.R.S. § 5-20-112 — CO Code / Title 5 / Article 20 / Part 1 / Section 5-20-112
5-20-112. Civil action
Status: in_force

5-20-112. Civil action. (1) A violation of this part 1 is a deceptive trade practice within the meaning of section 6-1-105.

(2) A student loan servicer who fails to comply with any requirement imposed under this part 1 with respect to a student loan borrower is liable in an amount equal to the sum of:

(a) Any actual damages sustained by the student loan borrower as a result of the failure;

(b) A monetary award equal to three times the total amount the student loan servicer collected from the student loan borrower in violation of this part 1;

(c) Punitive damages as the court may allow; and

(d) In the case of any successful action by a student loan borrower to enforce the liability set out in this section, the costs of the action, together with reasonable attorney fees as determined by the court.

(3) The remedies provided in this section are not the exclusive remedies available to a student loan borrower.
C.R.S. § 5-10-401 — CO Code / Title 5 / Article 10 / Part 4 / Section 5-10-401
5-10-401. Disclosures
Status: in_force

5-10-401. Disclosures. (1) A lessor shall disclose to a lessee in a rental purchase agreement the information required either by this part 4 or by the provisions of the federal "Consumer Credit Protection Act" if the federal "Consumer Credit Protection Act" is amended to cover disclosure in a rental purchase agreement. In a rental purchase agreement, the lessor shall disclose the following:

(a) A brief description of the leased property, sufficient to identify the property to the lessee and lessor;

(b) The total number of payments and the total amount of such payments necessary to acquire ownership;

(c) The number, amount, and timing of each payment, including taxes paid to or through the lessor;

(d) A statement that the lessee will not own the property until the lessee has made the total number of payments and the total amount of such payments necessary to acquire ownership;

(e) A statement of all other charges which the lessee may have to pay together with the amount of any such charge and the conditions under which any such charge shall be incurred;

(f) If applicable, a statement that the lessee is responsible for the fair market value of the property if and as of the time it is lost, stolen, damaged, or destroyed;

(g) A statement indicating whether the property is new or used; except that it is not a violation of this paragraph (g) to indicate that the property is used if it is actually new;

(h) A statement that, at any time after the first lease payment is made, the lessee may acquire ownership of the property, and a brief explanation of the price, formula, or other method for determining the price at which the property may be purchased;

(i) A brief explanation of the lessee's right to reinstate, and a description of the amount, or method of determining the amount, of any penalty or other charge for reinstatement as established in section 5-10-602;

(j) The cash price of the property subject to the rental purchase agreement; and

(k) A statement of the maintenance services, if any, the lessor will provide with respect to the property subject to the rental purchase agreement.

(2) In addition to the disclosures required pursuant to subsection (1) of this section, the lessor shall also make the following disclosure:

NOTICE TO LESSEE -- READ BEFORE SIGNING

(1) DO NOT SIGN THIS BEFORE YOU READ THE ENTIRE AGREEMENT INCLUDING ANY WRITING ON THE REVERSE SIDE, EVEN IF OTHERWISE ADVISED.

(2) DO NOT SIGN THIS IF IT CONTAINS ANY BLANK SPACES.

(3) YOU ARE ENTITLED TO AN EXACT COPY OF ANY AGREEMENT YOU SIGN.

(4) YOU HAVE THE RIGHT TO EXERCISE ANY EARLY BUY-OUT OPTION AS PROVIDED IN THIS AGREEMENT. EXERCISE OF THIS OPTION MAY RESULT IN A REDUCTION OF YOUR TOTAL COST TO ACQUIRE OWNERSHIP UNDER THIS AGREEMENT.

(5) IF YOU ELECT TO MAKE WEEKLY RATHER THAN MONTHLY PAYMENTS AND EXERCISE YOUR PURCHASE OPTION, YOU MAY PAY MORE FOR THE LEASED PROPERTY.
C.R.S. § 5-16-113 — CO Code / Title 5 / Article 16 / Section 5-16-113
5-16-113. Civil liability
Status: repealed

5-16-113. Civil liability. (1) In addition to administrative enforcement pursuant to section 5-16-114 and subject to section 5-16-132 and the limitations provided by subsection (10) of this section, and except as otherwise provided by this section, any debt collector or collection agency who fails to comply with any provision of this article 16 or private child support collector, as defined in section 5-17-102 (9), who fails to comply with any provision of this article 16 or article 17 of this title 5, with respect to a consumer is liable to the consumer in an amount equal to the sum of:

(a) Any actual damage sustained by the consumer as a result of the failure;

(b) (I) In the case of any action by an individual, additional damages as the court may allow, but not to exceed one thousand dollars;

(II) In the case of a class action, the amount for each named plaintiff as could be recovered under subsection (1)(b)(I) of this section and the amount as the court may allow for all other class members, without regard to a minimum individual recovery, not to exceed five hundred thousand dollars or one percent of the net worth of the debt collector or collection agency, whichever is the lesser; and

(c) In the case of any successful action to enforce such liability, the costs of the action, together with reasonable attorney fees as may be determined by the court.

(2) In the case of any unsuccessful action brought under this section, the plaintiff shall be liable to each defendant in an amount equal to that defendant's cost incurred in defending the action, together with reasonable attorney fees as may be determined by the court.

(3) In determining the amount of liability in any action under subsection (1) of this section, the court shall consider, among other relevant factors:

(a) In any individual action under subsection (1)(b)(I) of this section, the frequency and persistence of noncompliance by the debt collector or collection agency, the nature of noncompliance, and the extent to which noncompliance was intentional;

(b) In any class action under subsection (1)(b)(II) of this section, the frequency and persistence of noncompliance by the debt collector or collection agency, the nature of the noncompliance, the resources of the debt collector or collection agency, the number of persons adversely affected, and the extent to which the debt collector's or collection agency's noncompliance was intentional.

(4) A debt collector, private child support collector, as defined in section 5-17-102 (9), or collection agency may not be held liable in any action brought pursuant to this section if the debt collector or collection agency shows by a preponderance of evidence that the violation was not intentional or grossly negligent and the violation resulted from a bona fide error, notwithstanding the maintenance of procedures reasonably adapted to avoid any such error.

(5) A private action to enforce any liability created by this section must be brought in any court of competent jurisdiction within one year from the date on which the violation occurs.

(6) No provision of this section imposing any liability shall apply to any act done or omitted in good faith in conformity with any advisory opinion of the administrator, notwithstanding that, after the act or omission has occurred, the opinion is amended, rescinded, or determined by judicial or other authority to be invalid for any reason.

(7) The policy of this state is not to award double damages under this article 16 and the federal "Fair Debt Collection Practices Act", 15 U.S.C. sec. 1692 et seq. No damages under this section shall be recovered if damages are recovered for a like provision of said federal act.

(8) Notwithstanding subsection (1) of this section, harassment of the employer or the family of a consumer shall be considered an invasion of privacy and a civil action may be brought which is not subject to the damage limitations of subsection (1) of this section.

(9) It shall be an affirmative defense to any action based upon failure of a debt collector, private child support collector, as defined in section 5-17-102 (9), or collection agency to comply with this section that the debt collector or collection agency believed, in good faith, that the debtor was other than a natural person.

(10) There shall be no private cause of action under this section for any alleged violation of section 5-16-125 (4)(a). Violations of section 5-16-125 (4)(a) may be prosecuted only through administrative enforcement pursuant to section 5-16-114.

(11) (a) No provision of this section imposing any liability shall apply to any efforts by a state agency or state employee to recover money owed to the state as provided in section 24-30-202.4.

(b) Repealed.
C.R.S. § 5-20-214 — CO Code / Title 5 / Article 20 / Part 2 / Section 5-20-214
5-20-214. Remedies - civil actions - limitations - deceptive trade practice
Status: in_force

5-20-214. Remedies - civil actions - limitations - deceptive trade practice. (1) In addition to any other remedies provided by this part 2 or otherwise provided by law, whenever it is proven by a preponderance of the evidence that a creditor or collection agency has filed with a court or provided to the private education credit borrower information required under this part 2 that is false, the court shall award to the private education credit borrower the greater of:

(a) Treble damages; or

(b) One thousand five hundred dollars.

(2) A private education credit borrower or cosigner who suffers damage as a result of a violation of this part 2 may bring an action in a court of competent jurisdiction to recover:

(a) The greater of actual damages or five hundred dollars;

(b) An order requiring the creditor or collection agency to take all actions necessary to correct the private education loan borrower's credit report;

(c) Punitive damages;

(d) Attorney fees and court costs; and

(e) Any other relief that the court deems proper.

(2.5) A court shall not award monetary damages under both this part 2 and article 16 of this title 5 or 15 U.S.C. sec. 1692k for violations of law arising from specific instances of the same conduct.

(3) Notwithstanding article 80 of title 13, all actions brought under this part 2 must be commenced within six years after the date on which any violation of this part 2 occurred, within six years after the date on which the last in a series of such acts or practices occurred, or within six years after the plaintiff discovered, or in the exercise of reasonable diligence should have discovered, the occurrence of a violation of this part 2; except that the period of limitation provided in this subsection (3) may be extended for a period of one year if the plaintiff proves that failure to timely commence the action was caused by the defendant engaging in conduct calculated to induce the plaintiff to refrain from or postpone the commencement of the action.

(4) A violation of this part 2 is a deceptive trade practice as specified in section 6-1-105. A private education creditor or collection agency that fails to comply with any requirement imposed under this part 2 with respect to a private education credit borrower or cosigner is liable in an amount equal to the sum of:

(a) Any actual damages sustained by the private education credit borrower or cosigner as a result of the failure;

(b) A monetary award equal to three times the total amount the private education creditor or collection agency collected from the private education credit borrower or cosigner in violation of this part 2;

(c) Punitive damages as the court may allow; and

(d) In the case of any successful action by a private education credit borrower to enforce the liability set out in this section, the costs of the action, together with reasonable attorney fees as determined by the court.

(5) The remedies provided in this section are not the exclusive remedies available to a private education credit borrower or cosigner.
C.R.S. § 5-6-112 — CO Code / Title 5 / Article 6 / Part 1 / Section 5-6-112
5-6-112. Injunctions against unconscionable agreements and fraudulent or unconscionable c
Status: in_force

5-6-112. Injunctions against unconscionable agreements and fraudulent or unconscionable conduct. (1) The administrator may bring a civil action to restrain a creditor or a person acting in the creditor's behalf from engaging in a course of:

(a) Making or enforcing unconscionable terms or provisions of consumer credit transactions;

(b) Fraudulent or unconscionable conduct in inducing consumers to enter into consumer credit transactions;

(c) Conduct of any of the types specified in paragraph (a) or (b) of this subsection (1) with respect to transactions that give rise to or lead persons to believe they will give rise to consumer credit transactions; or

(d) Fraudulent or unconscionable conduct in the collection of debts arising from consumer credit transactions.

(2) In an action brought pursuant to this section, the court may grant relief only if it finds:

(a) That the respondent has made unconscionable agreements or has engaged or is likely to engage in a course of fraudulent or unconscionable conduct;

(b) That the agreements or conduct of the respondent has caused or is likely to cause injury to consumers; and

(c) That the respondent has been able to cause or will be able to cause the injury primarily because the transactions involved are credit transactions.

(3) In applying this section, consideration shall be given to each of the following factors, among others:

(a) Whether the creditor should have reasonably believed at the time consumer credit transactions were made that, according to the credit terms or schedule of payments, there was no reasonable probability of payment in full of the obligation by the consumer;

(b) Whether the creditor reasonably should have known, at the time of the transaction, of the inability of the consumer to receive substantial benefits from the transaction;

(c) Gross disparity between the price of the transaction and its value measured by the price at which similar transactions are readily obtainable by like consumers;

(d) The fact that the creditor contracted for or received separate charges for insurance with respect to consumer credit transactions with the effect of making the transactions, considered as a whole, unconscionable;

(e) The fact that the respondent has knowingly taken advantage of the inability of the consumer reasonably to protect his or her interests by reason of physical or mental infirmities, ignorance, illiteracy, or inability to understand the language of the agreement, or similar factors; and

(f) Any of the factors set forth in section 5-5-109 (4).

