reglab/statecodes huggingface dataset:
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › REFUND ANTICIPATION LOANS (§ 5-9.5-101) › Article 9.5 - [Repealed] REFUND ANTICIPATION LOANS (§ 5-9.5-101) › Section 5-9.5-101 - to 5-9.5-109 - [Repealed]

L. 2010: Entire article added, (HB 10 -1400), ch. 237, p. 1034, §1, effective November 1.
(1) This article 9.5 was added in 2010.
(2) Section
5-9.5-109(1)
provided for the repeal of this article, effective September 1, 2019.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › RENTAL PURCHASE (§§ 5-10-101 — 5-10-1001) › Article 10 - RENTAL PURCHASE AGREEMENTS (§§ 5-10-101 — 5-10-1001) › Part 1 - GENERAL PROVISIONS (§§ 5-10-101 — 5-10-105) › Section 5-10-101 - Short title

This article shall be known and may be cited as the "Colorado Rental Purchase Agreement Act".
L. 90: Entire article added, p. 366, § 1, effective 1/1/1991.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › RENTAL PURCHASE (§§ 5-10-101 — 5-10-1001) › Article 10 - RENTAL PURCHASE AGREEMENTS (§§ 5-10-101 — 5-10-1001) › Part 1 - GENERAL PROVISIONS (§§ 5-10-101 — 5-10-105) › Section 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.
L. 90: Entire article added, p. 366, § 1, effective 1/1/1991.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › RENTAL PURCHASE (§§ 5-10-101 — 5-10-1001) › Article 10 - RENTAL PURCHASE AGREEMENTS (§§ 5-10-101 — 5-10-1001) › Part 1 - GENERAL PROVISIONS (§§ 5-10-101 — 5-10-105) › Section 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.
L. 90: Entire article added, p. 367, § 1, effective 1/1/1991.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › RENTAL PURCHASE (§§ 5-10-101 — 5-10-1001) › Article 10 - RENTAL PURCHASE AGREEMENTS (§§ 5-10-101 — 5-10-1001) › Part 1 - GENERAL PROVISIONS (§§ 5-10-101 — 5-10-105) › Section 5-10-104 - Effective date

Notwithstanding the provisions of section
5-9-101
, this article shall take effect January 1, 1991.
L. 90: Entire article added, p. 367, § 1, effective 1/1/1991.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › RENTAL PURCHASE (§§ 5-10-101 — 5-10-1001) › Article 10 - RENTAL PURCHASE AGREEMENTS (§§ 5-10-101 — 5-10-1001) › Part 1 - GENERAL PROVISIONS (§§ 5-10-101 — 5-10-105) › Section 5-10-105 - Supplementary general principles of law applicable

Unless displaced by the particular provisions of this article, the "Uniform Commercial Code" and the principles of law and equity, including the law relative to capacity to contract, principal and agent, estoppel, fraud, misrepresentation, duress, coercion, mistake, bankruptcy, or other validating or invalidating cause, supplement the provisions of this article.
L. 90: Entire article added, p. 367, § 1, effective 1/1/1991.
For the "Uniform Commercial Code", see title 4.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › RENTAL PURCHASE (§§ 5-10-101 — 5-10-1001) › Article 10 - RENTAL PURCHASE AGREEMENTS (§§ 5-10-101 — 5-10-1001) › Part 2 - SCOPE OF ARTICLE (§§ 5-10-201 — 5-10-202) › Section 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.
L. 90: Entire article added, p. 367, § 1, effective 1/1/1991.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › RENTAL PURCHASE (§§ 5-10-101 — 5-10-1001) › Article 10 - RENTAL PURCHASE AGREEMENTS (§§ 5-10-101 — 5-10-1001) › Part 2 - SCOPE OF ARTICLE (§§ 5-10-201 — 5-10-202) › Section 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.
L. 90: Entire article added, p. 367, § 1, effective 1/1/1991. L. 96: (1)(d) and (1)(e) repealed, p. 407, § 11, effective July 1. L. 2000: IP(1), (1)(a), (1)(b), (1)(c), (1)(f), and (1)(g) amended, p. 1870, § 101, effective August 2. L. 2006: (1)(h) amended, p. 503, § 45, effective September 1.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › RENTAL PURCHASE (§§ 5-10-101 — 5-10-1001) › Article 10 - RENTAL PURCHASE AGREEMENTS (§§ 5-10-101 — 5-10-1001) › Part 3 - DEFINITIONS (§ 5-10-301) › Section 5-10-301 - Definitions

