Source: https://www.creditrepairtrackingpro.com/startupcoach/state-laws/colorado-credit-repair/
Timestamp: 2018-09-26 12:42:16
Document Index: 713933269

Matched Legal Cases: ['art 1', 'art 1', 'art 1', 'art 1', 'art 2', '§ 18', 'art 1', 'art 1', 'art 1', 'art 1', 'art 1', 'art 1', 'art 3', 'art 1', 'art 1', 'art 1', 'art 1', 'art 1', 'art 1', 'art 1', 'art 1', 'art 1', 'art 1', 'art 2', 'art 1', 'art 2', 'art 2']

Colorado Credit Repair | The Credit Repair Office
COLORADO CREDIT SERVICES ORGANIZATION ACT
12-14.5-101 Short title
This part 1 shall be known and may be cited as the “Colorado Credit Services Organization Act”.
12-14.5-102 Legislative declaration
(c) The purposes of this part 1 are to provide prospective buyers of services of credit services organizations with the information necessary to make an intelligent decision regarding the purchase of those services and to protect the public from unfair or deceptive advertising and business practices;
(d) This part 1 shall be construed liberally to achieve these purposes; and
(e) It is the intent of the general assembly to further regulate the conduct of persons who provide credit services in accordance with this part 1 by adopting the regulatory requirements contained in part 2 of this article.
12-14.5-103 Definitions
(2) “Credit services organization” means any person, including a nonprofit organization exempt from taxation under section 501 (c) (3) of the federal “Internal Revenue Code of 1986”, who, with respect to the extension of credit by others, represents that such person can or will, in return for the payment of money or other valuable consideration by the buyer, improve or attempt to improve a buyer’s credit record, history, or rating. The term “credit services organization” does not include the following:
(a) Repealed July 1, 2009.
12-14.5-104 Prohibited acts
12-14.5-105 Surety bond. (Repealed)
12-14.5-106 Written disclosure required
12-14.5-107 Content of written disclosure
RIGHTS UNDER COLORADO AND FEDERAL LAW
You have a right to obtain a copy of your credit report from a credit bureau at no charge once per year with additional copies available for a small fee. You have a right to dispute inaccurate information by contacting the credit bureau directly. However, you have no right to have accurate information removed from your credit bureau report. Under the federal “Fair Credit Reporting Act”, the credit bureau must remove accurate negative information from your report only if it is over 7 years old. Bankruptcy can be reported for 10 years. Even when a debt has been completely repaid, your report can show that it was paid late if that is accurate. You have a right to sue a credit repair company that violates the “Colorado Credit Services Organization Act”. This law prohibits deceptive practices by repair companies. The “Colorado Credit Services Organization Act” also gives you a right to cancel your contract for any reason within 5 working days from the date you sign it.
(b) A complete and detailed description of the services to be performed by the credit services organization for the buyer and the total amount the buyer will have to pay, or become obligated to pay, for the services.
(c) and (d) (Deleted by amendment, L. 2003, p. 1897, § 18, effective July 1, 2003.)
12-14.5-108 Written contracts required
To cancel this contract, mail or deliver a signed, dated copy of this cancellation notice, or any other written notice to (name of seller) at (address of seller) (place of business) not later than midnight (date)
I hereby cancel this transaction, .
12-14.5-109 Waivers and exemptions
(1) Any waiver by a buyer of any part of this part 1 is void as against public policy. Any attempt by a credit services organization to have a buyer waive rights given by this part 1 is a violation of this part 1.
(2) In any proceeding involving this part 1, the burden of proving an exemption or an exception from a definition is upon the person claiming it.
12-14.5-110 Criminal penalties and injunctive relief
(1) Any person who violates any provision of this part 1 commits a class 1 misdemeanor and shall be punished as provided in section 18-1.3-501, C.R.S. Violating any provision of this part 1 with respect to any buyer shall constitute a class 1 public nuisance subject to the provisions of part 3 of article 13 of title 16, C.R.S.
(2) The administrator of the uniform consumer credit code, designated pursuant to section 5-6-103, C.R.S., or the district attorney of any judicial district may maintain an action to enjoin violations of this part 1.
(3) Costs and reasonable attorney fees shall be awarded to the administrator of the uniform consumer credit code or a district attorney in all injunctive actions where the administrator of the uniform consumer credit code or district attorney successfully enforces this part 1.
12-14.5-110.5 Powers of administrator of the uniform consumer credit code and district attorney – subpoenas – hearings
(1) When the administrator of the uniform consumer credit code or district attorney has cause to believe that any person 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:
12-14.5-111 Damages
(1) Any buyer injured by a violation of this part 1 or by a credit services organization’s breach of contract subject to this part 1 may maintain an action in a court of competent jurisdiction for recovery of actual damages, plus cost of suit and reasonable attorney fees. In case of an action brought by a buyer, actual damages shall not be less than the amount paid by the buyer to the credit services organization.
(2) In the event of a willful violation by a credit services organization of this part 1 or of a contract subject to this part 1, a person who is injured thereby shall be awarded, in addition to the damages allowable under subsection (1) of this section, an additional amount equal to twice the actual damages awarded under subsection (1) of this section.
12-14.5-112 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 section 12-14.5-111 and this section.
12-14.5-113 Remedies cumulative
The remedies provided for in this part 1 are cumulative and in addition to any other procedures or remedies for any violation or conduct provided for in any other law.
12-14.5-114 Relation between parts of article
In the event of a conflict between part 2 of this article and this part 1, the provisions of part 2 of this article shall control. A credit service organization that also performs debt-management services shall comply with the requirements of part 2 of this article.
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