(4) The administrator may bring a civil action to restrain a creditor or a person acting in the creditor's behalf from engaging in a course of making or arranging consumer loans to enable consumers to buy or lease from a particular seller or lessor goods or services, a principal purpose of which course of action is to avoid giving the consumers those rights that they would have had if the transactions were entered into as a consumer credit sale if:

(a) The lender is a person related to the seller or lessor unless the relationship is remote or is not a factor in the transaction;

(b) The seller or lessor guarantees the loans or otherwise assumes the risk of loss by the lender upon the loans;

(c) The loans are conditioned upon the consumer's purchase or lease of the goods or services from the particular seller or lessor, but the lender's payment of proceeds of the loan to the seller or lessor does not in itself establish that the loan was so conditioned; or

(d) The lender, before the lender makes the consumer loan, has knowledge or, from the lender's course of dealing with the particular seller or lessor or from the lender's records, notice of substantial complaints by other consumers of the particular seller's or lessor's failure or refusal to perform his or her contracts with them and of the particular seller's or lessor's failure to remedy his or her defaults within a reasonable time after notice to him or her of the complaints.

(5) In an action brought pursuant to this code, a charge or practice expressly permitted by this code is not in itself unconscionable.
C.R.S. § 5-21-107 — CO Code / Title 5 / Article 21 / Section 5-21-107
5-21-107. Federal laws
Status: in_force

5-21-107. Federal laws. (1) A mortgage servicer shall comply with all federal laws and regulations applicable to mortgage servicers for their mortgage servicing activities, including:

(a) The federal "Real Estate Settlement Procedures Act of 1974", 12 U.S.C. sec. 2601 et seq., as amended; and

(b) The "Truth in Lending Act", 15 U.S.C. sec. 1601 et seq., as amended.

(2) In addition to any other remedies provided by law, a violation of any federal law or regulation that is covered by subsection (1) of this section shall be deemed a violation of this article 21.

(3) All financial responsibility requirements of this article 21 shall be presumed to be met if a mortgage servicer is currently approved to service loans by the Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, or Government National Mortgage Association or if it meets prudential standards established by the Conference of State Bank Supervisors.
C.R.S. § 5-10-502 — CO Code / Title 5 / Article 10 / Part 5 / Section 5-10-502
5-10-502. Prohibited provisions
Status: in_force

5-10-502. Prohibited provisions. (1) A rental purchase agreement shall not contain a provision requiring any of the following:

(a) Assignment of earnings. No lessor shall accept an assignment of earnings from the lessee for payment or as security for payment of a charge arising out of a rental purchase agreement. An assignment of earnings in violation of this paragraph (a) is unenforceable by the assignee of the earnings and revocable by the lessee. This paragraph (a) shall not prohibit a lessee from voluntarily authorizing deductions from his earnings if the authorization is revocable and otherwise permitted by law.

(b) Authorization to confess judgment. No lessor shall take or accept a power of attorney or other authorization from the lessee, or other person acting on his behalf, to confess judgment.

(c) Waivers. No lessor may require a lessee to waive service of process or to waive any defense, counterclaim, or right of action against the lessor, or a person acting on the lessor's behalf as the lessor's agent in collection of payments under the lease or in the repossession of the lease property.

(d) Breach of the peace. No lessor may require a lessee to authorize the lessor or a person acting on the lessor's behalf to enter unlawfully upon the lessee's premises or to commit any breach of the peace in the repossession of the lease property.

(e) Garnishment of wages. No lessor may require a lessee to authorize a prejudgment garnishment of the lessee's wages.
C.R.S. § 5-10-904 — CO Code / Title 5 / Article 10 / Part 9 / Section 5-10-904
5-10-904. Effect of correction
Status: in_force

5-10-904. Effect of correction. Notwithstanding sections 5-10-801 and 5-10-902, any failure to comply with any provisions of this article resulting from a bona fide or clerical error may be corrected by the lessor within sixty days after discovering an error and prior to the institution of any action under this article, or within sixty days of the receipt of written notice of the error after the date of execution of the rental purchase agreement by the lessee. If so corrected, neither the lessor nor any holder is subject to penalty under this section. A copy of any rental purchase agreement to which such a correction is made shall be promptly sent to the lessee.
C.R.S. § 5-19-112 — CO Code / Title 5 / Article 19 / Part 1 / Section 5-19-112
5-19-112. Aiding or assisting violation
Status: in_force

5-19-112. Aiding or assisting violation. Any individual who, as a director, officer, partner, member, salesperson, agent, or representative of a credit services organization that violates this part 1, assists or aids, directly or indirectly, in such violation shall be responsible therefor and subject to the criminal penalties, injunctive relief, and damages provided for in this section and section 5-19-111.
C.R.S. § 5-19-206.5 — CO Code / Title 5 / Article 19 / Part 2 / Section 5-19-206.5
5-19-206.5. Name-based judicial record check
Status: in_force

5-19-206.5. Name-based judicial record check. When the results of a fingerprint-based criminal history record check of an officer of the applicant or employee or agent of the applicant performed pursuant to section 5-19-206 (12) reveal a record of arrest without a disposition, the administrator shall require that person to submit to a name-based judicial record check, as defined in section 22-2-119.3 (6)(d).
C.R.S. § 5-21-105 — CO Code / Title 5 / Article 21 / Section 5-21-105
5-21-105. Notification by mortgage servicers - rules
Status: in_force

5-21-105. Notification by mortgage servicers - rules. (1) Notification. (a) A person acting as a mortgage servicer must notify the administrator and pay the fee prescribed in section 5-21-106 within thirty days after commencing servicing in the state, and, thereafter, on or before January 31 of each year. The notification must state the notifier's legal name and all trade names used, the address of the notifier's principal office, which may be outside this state, and such other information as the administrator may require.

(b) With every renewal notification or at a date prescribed by rule by the administrator, each notifier shall submit an annual report relating to mortgage servicing by the notifier in the form prescribed by the administrator. Information contained in annual reports is confidential, is not subject to disclosure pursuant to part 2 of article 72 of title 24, and may be published only in composite form.

(2) Records retention - records request. (a) A mortgage servicer shall maintain adequate records for not less than four years following the final payment on the residential mortgage loan, transfer of the mortgage servicing rights, or the assignment of the loan, whichever occurs first. Upon request by the administrator, a mortgage servicer shall make the records available or shall send the records to the administrator by registered or certified mail, return receipt requested, or by any express delivery carrier that provides a dated delivery receipt, not later than thirty business days after requested by the administrator or other method of delivery as agreed to in writing by the administrator, including secure electronic transmission. Upon a notifier's request, the administrator may grant the notifier additional time to make the records available or to send the records to the administrator.

(b) Every mortgage servicer shall maintain records in conformity with this article 21, rules adopted pursuant to this article 21, and generally accepted accounting principles and practices in a manner that will enable the administrator to determine whether the servicer is complying with this article 21. A mortgage servicer's record-keeping system is sufficient if the servicer makes the required information reasonably available. The records need not be kept in the place of business where mortgage loans are serviced if the administrator is given free access to the records wherever located.
C.R.S. § 5-19-226 — CO Code / Title 5 / Article 19 / Part 2 / Section 5-19-226
5-19-226. Termination of agreements
Status: in_force

5-19-226. Termination of agreements. (a) If an individual who has entered into an agreement fails for sixty days to make payments required by the agreement, a provider may terminate the agreement.

(b) If a provider or an individual terminates an agreement, the provider shall immediately return to the individual any money of the individual held in trust for the benefit of the individual.
C.R.S. § 5-20-204 — CO Code / Title 5 / Article 20 / Part 2 / Section 5-20-204
5-20-204. Cosigner disclosures
Status: in_force

5-20-204. Cosigner disclosures. (1) Before extending a private education credit obligation that requires a cosigner, a private education creditor shall disclose to the cosigner:

(a) How the private education credit obligation will appear on the cosigner's credit;

(b) How the cosigner will be notified if the private education credit obligation becomes delinquent, including how the cosigner can cure the delinquency in order to avoid negative credit furnishing and loss of cosigner release eligibility; and

(c) Eligibility for release of the cosigner's obligation on the private education credit obligation, including the number of on-time payments and any other criteria required to approve the release of the cosigner from the credit obligation.

(2) For any private education credit obligation that obligates a cosigner, a creditor shall provide the private education credit borrower and the cosigner an annual written notice containing information about cosigner release, including the administrative, objective criteria the creditor requires to approve the release of the cosigner from the credit obligation and the process for applying for cosigner release. If the private education credit borrower has met the applicable payment requirement to be eligible for cosigner release, the creditor shall send the private education credit borrower and the cosigner a written notification by mail, and by electronic mail if a private education credit borrower or cosigner has elected to receive electronic communications from the creditor, informing the private education credit borrower and cosigner that the payments requirement to be eligible for cosigner release has been met. The notification must also include information about any additional criteria to qualify for cosigner release and the procedure to apply for cosigner release.

(3) A creditor shall provide written notice to a private education credit borrower who applies for cosigner release but whose application is incomplete. The written notice must include a description of the information needed to consider the application complete and the date by which the applicant must furnish the missing information in order to complete the application.

(4) Within thirty days after a private education credit borrower submits a completed application for cosigner release, the creditor shall send the private education credit borrower and cosigner a written notice that informs the private education credit borrower and cosigner whether the creditor has approved or denied the cosigner release application. If the creditor denies a request for cosigner release, the private education credit borrower may request copies of any documents or information used in the determination, including the credit score threshold used by the creditor, the private education credit borrower's consumer report, the private education credit borrower's credit score, and any other documents or information specific to the private education credit borrower. The creditor shall also provide any adverse action notices required under applicable federal law if the denial is based in whole or in part on any information contained in a consumer report.

(5) In response to a written or oral request by the private education credit borrower for cosigner release, a creditor shall provide to the private education credit borrower the information described in subsection (2) of this section.
C.R.S. § 5-20-207 — CO Code / Title 5 / Article 20 / Part 2 / Section 5-20-207
5-20-207. Bankruptcy or death of cosigner
Status: in_force

5-20-207. Bankruptcy or death of cosigner. (1) If a cosigner dies, the creditor shall not attempt to collect against the cosigner's estate other than for payment default.

(2) With regard to the death or bankruptcy of a cosigner, if a private education creditor is not more than sixty days delinquent at the time the creditor is notified of the cosigner's death or bankruptcy, the creditor shall not change any terms or benefits under the promissory note, repayment schedule, repayment terms, or monthly payment amount or any other provision associated with the credit obligation.
C.R.S. § 5-2-303 — CO Code / Title 5 / Article 2 / Part 3 / Section 5-2-303
5-2-303. Denial and discipline of license
Status: in_force

5-2-303. Denial and discipline of license. (1) The administrator may deny an application for a license or take disciplinary action against a person licensed to make supervised loans if the administrator finds that:

(a) The applicant or licensee has violated this code or any rule or order lawfully made pursuant thereto;

(b) Facts or conditions exist that would clearly have justified the administrator in refusing to grant a license had these facts or conditions been known to exist at the time the application for the license was made;

(c) The applicant has failed to complete an application for licensure;

(d) The applicant or licensee has failed to provide information required by the administrator within a reasonable time as fixed by the administrator;

(e) The applicant or licensee has failed to provide or maintain proof of financial responsibility;

(f) The applicant or licensee is insolvent;

(g) The applicant or licensee has made, in any document or statement filed with the administrator, a false representation of a material fact or has omitted to state a material fact;

(h) The applicant, licensee, or its owners, partners, members, officers, or directors have been convicted of or entered a plea of guilty or nolo contendere to a crime specified in part 4 of article 4 of title 18, C.R.S., or in part 1, 2, 3, 5, or 7 of article 5 of title 18, C.R.S., to a crime involving fraud or deceit, or to any similar crime under the jurisdiction of any federal court or court of another state;

(i) The applicant or licensee has failed to make, maintain, or produce records which comply with section 5-2-304 and any regulation adopted by the administrator;

(j) The applicant or licensee has been the subject of any disciplinary action by any state or federal agency;

(k) A final judgment has been entered against the applicant or licensee for violations of this code, any state or federal law concerning consumer finance, banking, or mortgage brokers or lenders, or any state or federal law prohibiting deceptive or unfair trade or business practices; or

(l) The applicant or licensee has failed to, in a timely manner as fixed by the administrator, take or provide proof of the corrective action required by the administrator subsequent to an examination or investigation pursuant to section 5-2-305 or 5-6-106.