(1)
As used in this article, unless otherwise required by the context:
(a)
"Administrator" means the administrator designated in section
5-6-103
.
(b)
"Advertisement" means a commercial message in any medium that aids, promotes, or assists, directly or indirectly, a rental purchase agreement.
(c)
"Cash price" means the price at which a lessor in the ordinary course of business would offer the property that is the subject of a rental purchase agreement to the lessee for cash on the date of the execution of the rental purchase agreement.
(d)
"Consummate" means the act of the lessee in entering into a rental purchase agreement.
(e)
"Lessee" means a natural person who rents personal property under a rental purchase agreement.
(f)
"Lessor" means a person, firm, or corporation who in the ordinary course of business, regularly leases, offers to lease, or arranges for the leasing of property under a rental purchase agreement.
(g)
"Liability damage waiver" means a contract or contractual provision, whether separate from or a part of a rental purchase agreement, whereby the lessor agrees, for a charge, to waive any and all claims against the lessee for any damages to, or loss of, the property which is the subject of the rental purchase agreement during the term of the rental agreement.
(h)
"Period" means a day, week, month, or other subdivision of the year.
(i)
"Personal property" means any property which is made available for a rental purchase agreement and which is not considered real property under the laws of this state.
(j)
"Rental purchase agreement" means an agreement for the use of personal property by an individual primarily for personal, family, or household purposes, for an initial period of four months or less, whether or not there is any obligation beyond the initial period, that is automatically renewable with each payment and that permits the lessee to become the owner of the property.
L. 90: Entire article added, p. 368, § 1, effective 1/1/1991.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › RENTAL PURCHASE (§§ 5-10-101 — 5-10-1001) › Article 10 - RENTAL PURCHASE AGREEMENTS (§§ 5-10-101 — 5-10-1001) › Part 4 - DISCLOSURES AND FORM OF WRITING (§§ 5-10-401 — 5-10-403) › Section 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).
L. 90: Entire article added, p. 370, § 1, effective 1/1/1991.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › RENTAL PURCHASE (§§ 5-10-101 — 5-10-1001) › Article 10 - RENTAL PURCHASE AGREEMENTS (§§ 5-10-101 — 5-10-1001) › Part 4 - DISCLOSURES AND FORM OF WRITING (§§ 5-10-401 — 5-10-403) › Section 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.
L. 90: Entire article added, p. 370, § 1, effective 1/1/1991.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › RENTAL PURCHASE (§§ 5-10-101 — 5-10-1001) › Article 10 - RENTAL PURCHASE AGREEMENTS (§§ 5-10-101 — 5-10-1001) › Part 5 - LIMITATION ON AGREEMENTS AND PRACTICES (§§ 5-10-501 — 5-10-504) › Section 5-10-501 - Acquiring ownership

At any time after the first lease payment is made, the lessee may acquire ownership of the property under the terms specified in the rental purchase agreement.
L. 90: Entire article added, p. 370, § 1, effective 1/1/1991.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › RENTAL PURCHASE (§§ 5-10-101 — 5-10-1001) › Article 10 - RENTAL PURCHASE AGREEMENTS (§§ 5-10-101 — 5-10-1001) › Part 5 - LIMITATION ON AGREEMENTS AND PRACTICES (§§ 5-10-501 — 5-10-504) › Section 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.
L. 90: Entire article added, p. 370, § 1, effective 1/1/1991.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › RENTAL PURCHASE (§§ 5-10-101 — 5-10-1001) › Article 10 - RENTAL PURCHASE AGREEMENTS (§§ 5-10-101 — 5-10-1001) › Part 5 - LIMITATION ON AGREEMENTS AND PRACTICES (§§ 5-10-501 — 5-10-504) › Section 5-10-503 - Balloon payments