(2) The administrator may summarily suspend a license as provided in section 24-4-104, C.R.S.

(3) Whenever the administrator denies a license application or takes disciplinary action pursuant to this section, the administrator shall enter an order to that effect and notify the licensee or applicant of the denial or disciplinary action. The notification required by this subsection (3) shall be given by personal service or by mail to the last-known address of the licensee or applicant as shown on the application, license, or as subsequently furnished in writing to the administrator.

(4) Any person holding a license to make supervised loans may relinquish the license by notifying the administrator in writing of its relinquishment. The revocation, suspension, expiration, or relinquishment of a license shall not affect the licensee's liability for acts previously committed nor impair the administrator's ability to issue a final agency order or impose discipline against the licensee.

(5) No revocation, suspension, or relinquishment of a license shall impair or affect the obligation of any preexisting lawful contract between the licensee and any consumer.

(6) The administrator may reinstate a license, terminate a suspension, or grant a new license to a person whose license has been revoked or suspended if no fact or condition then exists that clearly would have justified the administrator in refusing to grant a license.

(7) After a finding of one or more of the conditions stated in subsection (1) of this section, the administrator may take any or all of the following actions:

(a) Deny an application for licensure including an application for a branch office license;

(b) Revoke the license;

(c) Suspend the license for a period of time;

(d) Issue an order to the licensee to cease and desist from such acts;

(e) Order the licensee to make refunds to consumers of excess charges under this code;

(f) Impose penalties of up to a maximum of one thousand dollars for each violation all or part of which may be specifically designated for consumer and creditor educational expenses;

(g) Bar the person from applying for or holding a license for a period of five years following revocation of his or her license;

(h) Issue a letter of admonition; or

(i) Impose a penalty of two hundred dollars per day for failure to make, produce, or retain records required to be maintained under this code within forty-eight hours after the administrator's written demand. If the administrator has provided advance written notice of forty-eight hours or more to a licensee prior to conducting an examination pursuant to section 5-2-305, the penalty may be imposed without allowing additional time.

(8) The discipline stated in paragraphs (h) and (i) of subsection (7) of this section may be imposed without a hearing, but the licensee may, within thirty days thereafter, file with the administrator a written notice requesting a hearing. If such request is timely made, the letter of admonition shall be deemed vacated and a hearing shall be held. If, after such hearing, there is a finding that one or more of the grounds for discipline exist, any or all of the forms of discipline listed in this section may be imposed.
C.R.S. § 5-20-107 — CO Code / Title 5 / Article 20 / Part 1 / Section 5-20-107
5-20-107. License and investigation fees
Status: in_force

5-20-107. License and investigation fees. (1) A person applying for licensure under section 5-20-106 (1) or (2) shall pay the following nonrefundable fees established by the administrator:

(a) Initial license fee of at least one thousand dollars;

(b) Annual renewal fee of at least one thousand dollars; and

(c) Investigation fee.

(2) The administrator shall determine the amount of the fees required in this section and may periodically reduce or increase the amount of one or more of the fees if necessary pursuant to section 24-75-402 (3) and (4), to reduce the uncommitted reserves of the fund created in section 5-20-104 (3). The fund is subject to the maximum reserve established in section 24-75-402.
C.R.S. § 5-5-106 — CO Code / Title 5 / Article 5 / Part 1 / Section 5-5-106
5-5-106. Limitation on garnishment - definitions
Status: in_force

5-5-106. Limitation on garnishment - definitions. (1) For the purposes of this part 1:

(a) "Disposable earnings" means that part of the earnings of an individual remaining after the deduction from those earnings of amounts required by law to be withheld.

(b) "Garnishment" means any legal or equitable procedure through which the earnings of an individual are required to be withheld for payment of a debt.

(2) (a) The maximum part of the aggregate disposable earnings of an individual for any workweek that is subjected to garnishment to enforce payment of a judgment arising from a consumer credit transaction may not exceed the lesser of:

(I) Twenty-five percent of the individual's disposable earnings for that week; or

(II) The amount by which the individual's disposable earnings for that week exceed thirty times the federal minimum hourly wage prescribed by section 206 (a)(1) of the "Fair Labor Standards Act of 1938", 29 U.S.C. sec. 201 et seq., in effect at the time the earnings are payable; or

(III) The amount by which the individual's disposable earnings for that week exceed thirty times the state minimum hourly wage pursuant to section 15 of article XVIII of the state constitution in effect at the time the earnings are payable.

(b) In the case of earnings for a pay period other than a week, the administrator may prescribe by rule a multiple of the federal minimum hourly wage or the state minimum hourly wage, equivalent in effect to that set forth in subparagraphs (II) or (III) of paragraph (a) of this subsection (2).

(3) No court may make, execute, or enforce an order or process in violation of this section.

(4) It shall not be necessary for any individual to claim the exemptions for that portion of the aggregate disposable earnings that are not subject to garnishment as set forth in subsection (2) of this section, and such exemption from garnishment shall be self-executing in any garnishment procedure.

(5) This section does not repeal, alter, or affect other statutes of this state prohibiting garnishments or providing for larger exemptions from garnishments than are allowed under this section.
C.R.S. § 5-2-301 — CO Code / Title 5 / Article 2 / Part 3 / Section 5-2-301
5-2-301. Authority to make supervised loans
Status: in_force

5-2-301. Authority to make supervised loans. (1) Unless a person is a supervised financial organization or has first obtained a license from the administrator authorizing the person to make supervised loans, the person shall not engage in the business of:

(a) Making supervised loans or undertaking direct collection of payments from or enforcement of rights against consumers arising from supervised loans he or she has previously made; or

(b) Taking assignments of and undertaking direct collection of payments from or enforcement of rights against consumers arising from supervised loans, including servicing supervised loans; except that a person who is licensed by the administrator as a collection agency pursuant to article 16 of this title 5 or is licensed by the Colorado supreme court to practice law and who takes assignment of supervised loans only after such loans are in default is not required to obtain a supervised lender license to engage in the activities described in this subsection (1)(b).
C.R.S. § 5-17-110 — CO Code / Title 5 / Article 17 / Section 5-17-110
5-17-110. Civil liability
Status: in_force

5-17-110. Civil liability. The provisions of section 5-16-113, with the exception of the statute of limitations set forth in section 5-16-113 (5), shall apply to any violation of this article 17 and are in addition to and not exclusive of any other remedies provided by law.
C.R.S. § 5-10-402 — CO Code / Title 5 / Article 10 / Part 4 / Section 5-10-402
5-10-402. Form requirements
Status: in_force

5-10-402. Form requirements. (1) The information required by this part 4:

(a) Shall be disclosed in writing in a rental purchase agreement;

(b) Shall be set forth clearly and conspicuously, in not less than eight point standard type;

(c) Shall be set apart and not contain any information not directly related to the disclosures;

(d) Shall be stated using words and phrases of common meaning;

(e) Need not be contained in a single writing or made in the order set forth in this part 4; and

(f) May be supplemented by additional information or explanations supplied by the lessor, so long as the additional information is not stated, utilized, or placed in a manner which will confuse the lessee or contradict, obscure, or distract attention from the required information. The additional information or explanations shall not have the effect of circumventing, evading, or unduly complicating the information required to be disclosed.

(2) The lessor shall disclose all information required by this part 4 before the rental purchase agreement is consummated.

(3) Before any payment is due, the lessor shall furnish the lessee with an exact copy of the rental purchase agreement, which shall be signed by the lessee and which shall evidence the lessee's agreement. If there is more than one lessee in a rental purchase agreement, delivery of a copy of the rental purchase agreement to one of the lessees constitutes compliance with this subsection (3).
C.R.S. § 5-5-103 — CO Code / Title 5 / Article 5 / Part 1 / Section 5-5-103
5-5-103. Restrictions on deficiency judgments in consumer credit sales
Status: in_force

5-5-103. Restrictions on deficiency judgments in consumer credit sales. (1) This section applies to a consumer credit sale of goods or services. A consumer is not liable for a deficiency unless the creditor has disposed of the goods in accordance with the provisions on the disposition of collateral of the "Uniform Commercial Code" contained in part 6 of article 9 of title 4, C.R.S.

(2) If the creditor repossesses, with or without the aid of judicial process, or voluntarily accepts surrender of goods that were the subject of the sale and in which the creditor has a security interest, the parties obligated are not personally liable to the creditor for the unpaid balance of the debt arising from the sale of a commercial unit of goods of which the cash sale price was three thousand dollars or less, and the creditor's duty to dispose of the collateral is governed by the provisions on the disposition of collateral of the "Uniform Commercial Code" contained in part 6 of article 9 of title 4, C.R.S.

(3) If the creditor repossesses, with or without the aid of judicial process, or voluntarily accepts surrender of goods that were not the subject of the sale but in which the creditor has a security interest to secure a debt arising from a sale of goods or services or a combined sale of goods and services and the cash price of the sale was three thousand dollars or less, the parties obligated are not personally liable to the creditor for the unpaid balance of the debt arising from the sale, and the creditor's duty to dispose of the collateral is governed by the provisions on disposition of collateral of the "Uniform Commercial Code" contained in part 6 of article 9 of title 4, C.R.S.

(4) For the purpose of determining the unpaid balance of consolidated debts or debts pursuant to revolving credit accounts, the allocation of payments to a debt shall be determined in the same manner as provided for determining the amount of debts secured by various security interests under sections 5-3-202 and 5-3-203.

(5) The consumer may be liable in damages to the creditor if the consumer has misused, abused, or wrongfully damaged the collateral or if, after default and demand in writing, the consumer has wrongfully failed to make the collateral available to the creditor. Nothing in this section shall limit or restrict the remedies of the holders of a security interest for damage to the collateral because of conversion, destruction, or other wrongful acts.

(6) If the creditor elects to bring an action against the consumer for a debt arising from a consumer credit sale of goods or services, when under this section the creditor would not be entitled to a deficiency judgment if the creditor took possession of the collateral, and obtains judgment:

(a) The creditor may not take possession of the collateral; and

(b) The collateral is not subject to levy or sale on execution or similar proceedings pursuant to the judgment.
C.R.S. § 5-9-102 — CO Code / Title 5 / Article 9 / Section 5-9-102
5-9-102. Continuation of licensing prior to July 1, 2000
Status: in_force

5-9-102. Continuation of licensing prior to July 1, 2000. Notwithstanding the repeal and reenactment of articles 2 and 3 of chapter 73, C.R.S. 1963, by this code, all persons licensed or otherwise authorized under the provisions of articles 2 or 3 of chapter 73, C.R.S. 1963, immediately prior to October 1, 1971, are licensed to make supervised loans under this code as it existed prior to the enactment of House Bill 00-1185, as enacted at the second regular session of the sixty-second general assembly, pursuant to the provisions on supervised loans of the article on loans (part 5 of article 3 of this title) in effect on and after October 1, 1971, but before July 1, 2000, and all provisions of said sections apply to the persons so previously licensed or authorized. The administrator may, but is not required to, deliver evidence of licensing to the persons so previously licensed or authorized.
C.R.S. § 5-13-103 — CO Code / Title 5 / Article 13 / Section 5-13-103
5-13-103. Small business loans
Status: in_force

5-13-103. Small business loans. In accordance with section 524 of Public Law 96-221, it is declared that the state of Colorado does not want the amendments to the "Small Business Investment Act" made by section 524 of Public Law 96-221 prescribing interest rates for small business loans to apply in this state. The rates established in articles 1 to 9 of this title shall control consumer credit transactions in the state of Colorado.
C.R.S. § 5-20-201 — CO Code / Title 5 / Article 20 / Part 2 / Section 5-20-201
5-20-201. Scope of part - construction with other laws - legislative declaration
Status: in_force

5-20-201. Scope of part - construction with other laws - legislative declaration. The general assembly finds, determines, and declares that this part 2 is enacted to address issues not fully addressed through the regulation of student loan servicers under part 1 of this article 20. This part 2 is intended to complement, and should be construed in harmony with, part 1 of this article 20 to provide seamless and consistent protection to borrowers whenever possible.
C.R.S. § 5-10-801 — CO Code / Title 5 / Article 10 / Part 8 / Section 5-10-801
5-10-801. Administrator responsibility
Status: in_force

5-10-801. Administrator responsibility. (1) The administrator shall enforce this article. To carry out this responsibility, the administrator shall be authorized to:

(a) Receive and act on complaints, take action designed to obtain voluntary compliance with this article, or commence proceedings on the administrator's own initiative;

(b) Issue and enforce cease and desist or other administrative enforcement orders in the same manner as set forth in section 5-6-109;

(c) Make investigations; issue subpoenas to require the attendance of witnesses or the production of documents, which subpoenas may be issued to any person, whether located in this state or elsewhere, who has engaged in or is engaging in any violation of this article; administer oaths; conduct hearings in aid of any investigation or inquiry necessary to administer the provisions of this article; and apply to the appropriate court for an appropriate order to effect the purposes of this article;

(d) Counsel persons and groups on their rights and duties under this article;

(e) Establish programs for the education of consumers with respect to rental purchase agreement practices and problems;

(f) Bring a civil action to restrain a person from violating this article and for other appropriate relief in the same manner as set forth in sections 5-6-111 to 5-6-114 and for a civil penalty of up to one thousand dollars per violation; and

(g) Use any of his enforcement powers to restrain or take other action against any person found to be making or enforcing rental purchase agreements which contain any unconscionable provisions or clauses.
C.R.S. § 5-3.1-114 — CO Code / Title 5 / Article 3.1 / Section 5-3.1-114
5-3.1-114. Notice on assignment or sale of instruments
Status: in_force

5-3.1-114. Notice on assignment or sale of instruments. Prior to sale or assignment of instruments held by the lender as a result of a deferred deposit loan, the lender shall place a notice on the instrument in at least ten-point type to read:

THIS IS A DEFERRED DEPOSIT LOAN INSTRUMENT.
C.R.S. § 5-21-112 — CO Code / Title 5 / Article 21 / Section 5-21-112
5-21-112. Injunctions
Status: in_force

5-21-112. Injunctions. The administrator may bring a civil action to restrain a person from violating this article 21 or rules promulgated pursuant to this article 21 and for other appropriate relief, including such orders or judgments as may be necessary to completely compensate or restore to the individual's original position any individual affected by the violation. The administrator may also apply for a temporary restraining order or a preliminary injunction against a respondent pending final determination of proceedings. No bond or other security is required of the administrator before relief under this section may be granted.
C.R.S. § 5-12-105 — CO Code / Title 5 / Article 12 / Section 5-12-105
5-12-105. Interest upon foreclosure
Status: in_force

5-12-105. Interest upon foreclosure. In all cases where real estate shall be sold under execution or by virtue of the foreclosure of any mortgage, deed of trust, or other lien, the indebtedness and costs for which any certificate of purchase may issue shall bear interest at the rate specified in the original instrument.
C.R.S. § 5-3-404 — CO Code / Title 5 / Article 3 / Part 4 / Section 5-3-404
5-3-404. Restoration of down payment
Status: in_force

5-3-404. Restoration of down payment. (1) Within ten days after a notice of cancellation has been received by the seller or an offer to purchase has been otherwise revoked, the seller shall tender to the buyer any payments made by the buyer, any note or other evidence of indebtedness, and any goods traded in. A provision permitting the seller to keep all or any part of any goods traded in, payment, note, or other evidence of indebtedness is in violation of this section and unenforceable.

(2) If the down payment includes goods traded in, the goods shall be tendered in substantially as good condition as when received by the seller. If the seller fails to tender the goods as provided by this section, the buyer may elect to recover an amount equal to the trade-in allowance stated in the agreement.

(3) Until the seller has complied with the obligations imposed by this section, the buyer may retain possession of goods delivered to the buyer by the seller and has a lien on the goods in the buyer's possession or control for any recovery to which the buyer is entitled.
C.R.S. § 5-5-105 — CO Code / Title 5 / Article 5 / Part 1 / Section 5-5-105
5-5-105. No garnishment before judgment
Status: in_force

5-5-105. No garnishment before judgment. Prior to entry of judgment in an action against the consumer for debt arising from a consumer credit transaction, the creditor may not replevin goods, except motor vehicles, of the consumer with the use of force from a dwelling upon an ex parte order of court or attach unpaid earnings of the consumer by garnishment or like proceedings.
C.R.S. § 5-3.1-118 — CO Code / Title 5 / Article 3.1 / Section 5-3.1-118
5-3.1-118. Denial of license - discipline
Status: in_force

5-3.1-118. Denial of license - discipline. (1) The administrator may deny a license or discipline a lender in accordance with sections 5-2-302, 5-2-303, and 5-2-306.

(2) (a) If the administrator finds that a lender has violated the code, articles 1 to 9 of this title, the administrator shall notify the lender in writing of such violations and the actions the lender must take to cure the violations. The administrator shall allow the lender thirty days after the postmark date of the notice, or the date of delivery if not mailed, to cure the violations before taking disciplinary action in accordance with subsection (1) of this section. If the administrator determines that such lender has performed such actions contained in such notice, the lender shall not be liable for the violations that have been cured.

(b) This subsection (2) shall not apply if the lender violated the code, articles 1 to 9 of this title, in a repeated or willful manner.

(c) If an alleged violation of the code, articles 1 to 9 of this title, is the result of a bona fide clerical oversight or computer-based error and not the product of the lender's established lending practices, and the alleged violation can be corrected without material change to the terms and conditions of a consumer's loan, the lender shall have thirty days after the postmark date of the notice, or the date of delivery if not mailed, to cure the alleged violation without incurring any fine or penalty or any required refund of any finance charges associated with the alleged violation. Nothing in this subsection (2) shall exempt a lender from making required refunds if the violation resulted in an overcharge or excess charge to the consumer.

(3) A lender shall have ninety days to comply with any rule, interpretation, or opinion of the administrator that requires a lender to implement new policies or procedures that involve the reprinting of the lender's forms to include new disclosures, or that requires the lender to revise existing computer programs or add new computer programs to comply with the rule, interpretation, or opinion. During the ninety-day period, the administrator shall not deem the lender to be in violation of articles 1 to 9 of this title for noncompliance with the new rule, interpretation, or opinion.
C.R.S. § 5-20-116 — CO Code / Title 5 / Article 20 / Part 1 / Section 5-20-116
5-20-116. Injunctions
Status: in_force

5-20-116. Injunctions. The administrator may bring a civil action to restrain a person from violating this part 1 or rules promulgated pursuant to this part 1 and for other appropriate relief, including such orders or judgments as may be necessary to completely compensate or restore any person affected by the violation to the person's original position. The administrator may also apply for a temporary restraining order or a preliminary injunction against a respondent pending final determination of proceedings. No bond or other security is required of the administrator before relief under this section may be granted.
C.R.S. § 5-6-116 — CO Code / Title 5 / Article 6 / Part 1 / Section 5-6-116
5-6-116. Consumers' remedies not affected
Status: in_force

5-6-116. Consumers' remedies not affected. The grant of powers to the administrator in this article does not affect remedies available to consumers under this code or under other principles of law or equity.
C.R.S. § 5-21-107.5 — CO Code / Title 5 / Article 21 / Section 5-21-107.5
5-21-107.5. Disbursement of insurance proceeds to borrowers - disclosure of mortgage interes
Status: in_force

5-21-107.5. Disbursement of insurance proceeds to borrowers - disclosure of mortgage interest rate - retention of communications. A mortgage servicer shall comply with the requirements of section 38-40-106 regarding disbursement of insurance proceeds to borrowers, disclosure of mortgage interest rates, and retention of communications.
C.R.S. § 5-19-204 — CO Code / Title 5 / Article 19 / Part 2 / Section 5-19-204
5-19-204. Registration required
Status: in_force

5-19-204. Registration required. (a) Except as otherwise provided in subsection (b) of this section, on or after July 1, 2008, a provider may not provide debt-management services to an individual who it reasonably should know resides in this state at the time it agrees to provide the services, unless the provider is registered under this part 2.

(b) If a provider is registered under this part 2, subsection (a) of this section does not apply to an employee or agent of the provider.

(c) The administrator shall maintain and publicize a list of the names of all registered providers.
C.R.S. § 5-3.1-112 — CO Code / Title 5 / Article 3.1 / Section 5-3.1-112
5-3.1-112. Authorized dishonored instrument charge
Status: in_force

5-3.1-112. Authorized dishonored instrument charge. If an instrument held by a lender as a result of a deferred deposit loan is returned unpaid to the lender from a payor financial institution due to insufficient funds, a closed account, a stop-payment order, or any other reason, not including a bank error, the lender shall have the right to exercise all civil means authorized by law to collect the face value of the instrument; except that the provisions and remedies of section 13-21-109, C.R.S., are not applicable to any deferred deposit loan. In addition, the lender may contract for and collect one returned instrument charge for each deferred deposit loan, not to exceed twenty-five dollars, plus court costs and reasonable attorney fees as awarded by a court and incurred as a result of the default. However, such attorney fees shall not exceed the loan amount. The lender shall not collect any other fees as a result of default. A returned instrument charge shall not be allowed if the loan proceeds instrument is dishonored by the financial institution or the consumer places a stop-payment order due to forgery or theft.
C.R.S. § 5-5-206 — CO Code / Title 5 / Article 5 / Part 2 / Section 5-5-206
5-5-206. Civil liability for discrimination
Status: in_force

5-5-206. Civil liability for discrimination. If a person has failed to comply with section 5-3-210, the person aggrieved by such failure to comply has a right to recover actual damages from such person but in no event less than one hundred dollars for actual and exemplary damages nor more than one thousand dollars for actual and exemplary damages. In the case of a successful action to enforce such right of recovery, the aggrieved person shall recover the costs of the action together with reasonable attorney fees as determined by the court.
C.R.S. § 5-19-215 — CO Code / Title 5 / Article 19 / Part 2 / Section 5-19-215
5-19-215. Good faith requirement
Status: in_force

5-19-215. Good faith requirement. A provider shall act in good faith in all matters under this part 2.
C.R.S. § 5-3-110 — CO Code / Title 5 / Article 3 / Part 1 / Section 5-3-110
5-3-110. Advertising
Status: in_force

5-3-110. Advertising. (1) A creditor may not advertise, print, display, publish, distribute, broadcast, transmit or cause to be advertised, printed, displayed, published, distributed, broadcast, or transmitted in any manner any false, misleading, or deceptive statement or representation with regard to the rates, terms, or conditions of credit of a consumer credit transaction.

(2) This section imposes no liability on the owner or personnel, as such, of any medium in which an advertisement appears or through which it is disseminated.