A lessee shall not be required to make a payment in addition to regular lease payments in order to acquire ownership of the lease property, nor shall the lessee be required to pay lease payments totaling more than the cost to acquire ownership, as provided in section
5-10-401 (1)(b)
.
L. 90: Entire article added, p. 371, § 1, effective 1/1/1991.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › RENTAL PURCHASE (§§ 5-10-101 — 5-10-1001) › Article 10 - RENTAL PURCHASE AGREEMENTS (§§ 5-10-101 — 5-10-1001) › Part 5 - LIMITATION ON AGREEMENTS AND PRACTICES (§§ 5-10-501 — 5-10-504) › Section 5-10-504 - Prohibited charges

(1)
A lessor shall not contract for or receive charges for any of the following:
(a)
The purchase of insurance by the lessee from the lessor;
(b)
A penalty for early termination of a rental purchase agreement or for the return of an item at any point, except for those charges authorized by sections
5-10-601
and
5-10-602
; or
(c)
A payment by a co-signer of the rental purchase agreement for any fees or charges which could not be imposed upon the lessee as part of the rental purchase agreement.
(2)
No payment or obligation on the part of the lessee shall accrue when the property is being repaired or replaced unless a loaner is provided to the lessee.
L. 90: Entire article added, p. 371, § 1, effective 1/1/1991.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › RENTAL PURCHASE (§§ 5-10-101 — 5-10-1001) › Article 10 - RENTAL PURCHASE AGREEMENTS (§§ 5-10-101 — 5-10-1001) › Part 6 - LIMITATIONS ON CHARGES (§§ 5-10-601 — 5-10-604) › Section 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.
L. 90: Entire article added, p. 372, § 1, effective 1/1/1991.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › RENTAL PURCHASE (§§ 5-10-101 — 5-10-1001) › Article 10 - RENTAL PURCHASE AGREEMENTS (§§ 5-10-101 — 5-10-1001) › Part 6 - LIMITATIONS ON CHARGES (§§ 5-10-601 — 5-10-604) › Section 5-10-603 - Liability damage waivers - fees

(1)
In addition to the other charges permitted by this part 6, the parties may contract for a liability waiver fee not to exceed the greater of ten percent of any periodic lease payment due or two dollars in the case of any rental purchase agreement with weekly or biweekly renewal dates, and not to exceed the greater of ten percent of any periodic lease payment due or five dollars in the case of any rental purchase agreement with monthly renewal dates. The selling or offering for sale of a liability damage waiver pursuant to this article is subject to the following prohibitions and requirements:
(a)
A lessor may not sell or offer to sell a liability damage waiver unless all restrictions, conditions, and exclusions are printed in the rental purchase agreement, or in a separate agreement, in eight-point type, or larger, or written in pen and ink or typewritten in or on the face of the rental purchase agreement in a blank space provided therefor. The liability damage waiver may exclude only loss or damage to the property which is the subject of the rental purchase agreement due to moisture, scratches, mysterious disappearance, vandalism, abandonment of the property, or due to any other damages caused intentionally by the lessee or which result from the lessee's willful or wanton misconduct.
(b)
The liability damage waiver agreement must include a statement of the total charge for the liability damage waiver. The liability damage waiver agreement must display in eight-point boldface type the following notice:
NOTICE: THIS CONTRACT OFFERS, FOR AN ADDITIONAL CHARGE, A LIABILITY DAMAGE WAIVER TO COVER YOUR RESPONSIBILITY FOR DAMAGE TO THE PROPERTY. BEFORE DECIDING WHETHER TO PURCHASE THE LIABILITY DAMAGE WAIVER, YOU MAY WISH TO DETERMINE WHETHER YOUR OWN HOMEOWNERS OR CASUALTY INSURANCE AFFORDS YOU COVERAGE FOR DAMAGE TO THE RENTAL PROPERTY, AND THE AMOUNT OF THE DEDUCTIBLE UNDER YOUR OWN INSURANCE COVERAGE. THE PURCHASE OF THIS LIABILITY DAMAGE WAIVER IS NOT MANDATORY AND MAY BE DECLINED.
(c)
The restrictions, conditions, and exclusions of the liability damage waiver must be disclosed on a separate agreement, sheet, or handout given to the lessee prior to entering into the rental purchase agreement. The separate contract, sheet, or handout must be signed, or otherwise acknowledged by the lessee as being received prior to entering into the rental purchase agreement.
L. 90: Entire article added, p. 372, § 1, effective 1/1/1991.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › RENTAL PURCHASE (§§ 5-10-101 — 5-10-1001) › Article 10 - RENTAL PURCHASE AGREEMENTS (§§ 5-10-101 — 5-10-1001) › Part 6 - LIMITATIONS ON CHARGES (§§ 5-10-601 — 5-10-604) › Section 5-10-604 - Taxes