(3) Advertising that complies with the federal "Truth in Lending Act" and the federal "Consumer Leasing Act" does not violate this section.
C.R.S. § 5-16-108 — CO Code / Title 5 / Article 16 / Section 5-16-108
5-16-108. Unfair practices
Status: in_force

5-16-108. Unfair practices. (1) A debt collector or collection agency shall not use unfair or unconscionable means to collect or attempt to collect any debt, including, but not limited to, the following conduct:

(a) The collection of any amount, including any interest, fee, charge, or expense incidental to the principal obligation, unless the amount is expressly authorized by the agreement creating the debt or permitted by law;

(b) The acceptance by a debt collector or collection agency from any person of a check or other payment instrument postdated by more than five days unless the person is notified in writing of the debt collector's or collection agency's intent to deposit the check or instrument not more than ten nor less than three business days prior to the deposit;

(c) The solicitation by a debt collector or collection agency of any postdated check or other postdated payment instrument for the purpose of threatening or instituting criminal prosecution;

(d) Depositing or threatening to deposit any postdated check or other postdated payment instrument prior to the date on the check or instrument;

(e) Causing charges to be made to any person for communications by concealment of the true purpose of the communication. Such charges include, but are not limited to, collect telephone calls and telegram fees.

(f) Taking or threatening to take any nonjudicial action to effect dispossession or disablement of property if:

(I) There is no present right to possession of the property claimed as collateral through an enforceable security interest;

(II) There is no present intention to take possession of the property; or

(III) The property is exempt by law from such dispossession or disablement;

(g) Communicating with a consumer regarding a debt by postcard;

(h) Using any language or symbol, other than the debt collector's or collection agency's address, on any envelope when communicating with a consumer by use of the mails or by telegram; except that a debt collector or collection agency may use his business name if the name does not indicate that he or she is in the debt collection business;

(i) Failing to comply with the provisions of section 13-21-109 regarding the collection of checks, drafts, or orders not paid upon presentment;

(j) Communicating credit information to a consumer reporting agency earlier than thirty days after the initial notice to the consumer has been mailed, unless the consumer's last-known address is known to be invalid. This subsection (1)(j) shall not apply to checks, negotiable instruments, or credit card drafts.

(k) An attempt to collect an amount in excess of the amounts permitted under section 13-54-102 or 13-54-104;

(l) An attempt to collect a debt that violates the provisions of section 6-20-203 (1), (2), (3)(b), (4)(a), (4)(b)(I), (4)(d), (4)(e), or (5)(a) to (5)(c).
C.R.S. § 5-2-501 — CO Code / Title 5 / Article 2 / Part 5 / Section 5-2-501
5-2-501. Transactions subject to code by agreement of parties
Status: in_force

5-2-501. Transactions subject to code by agreement of parties. The parties to a transaction other than a consumer credit transaction may agree in a writing signed by the parties that the transaction is subject to the provisions of this code. If the parties so agree, the transaction is a consumer credit transaction for the purposes of this code.
C.R.S. § 5-3.5-303 — CO Code / Title 5 / Article 3.5 / Part 3 / Section 5-3.5-303
5-3.5-303. Relationship to other laws
Status: in_force

5-3.5-303. Relationship to other laws. (1) General rule. All political subdivisions of this state, including municipalities, shall be prohibited from enacting and enforcing ordinances, resolutions, and regulations pertaining to lending activities.

(2) Preemption. Any provision of this article 3.5 preempted by federal law with respect to a national bank or federal savings association shall also, to the same extent, not apply to an operating subsidiary of a national bank or federal savings association that satisfies the requirements for operating subsidiaries established in 12 CFR 5.34, relating to operating subsidiaries, nor to a bank chartered under the laws of Colorado or any operating subsidiary of such a state chartered bank.

(3) Interpretation. The provisions of this article 3.5 shall be interpreted and applied to the fullest extent practical in a manner consistent with applicable federal laws and regulations and shall not be deemed to constitute an attempt to override federal law.
C.R.S. § 5-21-109 — CO Code / Title 5 / Article 21 / Section 5-21-109
5-21-109. Application of administrative procedures
Status: in_force

5-21-109. Application of administrative procedures. Except as otherwise provided in this article 21, sections 24-4-102 to 24-4-106 apply to and govern all rules promulgated and all administrative action taken by the administrator pursuant to this article 21; except that section 24-4-104 (3) does not apply to any such action.
C.R.S. § 5-3.1-101 — CO Code / Title 5 / Article 3.1 / Section 5-3.1-101
5-3.1-101. Short title
Status: in_force

5-3.1-101. Short title. This article shall be known and may be cited as the "Deferred Deposit Loan Act".
C.R.S. § 5-1-202 — CO Code / Title 5 / Article 1 / Part 2 / Section 5-1-202
5-1-202. Exclusions
Status: in_force

5-1-202. Exclusions. (1) This code does not apply to:

(a) Extensions of credit to government or governmental agencies or instrumentalities;

(b) Except as otherwise provided in article 4 of this title, the sale of insurance if there is no legal obligation to pay installments of the premium and the insurance may terminate or be canceled after nonpayment of an installment of the premium;

(c) Transactions under public utility or common carrier tariffs if a subdivision or agency of this state or of the United States regulates the charges for the services involved, the charges for delayed payment, and any discount allowed for early payment;

(d) (I) With respect to contracts for purchase entered into by a pawnbroker, as the terms are defined in section 29-11.9-101, the rates and charges, and the disclosure of rates and charges, if the rates and charges do not exceed the fixed price permitted by section 29-11.9-101 (2). The exclusion in this subsection (1)(d)(I) applies to pawnbrokers who are:

(A) Licensed by a local licensing authority pursuant to section 29-11.9-102; or

(B) Regulated, with respect to rates and charges, by a local governing authority pursuant to section 29-11.9-102.

(II) The exclusion in subparagraph (I) of this paragraph (d) also applies to pawnbrokers authorized to make supervised loans under section 5-2-301 with respect to contracts for purchase; except that the exclusion does not apply to the disclosure of rates and charges of pawnbrokers authorized to make supervised loans.

(e) The disclosure of rates and charges in connection with transactions in securities and commodities accounts by a broker-dealer registered with the securities and exchange commission;

(f) Loans made, originated, disbursed, serviced, or guaranteed by an agency, instrumentality, or political subdivision of the state pursuant to article 3.1 of title 23, C.R.S.
C.R.S. § 5-10-202 — CO Code / Title 5 / Article 10 / Part 2 / Section 5-10-202
5-10-202. Exclusions
Status: repealed

5-10-202. Exclusions. (1) This article shall not apply to, and an agreement that complies with this article is not governed by the provision relating to:

(a) A "consumer credit sale" as that term is defined in section 5-1-301 (11);

(b) A "consumer lease" as that term is defined in section 5-1-301 (14);

(c) A "consumer loan" as that term is defined in section 5-1-301 (15);

(d) and (e) Repealed.

(f) A "home solicitation sale" as that term is defined in section 5-3-401;

(g) A "sale of goods" as that term is defined in section 5-1-301 (39);

(h) A "security interest" as that term is defined in section 4-1-201 (b)(35), C.R.S.;

(i) Any lease for agricultural, business, or commercial purposes;

(j) Any lease of money or intangible personal property.
C.R.S. § 5-6-102 — CO Code / Title 5 / Article 6 / Part 1 / Section 5-6-102
5-6-102. Applicability
Status: in_force

5-6-102. Applicability. (1) This part 1 applies to persons who in this state:

(a) Make or solicit consumer credit transactions; or

(b) Directly collect payments from or enforce rights against consumers arising from sales, leases, or loans specified in paragraph (a) of this subsection (1) wherever they are made.
C.R.S. § 5-3-304 — CO Code / Title 5 / Article 3 / Part 3 / Section 5-3-304
5-3-304. Use of account - constructive assent to terms
Status: in_force

5-3-304. Use of account - constructive assent to terms. The use of a revolving credit account by a consumer, or by any person authorized by the consumer, constitutes the consumer's acceptance of the creditor's offer of credit and creates a binding contract on the creditor's terms then in effect. Such terms may be modified in the future as agreed by the parties and subject to the requirements of this article, including, but not limited to, the notice requirements of section 5-3-103.
C.R.S. § 5-16-109 — CO Code / Title 5 / Article 16 / Section 5-16-109
5-16-109. Validation of debts
Status: in_force

5-16-109. Validation of debts. (1) Within five days after the initial communication with a consumer in connection with the collection of any debt, a debt collector or collection agency shall, unless the following information is contained in the initial communication or the consumer has paid the debt, send the consumer a written notice with the disclosures specified in subsections (1)(a) to (1)(e) of this section. If the disclosures are placed on the back of the notice, the front of the notice shall contain a statement notifying consumers of that fact. The disclosures shall state:

(a) The amount of the debt;

(b) The name of the creditor to whom the debt is owed;

(c) That, unless the consumer disputes the validity of the debt or any portion of the debt within thirty days after the consumer's receipt of the notice, the debt will be assumed to be valid by the debt collector or collection agency;

(d) That, if the consumer notifies the debt collector or collection agency in writing within the thirty-day period that the debt, or any portion thereof, is disputed, the debt collector or collection agency will obtain verification of the debt or a copy of a judgment against the consumer and a copy of the verification or judgment will be mailed to the consumer by the debt collector or collection agency;

(e) That upon the consumer's written request within the thirty-day period, the debt collector or collection agency will provide the consumer with the name and address of the original creditor, if different from the current creditor.

(2) If the consumer notifies the debt collector or collection agency in writing within the thirty-day period described in subsection (1)(c) of this section that the debt, or any portion thereof, is disputed or that the consumer requests the name and address of the original creditor, the debt collector or collection agency shall cease collection of the debt, or any disputed portion thereof, until the debt collector or collection agency obtains verification of the debt or a copy of a judgment or the name and address of the original creditor and mails a copy of the verification or judgment or name and address of the original creditor to the consumer.

(3) The failure of a consumer to dispute the validity of a debt under this section shall not be construed by any court as an admission of liability by the consumer.

(4) It shall be an affirmative defense to any action based upon failure of a debt collector or collection agency to comply with this section that the debt collector or collection agency believed, in good faith, that the debtor was other than a natural person.

(5) Upon written request by the consumer and without fee to the consumer, a debt collector or collection agency collecting on a medical debt shall cease collection until it can provide an itemized statement to the consumer after the request is received. The itemized statement must include:

(a) The name and address of the medical creditor;

(b) The date or dates of service;

(c) The date or dates the medical debt was incurred;

(d) A detailed list of the specific health-care services and medical products or devices, if any, provided to the consumer;

(e) The name of the facility where health-care services were provided or the name of the merchant where the consumer purchased medical products, devices, or durable medical goods;

(f) The amount of the principal for any medical debt incurred;

(g) An itemization of the current amount of the debt due at the time the itemized statement is generated, reflecting interest, fees, payments, and credits since the dates described in subsections (5)(b) and (5)(c) of this section, and including negotiated insurance rates, financial assistance applied, or other discounts;

(h) For medical debt from a health-care facility, as defined in section 25.5-3-501 (1), whether the consumer was screened for financial assistance; and

(i) For medical debt from a health-care facility, as defined in section 25.5-3-501 (1), whether the consumer was found eligible for financial assistance and, if so, the amount due after all financial assistance is applied to the itemized statement.
C.R.S. § 5-3-210 — CO Code / Title 5 / Article 3 / Part 2 / Section 5-3-210
5-3-210. Discrimination prohibited - exemption
Status: in_force

5-3-210. Discrimination prohibited - exemption. A consumer credit transaction regulated by this code shall not be denied any person, nor shall terms and conditions be made more stringent, on the basis of discrimination, solely because of disability, race, creed, religion, color, sex, sexual orientation, gender identity, gender expression, marital status, national origin, or ancestry. This section does not apply to any consumer credit transaction made or denied by a seller, lessor, or lender whose total original unpaid balances arising from consumer credit transactions for the previous calendar year are less than one million dollars.
C.R.S. § 5-16-111 — CO Code / Title 5 / Article 16 / Section 5-16-111
5-16-111. Legal actions by collection agencies
Status: in_force

5-16-111. Legal actions by collection agencies. (1) Any debt collector or collection agency who brings any legal action on a debt against any consumer shall:

(a) In the case of an action to enforce an interest in real property securing the consumer's obligation, bring the action only in a judicial district or similar legal entity in which the real property is located; or

(b) In the case of an action not described in subsection (1)(a) of this section, bring the action only in the judicial district or similar legal entity in which:

(I) The consumer signed the contract sued upon;

(II) The consumer resides at the commencement of the action; or

(III) The action may be brought pursuant to article 13 or 13.5 of title 26, section 14-14-104, or article 4 or 6 of title 19, if the action is by a private collection agency acting on behalf of a delegate child support enforcement unit.

(1.5) A debt collector or collection agency that is not a creditor or debt buyer shall not be the named plaintiff in a legal action or take any legal action on a debt against a consumer unless the debt collector or collection agency:

(a) Ensures that the name of the original creditor or assignor and the name of the debt collector or collection agency are included in the case caption of the complaint, in that order; and

(b) Has a complete and effective assignment, including complete settlement authority and authority to resolve the litigation.

(2) A debt collector or collection agency who brings a legal action on a debt owned by a debt buyer shall attach the following materials to the complaint or form:

(a) (I) A copy of the contract, account-holder agreement, or other writing from the original creditor or the consumer evidencing the consumer's agreement to the original debt;

(II) In the case of a medical debt, a copy of a redacted itemization of charges incurred;

(III) If a signed writing evidencing the original debt does not exist, a copy of the document provided to the consumer while the account was active, demonstrating that the debt was incurred by the consumer; or, for a credit card debt, the most recent monthly statement recording a purchase transaction, payment, or balance transfer; or

(IV) If a claim is based on an electronic transaction for which a signed writing evidencing the original debt never existed, a copy of the records created during the transaction evidencing the consumer's agreement to the debt and recording the date and terms of the transaction and information provided by the consumer during the transaction; and

(b) A copy of the assignment or other writing establishing that the debt buyer is the owner of the debt. If the debt was assigned more than once, each assignment or other writing evidencing transfer of ownership must be attached to establish an unbroken chain of ownership, beginning with the original creditor to the first debt buyer and each subsequent sale.

(3) Prior to entry of a default judgment against a consumer in a legal action on a debt owned by a debt buyer, the plaintiff shall file with the court evidence that satisfies the requirements of rules 803(6) and 902(11) of the Colorado rules of evidence or is otherwise authorized by law or rule that establishes the amount and nature of the debt and include:

(a) The original account number at charge-off;

(b) The original creditor at charge-off;

(c) The amount due at charge-off or, if the balance has not been charged off, an itemization of the amount claimed to be owed, including the principal, interest, fees, and other charges or reductions from payment made or other credits;

(d) An itemization of post charge-off additions, if any;

(e) (I) The date of the last payment, if applicable; or

(II) The date of the last transaction; and

(f) If the account is not a revolving credit account, the date the debt was incurred.

(4) In the absence of evidence required by subsections (2)(a) or (2)(b) and (3) of this section, an affidavit does not satisfy the requirements of these subsections.

(5) A creditor, or a debt collector or collection agency operating on behalf of the creditor, that brings a legal action on a medical debt shall attach to the complaint or applicable form a copy of a redacted itemization of the charges that are the basis for the medical debt.

(6) (a) Prior to entry of a default judgment against a consumer in a legal action on a medical debt, the plaintiff shall file with the court evidence that satisfies the requirements of rules 803 (6) and 902 (11) of the Colorado rules of evidence or that otherwise, as authorized by law or rule, establishes the amount and nature of the medical debt and includes:

(I) The original account number at charge-off;

(II) The original creditor at charge-off;

(III) The amount due at charge-off or, if the balance has not been charged off, an itemization of the amount claimed to be owed, including the principal, interest, fees, and other charges or reductions from payment made or other credits;

(IV) An itemization of post charge-off additions, if any;

(V) The date of the last payment, if applicable, or the date of the last transaction; and

(VI) The date the debt was incurred.

(b) If an affidavit does not include the evidence required in subsection (5) of this section and this subsection (6), the affidavit does not satisfy the requirements of said subsections.
C.R.S. § 5-19-110 — CO Code / Title 5 / Article 19 / Part 1 / Section 5-19-110
5-19-110. Powers of administrator of the uniform consumer credit code and district attorne
Status: in_force

5-19-110. Powers of administrator of the uniform consumer credit code and district attorney - subpoenas - hearings - notification - cease-and-desist orders - definitions. (1) When the administrator of the uniform consumer credit code or district attorney has cause to believe that any person, whether located in this state or elsewhere, has violated or is violating any provision of this part 1, the administrator or district attorney may, in addition to the other powers conferred upon the administrator or district attorney by this part 1:

(a) Request the person to file a statement or report in writing under oath or otherwise, on forms prescribed by him or her, as to all facts and circumstances concerning the sale or advertisement of goods, property, or services by any credit services organization and any other data and information he or she deems necessary;

(b) Prior to the filing of a complaint, issue subpoenas to require the attendance of witnesses or the production of documents; conduct hearings in aid of any investigation or inquiry; administer oaths; examine under oath any person in connection with the sale or advertisement of goods, property, or services by any credit services organization; and apply to the appropriate court for an appropriate order to effect the purposes of this article 19.

(2) Service of any notice or subpoena may be made in the manner prescribed by law or under the Colorado rules of civil procedure.

(3) (a) Credit services organizations shall file a notification with, and pay the fee prescribed in subsection (4) of this section to, the administrator within thirty days after commencing business in this state and, thereafter, on or before July 1 of each year. The notification must state:

(I) The name of the credit services organization;

(II) The name in which business is transacted, if the name is different from the name provided pursuant to subsection (3)(a)(I) of this section;

(III) The address of the credit services organization's principal office, which may be outside of this state; and

(IV) Other information the administrator may require.

(b) If information in a notification becomes inaccurate after filing, no further notification is required until the following year's notification filing is due.

(4) A person required to file the notification described in subsection (3) of this section shall pay to the administrator a nonrefundable annual notification fee. The administrator may examine the transactions, business, and records of a person that files a notification without issuance of a subpoena.

(5) The state treasurer shall credit all fees collected under this part 1 to the consumer credit unit cash fund.

(6) (a) After notice and hearing, the administrator may order a person to cease and desist from engaging in violations of this code or any rule or order lawfully made pursuant to this part 1. The order issued by the administrator may require the person to pay to a buyer a refund of unlawful charges under this part 1 charged to the buyer and to pay an administrative penalty of up to one thousand five hundred dollars per violation.

(b) The state treasurer shall credit all receipts from the imposition of administrative penalties under this section to the consumer credit unit cash fund.

(c) A respondent aggrieved by an order of the administrator may seek judicial review of the order in the Colorado court of appeals. The administrator may obtain a court order for enforcement of the administrator's order in district court under section 24-4-106. All proceedings under this section are governed by sections 24-4-105 and 24-4-106.

(7) As used in this section, unless the context otherwise requires:

(a) "Administrator" means the administrator of the uniform consumer credit code.

(b) "Consumer credit unit cash fund" means the consumer credit unit cash fund created in section 5-2-302 (11).
C.R.S. § 5-18-111 — CO Code / Title 5 / Article 18 / Section 5-18-111
5-18-111. Consumer report information block
Status: in_force

5-18-111. Consumer report information block. (1) (a) A consumer reporting agency shall, within thirty days after the receipt of a police report or order pursuant to this subsection (1)(a), permanently block the reporting of any information that a consumer identifies on his or her consumer report as being subject to either a police report or a court order referenced in subsection (1)(a)(I) or (1)(a)(II) of this section if the consumer provides a consumer reporting agency with proof of the consumer's identification and a copy of:

(I) A police report that alleges that a person other than the consumer obtained or recorded, by means of fraud, theft, or other violation of the "Colorado Criminal Code", personal identifying information of the consumer without authorization from the consumer and that the person used the information to obtain, or attempt to obtain, credit, goods, services, or money in the name of the consumer without the consumer's consent; or

(II) A certified court order issued pursuant to section 18-1.3-603 (7).

(b) The consumer reporting agency shall promptly notify the person who furnished the information that a police report or court order has been filed, that a block has been requested, and the effective date of the block.

(2) (a) A consumer reporting agency may decline to block or may rescind any block of consumer information if, in the exercise of good faith and reasonable judgment, the consumer reporting agency believes:

(I) The information was blocked due to a misrepresentation of fact by the consumer relevant to the request to block under this section;

(II) The consumer agrees that the blocked information or portions of the blocked information were blocked in error;

(III) The consumer knowingly obtained possession of goods, services, or money as a result of the blocked transaction or transactions or the consumer should have known that he or she obtained possession of goods, services, or money as a result of the blocked transaction or transactions; or

(IV) The consumer so requests in writing and presents proof of the consumer's identity.

(b) A consumer reporting agency shall decline to block or shall rescind any block of consumer information if, in the case of a block or block request based upon the filing of an order, the sentencing court amends, dismisses, or withdraws its prior order to correct records issued pursuant to section 18-1.3-603 (7), and the consumer provides documentation from the court and proof of the consumer's identity.

(3) If a block of credit information is declined or rescinded pursuant to this section, the consumer reporting agency shall promptly notify the consumer in the same manner as consumers are notified of the reinsertion of information pursuant to section 5-18-110. The prior presence of the blocked information in the consumer reporting agency's file on the consumer is not evidence of whether the consumer knew or should have known that he or she obtained possession of any goods, services, or money.

(4) This section does not apply to a consumer reporting agency that acts as a reseller of information by assembling and merging information contained in the data base of one or more other consumer reporting agencies and that does not maintain a data base of the assembled or merged information from which new consumer reports are produced.
C.R.S. § 5-2-305 — CO Code / Title 5 / Article 2 / Part 3 / Section 5-2-305
5-2-305. Examinations and investigations
Status: in_force

5-2-305. Examinations and investigations. (1) The administrator shall examine periodically, at intervals the administrator deems appropriate, the loans, business, and records of every licensee. In addition, for the purpose of discovering violations of this code or securing information lawfully required, the administrator or, in lieu thereof, the official or agency to whose supervision the organization is subject pursuant to section 5-6-105, may at any time investigate the loans, business, and records of any supervised lender or any supervised financial organization. For these purposes the administrator shall have free and reasonable access to the offices, places of business, and records of the lender.

(2) (a) If the lender's records are located outside this state, the lender shall, at the lender's option, either make them available to the administrator at a convenient location within this state or pay the reasonable and necessary expenses for the administrator or the administrator's representative to examine them at the place where they are maintained; except that the lender shall make the records available for examination at the administrator's office or at any other location the administrator deems appropriate, at the cost of the lender, if the administrator determines that the examination of the records at the location where the records are maintained endangers the safety of the administrator's representative or that there are not adequate facilities at the location where the records are maintained to conduct the examination. The administrator may designate representatives, including comparable officials of the state in which the records are located, to inspect them on the administrator's behalf.

(b) The administrator may require any lender whose records are located within the state to make its records available for examination at the administrator's office or at any other location the administrator deems appropriate at the cost of the lender if the administrator determines that the examination of the records at the location where the records are maintained endangers the safety of the administrator's representative or that there are not adequate facilities at the location where the records are maintained to conduct the examination.

(3) For the purposes of this section, the administrator may administer oaths or affirmations, and, upon the administrator's own motion or upon request of any party, may subpoena witnesses, compel their attendance, adduce evidence, and require the production of any matter that is relevant to the investigation, including the existence, description, nature, custody, condition, and location of any books, documents, or other tangible things and the identity and location of persons having knowledge of relevant facts or any other matter reasonably calculated to lead to the discovery of admissible evidence.

(4) Upon failure without lawful excuse to obey a subpoena or to give testimony, the administrator may apply to the district court in the city and county of Denver for an order compelling compliance.

(5) After the administrator has examined a licensee pursuant to this section, the administrator shall provide a report of the examination to the licensee and request the licensee to take the corrective action required therein. The licensee shall, within a time and manner as fixed by the administrator, take the corrective action required in the report and provide proof that the corrective action was taken. The corrective action required may include refunds of excess charges and corrections of disclosures required by this code. This subsection (5) does not require the administrator to allow a licensee to take corrective action prior to the administrator filing legal or administrative action for repeated or willful violations of this code.
C.R.S. § 5-16-115 — CO Code / Title 5 / Article 16 / Section 5-16-115
5-16-115. License - registration - unlawful acts
Status: in_force

5-16-115. License - registration - unlawful acts. (1) It is unlawful for any person to:

(a) Conduct the business of a collection agency or advertise or solicit, either in print, by letter, in person, or otherwise, the right to make collection or obtain payment of any debt on behalf of another without having obtained a license under this article 16; or

(b) Conduct the business of a collection agency under any name other than that under which licensed.

(2) It is unlawful for a person to act as a collections manager without having complied with sections 5-16-119 and 5-16-122.

(3) It is unlawful for any person to employ a person as a solicitor, collections manager, or debt collector under this article 16 without complying with this section.
C.R.S. § 5-19-105 — CO Code / Title 5 / Article 19 / Part 1 / Section 5-19-105
5-19-105. Written disclosure required
Status: in_force

5-19-105. Written disclosure required. Before the execution of a contract or agreement between the buyer and a credit services organization or before the receipt by the credit services organization of any money or other valuable consideration, whichever occurs first, the credit services organization shall provide the buyer with a statement in writing containing all the information required by section 5-19-106. The credit services organization shall maintain on file for a period of two years an exact copy of the statement, personally signed by the buyer, acknowledging receipt of a copy of the statement.
C.R.S. § 5-10-602 — CO Code / Title 5 / Article 10 / Part 6 / Section 5-10-602
5-10-602. Reinstatement fees
Status: in_force

5-10-602. Reinstatement fees. A reinstatement fee as provided for in section 5-10-701 shall equal the outstanding balance of any accrued missed payments and late charges plus an additional fee not to exceed five dollars.
C.R.S. § 5-20-118 — CO Code / Title 5 / Article 20 / Part 1 / Section 5-20-118
5-20-118. Limitations
Status: in_force

5-20-118. Limitations. Notwithstanding article 80 of title 13, all actions brought under this part 1 must be commenced within four years after the date on which any violation of this part 1 occurred or the date on which the last in a series of such acts or practices occurred or within four years after the plaintiff discovered or in the exercise of reasonable diligence should have discovered the occurrence of a violation of this part 1; except that the period of limitation provided in this section may be extended for a period of one year if the plaintiff proves that failure to timely commence the action was caused by the defendant engaging in conduct calculated to induce the plaintiff to refrain from or postpone the commencement of the action.
C.R.S. § 5-20-105 — CO Code / Title 5 / Article 20 / Part 1 / Section 5-20-105
5-20-105. License required
Status: in_force

5-20-105. License required. On or after January 31, 2020, a person shall not act as a student loan servicer, directly or indirectly, without first obtaining a student loan servicing license from the administrator pursuant to this part 1.
C.R.S. § 5-16-117 — CO Code / Title 5 / Article 16 / Section 5-16-117
5-16-117. Powers and duties of the administrator
Status: repealed

5-16-117. Powers and duties of the administrator.

(1) Repealed.

(2) The administrator is authorized to approve or deny any application submitted pursuant to this article 16 and to issue any license authorized by this article 16.

(3) Any complaint received by the administrator regarding violations of this article 16 by an attorney shall be forwarded to the supreme court's attorney regulation counsel.

(4) The administrator shall enforce the provisions of article 17 of this title 5 pursuant to section 5-17-111.

(5) to (8) Repealed.
C.R.S. § 5-6-104 — CO Code / Title 5 / Article 6 / Part 1 / Section 5-6-104
5-6-104. Powers of administrator - harmony with federal regulations - reliance on rules
Status: repealed

5-6-104. Powers of administrator - harmony with federal regulations - reliance on rules. (1) In addition to other powers granted by this code, the administrator, within the limitations provided by law, may:

(a) Receive and act on complaints, take action designed to obtain voluntary compliance with this code, or commence proceedings on his or her own initiative;

(b) Counsel persons and groups on their rights and duties under this code;

(c) Establish programs for the education of consumers with respect to credit practices and problems;

(d) Make studies appropriate to effectuate the purposes and policies of this code and make the results available to the public;

(e) With approval of the council of advisors on consumer credit subcommittee, adopt, amend, and repeal substantive rules and regulations to carry out the specific provisions of this code, but not with respect to unconscionable agreements or fraudulent or unconscionable conduct, and adopt, amend, and repeal procedural rules to carry out the provisions of this code;

(f) Maintain offices within this state;

(g) Enforce the provisions of article 19 of this title 5;

(h) Employ administrative law judges from the office of administrative courts in the department of personnel to conduct hearings on any matter within the administrator's jurisdiction;

(i) License and regulate collection agencies pursuant to article 16 of this title 5;

(j) Exchange information with another governmental agency or official that has regulatory authority comparable to that of the administrator, subject to an appropriate confidentiality agreement between the administrator and the other agency or official or as otherwise permitted by law. This paragraph (j) shall not be construed to allow the exchange of information with lenders or creditors.

(k) Receive and act on complaints pursuant to section 23-5-113.5.

(2) The administrator may adopt rules not inconsistent with the federal "Truth in Lending Act" and federal "Consumer Leasing Act" to assure a meaningful disclosure of credit terms so that a prospective consumer will be able to compare more readily the various credit terms available to him or her and to avoid the uninformed use of credit. Such rules shall supersede any provisions of this code that are inconsistent with the federal "Truth in Lending Act" and federal "Consumer Leasing Act", may contain classifications, differentiations, or other provisions, and may provide for adjustments and exceptions for any class of transactions subject to this code that, in the judgment of the administrator, are necessary or proper to effectuate the purposes of, or to prevent circumvention or evasion of, or to facilitate compliance with, the provisions of this code relating to disclosure of credit terms.

(3) To keep the administrator's rules in harmony with the federal "Truth in Lending Act" and the federal "Consumer Leasing Act" and the regulations prescribed from time to time pursuant to that act by the board of governors of the federal reserve system and with the rules of administrators in other jurisdictions that enact the "Uniform Consumer Credit Code", the administrator, so far as is consistent with the purposes, policies, and provisions of this code, shall:

(a) Before adopting, amending, and repealing rules and regulations, advise and consult with administrators in other jurisdictions that enact the "Uniform Consumer Credit Code"; and

(b) In adopting, amending, and repealing rules and regulations, take into consideration:

(I) The regulations so prescribed by the board of governors of the federal reserve system; and

(II) The rules of administrators in other jurisdictions that enact the "Uniform Consumer Credit Code".

(4) Except for a refund of an excess charge, no liability is imposed under this code for an act done or omitted in good faith in conformity with a rule, regulation, interpretation, or written response to a person pursuant to a written request on behalf of such identified person by the administrator, notwithstanding that after the act or omission the rule, regulation, interpretation, or written response may be amended or repealed or be determined by judicial or other authority to be invalid for any reason.
C.R.S. § 5-6-201 — CO Code / Title 5 / Article 6 / Part 2 / Section 5-6-201
5-6-201. Applicability
Status: in_force

5-6-201. Applicability. (1) Except as provided in subsections (2) and (3) of this section, this part 2 applies if a person:

(a) Makes consumer credit sales and charges or collects a finance charge, or makes consumer leases; or

(b) Takes assignments of and undertakes direct collection of payments from, or enforcement of rights against, consumers arising from consumer credit sales or consumer leases.

(2) This part 2 does not apply to supervised lenders described in section 5-1-301 (46), persons making consumer loans described in section 5-1-301 (15), or to persons licensed as collection agencies pursuant to article 16 of this title 5.

(3) Section 5-6-204 applies to all fees collected under this code.
C.R.S. § 5-2-304 — CO Code / Title 5 / Article 2 / Part 3 / Section 5-2-304
5-2-304. Records - annual reports - proof of financial responsibility
Status: in_force

5-2-304. Records - annual reports - proof of financial responsibility. (1) Every licensee shall maintain records in conformity with this code, rules adopted thereunder, and generally accepted accounting principles and practices in a manner that will enable the administrator to determine whether the licensee is complying with the provisions of this code. The record-keeping system of a licensee shall be sufficient if the licensee makes the required information reasonably available. The records need not be kept in the place of business where supervised loans are made if the administrator is given free access to the records wherever located. The records pertaining to any loan need not be preserved for more than four years after making the final entry relating to the loan, but, in the case of a revolving loan account, the four years is measured from the date of each entry.

(2) On or before June 1 of each year, every licensee shall file with the administrator an annual report in the form prescribed by the administrator relating to all supervised loans made by the licensee, which report shall also demonstrate satisfactory proof of the licensee's financial responsibility. At all other times, the licensee shall maintain satisfactory proof of financial responsibility. The administrator shall consult with comparable officials in other states for the purpose of making the kinds of information required in annual reports uniform among the states. Information contained in annual reports shall be confidential and may be published only in composite form. The administrator may, by rule, determine the types and amounts of financial responsibility deemed to be satisfactory.

(3) If a licensee fails to file the annual report or proof of financial responsibility by July 1, the administrator may impose a penalty of five dollars per day from July 2 to the date the filing is postmarked. However, if a licensee fails to file and pay the appropriate penalty by July 15, or, at all other times, fails to provide satisfactory proof of financial responsibility within thirty days after receiving notice from the administrator, its license shall automatically expire.
C.R.S. § 5-4-304 — CO Code / Title 5 / Article 4 / Part 3 / Section 5-4-304
5-4-304. Cancellation by creditor
Status: in_force

5-4-304. Cancellation by creditor. This section does not apply to an insurance premium loan. A creditor shall not request cancellation of a policy of property or liability insurance except after the consumer's default or in accordance with a written authorization by the consumer, and in either case the cancellation does not take effect until written notice is delivered to the consumer or mailed to the consumer at his or her address as stated by the consumer. The notice shall state that the policy may be canceled on a date not less than ten days after the notice is delivered or, if the notice is mailed, not less than thirteen days after it is mailed.
C.R.S. § 5-10-102 — CO Code / Title 5 / Article 10 / Part 1 / Section 5-10-102
5-10-102. Legislative declaration
Status: in_force

5-10-102. Legislative declaration. (1) This article shall be liberally construed and applied to promote its underlying purposes and policies.

(2) The underlying purposes and policies of this article are to:

(a) Simplify, clarify, and modernize the law governing rental purchase agreements;

(b) Provide certain disclosures to consumers who enter into rental purchase agreements and to promote consumer understanding of the terms of rental purchase agreements;

(c) To protect consumers against unfair practices by some rental purchase dealers, having due regard for the interest of legitimate and scrupulous rental dealers; and

(d) To permit and encourage the development of fair and economically sound rental purchase practices.
C.R.S. § 5-21-101 — CO Code / Title 5 / Article 21 / Section 5-21-101
5-21-101. Short title
Status: in_force

5-21-101. Short title. The short title of this article 21 is the "Colorado Nonbank Mortgage Servicers Act".
C.R.S. § 5-16-106 — CO Code / Title 5 / Article 16 / Section 5-16-106
5-16-106. Harassment or abuse
Status: in_force

5-16-106. Harassment or abuse. (1) A debt collector or collection agency shall not engage in any conduct the natural consequence of which is to harass, oppress, or abuse any person in connection with the collection of a debt, including, but not limited to, the following conduct:

(a) The use or threat of use of violence or other criminal means to harm the physical person, reputation, or property of any person;

(b) The use of obscene or profane language or language the natural consequence of which is to abuse the hearer or reader;

(c) The publication of a list of consumers who allegedly refuse to pay debts, except to a consumer reporting agency or to persons meeting the requirements of 15 U.S.C. sec. 1681b (a)(3) and section 5-18-104 (1)(c);

(d) The advertisement for sale of any debt to coerce payment of the debt or agreeing to do so for the purpose of solicitation of claims;

(e) Causing a telephone to ring or engaging any person in telephone conversation repeatedly or continuously with intent to annoy, abuse, or harass any person at the called number;

(f) Except as provided in section 5-16-104, the placement of telephone calls without meaningful disclosure of the caller's identity within the first sixty seconds after the other party to the call is identified as the debtor.
C.R.S. § 5-3-207 — CO Code / Title 5 / Article 3 / Part 2 / Section 5-3-207
5-3-207. Authorization to confess judgment prohibited
Status: in_force

5-3-207. Authorization to confess judgment prohibited. A consumer may not authorize any person to confess judgment on a claim arising out of a consumer credit transaction. An authorization in violation of this section is void.
C.R.S. § 5-3-204 — CO Code / Title 5 / Article 3 / Part 2 / Section 5-3-204
5-3-204. Restrictions on interest in land as security
Status: in_force

5-3-204. Restrictions on interest in land as security. (1) With respect to a consumer loan in which the amount financed is three thousand dollars or less, a lender may not contract for an interest in land as security. A security interest taken in violation of this section is void.

(2) For the purposes of this section, on revolving credit accounts, the amount financed shall be determined by the limit in the amount of credit made available to or for the account of the consumer if that limit is established by an express written agreement by the lender and if the lender does not retain the right to unilaterally reduce that credit limit, except in the event of default.
C.R.S. § 5-3-203 — CO Code / Title 5 / Article 3 / Part 2 / Section 5-3-203
5-3-203. Debt secured by cross-collateral
Status: in_force

5-3-203. Debt secured by cross-collateral. (1) If debts arising from two or more consumer credit sales, other than sales pursuant to a revolving credit account, are secured by cross-collateral or consolidated into one debt payable on a single schedule of payments and the debt is secured by security interests taken with respect to one or more of the sales, payments received by the seller after the taking of the cross-collateral or the consolidation are deemed, for the purpose of determining the amount of the debt secured by the various security interests, to have been applied first to the payment of the debts arising from the sales first made. To the extent debts are paid according to this section, security interests in items of property terminate as the debts originally incurred with respect to each item are paid.

(2) Payments received by the seller upon a revolving credit account are deemed, for the purpose of determining the amount of the debt secured by the various security interests, to have been applied first to the payment of finance charges in the order of their entry to the account and then to the payment of debts in the order in which the entries to the account showing the debts were made.

(3) If the debts consolidated arose from two or more sales made on the same day, payments received by the seller are deemed, for the purpose of determining the amount of the debt secured by the various security interests, to have been applied first to the payment of the smallest debt.
C.R.S. § 5-20-111 — CO Code / Title 5 / Article 20 / Part 1 / Section 5-20-111
5-20-111. Compliance with federal law
Status: in_force

5-20-111. Compliance with federal law. A student loan servicer shall comply with all applicable federal laws and regulations relating to servicing, including the federal "Truth in Lending Act", 15 U.S.C. secs. 1601 to 1667f, as amended, and the regulations adopted pursuant to that act. In addition to any other remedies provided by law, a violation of that act or regulations adopted pursuant to that act is a violation of this part 1 and a basis upon which the administrator may take enforcement action pursuant to this part 1.
C.R.S. § 5-19-216 — CO Code / Title 5 / Article 19 / Part 2 / Section 5-19-216
5-19-216. Customer service
Status: in_force

5-19-216. Customer service. A provider required to be registered under this part 2 shall maintain a toll-free communication system, staffed at a level that reasonably permits an individual to speak to a counselor, debt specialist, or customer-service representative, as appropriate, during ordinary business hours.
C.R.S. § 5-16-112 — CO Code / Title 5 / Article 16 / Section 5-16-112
5-16-112. Deceptive forms
Status: in_force

5-16-112. Deceptive forms. (1) It is unlawful for any person to design, compile, and furnish any form knowing that the form would be used to create the false belief in a consumer that a person other than the creditor of the consumer is participating in the collection or in the attempted collection of a debt that the consumer allegedly owes the creditor, when in fact the person is not so participating.

(2) Any person who violates this section shall be liable to the same extent and in the same manner as a debt collector or collection agency under section 5-16-113 for failure to comply with this article 16.

(3) This section shall apply if the person supplying or using the forms or the consumer receiving the forms is located within this state.
C.R.S. § 5-19-242 — CO Code / Title 5 / Article 19 / Part 2 / Section 5-19-242
5-19-242. Repeal of part
Status: repealed

5-19-242. Repeal of part. This part 2 is repealed, effective September 1, 2035. Before the repeal, the department of regulatory agencies shall review the functions of the administrator pursuant to this part 2 and the registration of providers as provided for in section 24-34-104.
C.R.S. § 5-10-403 — CO Code / Title 5 / Article 10 / Part 4 / Section 5-10-403
5-10-403. Receipts
Status: in_force

5-10-403. Receipts. The lessor shall furnish the lessee a written receipt for each payment made in cash or by any other method of payment that does not provide evidence of payment when any such payment is delivered in person during normal working hours.
C.R.S. § 5-21-115 — CO Code / Title 5 / Article 21 / Section 5-21-115
5-21-115. Confidential information
Status: in_force

5-21-115. Confidential information. (1) The administrator shall not make public the name or identity of a person whose acts or conduct the administrator investigates or examines pursuant to this article 21 or the facts disclosed in the investigation or examination.

(2) The administrator may disclose notification records provided to the administrator and other contents of the records maintained pursuant to this article 21, but the administrator shall not make public the confidential information contained in the records.

(3) The restrictions on the disclosure of information in subsections (1) and (2) of this section do not apply to disclosures by the administrator in actions or enforcement proceedings pursuant to this article 21.
C.R.S. § 5-20-104 — CO Code / Title 5 / Article 20 / Part 1 / Section 5-20-104
5-20-104. Student loan ombudsperson - report - fund - rules
Status: repealed

5-20-104. Student loan ombudsperson - report - fund - rules. (1) The administrator shall designate, support, and maintain a student loan ombudsperson to provide timely assistance to student loan borrowers. The student loan ombudsperson, in consultation with the administrator, shall:

(a) Complaints. Receive, review, and attempt to resolve complaints from student loan borrowers, including in collaboration with institutions of higher education, student loan servicers, and any other participants in student loan lending, including originators servicing their own student education loans;

(b) Data. Compile and analyze data on student loan borrower complaints as described in subsection (1)(a) of this section;

(c) Assistance. Assist student loan borrowers in understanding their rights and responsibilities under the terms of student education loans;

(d) Information. Provide information to the public, agencies, legislators, and others regarding the problems and concerns of student loan borrowers and make recommendations for resolving those problems and concerns;

(e) Laws, rules, and policies. Analyze and monitor the development and implementation of federal, state, and local laws, ordinances, regulations, rules, and policies relating to student loan borrowers and recommend any necessary changes;

(f) Student loan history. Review the complete student education loan history for a student loan borrower who provides written consent for the review;

(g) Availability. Disseminate information concerning the availability of the student loan ombudsperson to assist student loan borrowers and potential student loan borrowers, including disseminating the information to institutions of higher education, student loan servicers, and any other participants in student education loan lending with any servicing concerns;

(h) Education course. Establish and maintain a student loan borrower education course within existing resources that includes educational presentations and materials regarding student education loans. The course must include at least key loan terms, documentation requirements, monthly payment obligations, income-based repayment options, loan forgiveness, and disclosure requirements.

(i) Other actions. Take any other actions necessary to fulfill the duties of the student loan ombudsperson as set forth in this section.

(2) Repealed.

(3) Student loan ombudsperson and student loan servicer licensing fund. (a) The student loan ombudsperson and student loan servicer licensing fund, referred to in this section as the "fund", is hereby created in the state treasury. The fund consists of licensing and investigation fees collected pursuant to sections 5-20-107 and 5-20-203 (2)(a), civil penalties collected pursuant to sections 5-20-114, 5-20-117, and 5-20-203 (4), any other money required by law to be deposited in the fund, and any other money that the general assembly may appropriate or transfer to the fund.

(b) The state treasurer shall credit all interest and income derived from the deposit and investment of money in the fund to the fund.

(c) All money held in the fund is continuously appropriated to the department of law. The administrator shall expend money held in the fund to administer this part 1.
C.R.S. § 5-21-103 — CO Code / Title 5 / Article 21 / Section 5-21-103
5-21-103. Definitions
Status: in_force

5-21-103. Definitions. As used in this article 21, unless the context otherwise requires:

(1) "Administrator" means the administrator of the "Uniform Consumer Credit Code", articles 1 to 9 of this title 5, designated pursuant to section 5-6-103.

(2) "Borrower" means an individual obligated to repay a residential mortgage loan.

(3) "Loans held for sale" means loans originated and held for sale for up to three hundred sixty-four days after each loan's origination.

(4) "Mortgage servicer" means a person, wherever located, that is responsible for servicing a Colorado residential mortgage loan. A mortgage servicer includes a person that makes payments to a borrower under a reverse mortgage as defined in section 11-38-102 (4). A mortgage servicer does not include:

(a) A supervised financial organization as defined in section 5-1-301 (45);

(b) A mortgage loan originator regulated by the division of real estate or as defined in section 12-10-702 (14)(a) or a mortgage company regulated by the division of real estate or as defined in section 12-10-702 (12); except that a mortgage loan originator or mortgage company that also services a residential mortgage loan is a mortgage servicer;

(c) A federal agency or department;

(d) A collection agency as defined in section 5-16-103 (3) that is licensed pursuant to section 5-16-120 or is exempt from licensure under section 5-16-103 (3)(e) and whose mortgage debt collection business involves collection of residential mortgage loans obtained by the collection agency after default; except that a collection agency that also services residential mortgage loans assigned to the collection agency before default is a mortgage servicer;

(e) An agency, instrumentality, or political subdivision of this state;

(f) A supervised lender as defined in section 5-1-301 (46); except that a supervised lender, other than a supervised financial organization as defined in section 5-1-301 (45), that also services residential mortgage loans is a mortgage servicer;

(g) A small servicer that services fewer than five thousand residential mortgage loans in any calendar year, exclusive of loans held for sale, as determined by the administrator, who shall apply the criteria in 12 CFR 1026.41 (e)(4)(iii) or any successor regulation;

(h) A person that the administrator designates by rule or order as exempt. These exemptions are limited to nonprofit organizations, government agencies, or other entities whose primary business is not to service mortgages and that seek to promote affordable housing or financing.

(i) An originator or servicer that utilizes a subservicer to carry out the administrative functions of servicing a mortgage unless the subservicer is acting at the direction of the originator or servicer; or

(j) A person that services loans held for sale.

(5) "Notifier" means a person required to notify the administrator of the person's activities as a mortgage servicer pursuant to this article 21.

(6) "Record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.

(7) "Residential mortgage loan" means a loan that is primarily for personal, family, or household use and that is secured by a mortgage, deed of trust, or other equivalent, consensual security interest on a dwelling or residential real property upon which is constructed or intended to be constructed a dwelling as defined by section 5-1-301 (18).

(8) "Servicing" means receiving any scheduled periodic payments from a borrower pursuant to the terms of a residential mortgage loan, including amounts for escrow accounts, and making the payments to the owner of the loan or other third parties of principal and interest and such other payments with respect to the amounts received from the borrower as may be required pursuant to the terms of the residential mortgage servicing loan documents or servicing contract. In the case of a reverse mortgage, servicing includes making payments to the borrower.