In addition to those charges allowable by this part 6, the lessor may require the lessee to pay all applicable state sales and use taxes levied in connection with the rental purchase agreement.
L. 90: Entire article added, p. 373, § 1, effective 1/1/1991.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › RENTAL PURCHASE (§§ 5-10-101 — 5-10-1001) › Article 10 - RENTAL PURCHASE AGREEMENTS (§§ 5-10-101 — 5-10-1001) › Part 7 - REMEDIES (§§ 5-10-701 — 5-10-704) › Section 5-10-701 - Lessee's remedies - reinstatement

(1)
A lessee who breaches any rental purchase agreement, including but not limited to the failure to make timely rental payments, has the right to reinstate the original rental purchase agreement without losing any rights or options previously acquired under the rental purchase agreement if both of the following apply:
(a)
Subsequent to having failed to make a timely rental payment, the lessee has promptly surrendered the property to the lessor, in the manner as set forth in the rental purchase agreement, and if and when requested by lessor; and
(b)
Not more than sixty days have passed since the lessee returned the lease property; except that if the lessee has made more than sixty percent of the total number of payments required under the rental purchase agreement to acquire ownership, such sixty-day period shall be extended to a one-hundred-twenty-day period.
(2)
As a condition precedent to reinstatement of the rental purchase agreement, a lessor may collect a reinstatement fee as set forth in section
5-10-602
, plus delivery charges allowable by section
5-10-601 (2)
if redelivery of the item is necessary.
(3)
If reinstatement occurs pursuant to this section, the lessor shall provide the lessee with either the same item leased by the lessee prior to reinstatement or a substitute item of equivalent quality and condition. If a substitute item is provided, the lessor shall provide the lessee with all the information required by section
5-10-401
.
L. 90: Entire article added, p. 373, § 1, effective 1/1/1991.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › RENTAL PURCHASE (§§ 5-10-101 — 5-10-1001) › Article 10 - RENTAL PURCHASE AGREEMENTS (§§ 5-10-101 — 5-10-1001) › Part 7 - REMEDIES (§§ 5-10-701 — 5-10-704) › Section 5-10-702 - Limitations on lessor's remedies

With respect to a debt arising from a rental purchase agreement, regardless of where made, the lessor may not attach unpaid earnings of the debtor by garnishment or like proceedings prior to the entry of judgment in an action against the lessee arising from the said rental purchase agreement.
L. 90: Entire article added, p. 374, § 1, effective 1/1/1991.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › RENTAL PURCHASE (§§ 5-10-101 — 5-10-1001) › Article 10 - RENTAL PURCHASE AGREEMENTS (§§ 5-10-101 — 5-10-1001) › Part 7 - REMEDIES (§§ 5-10-701 — 5-10-704) › Section 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.
L. 90: Entire article added, p. 374, § 1, effective 1/1/1991.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › RENTAL PURCHASE (§§ 5-10-101 — 5-10-1001) › Article 10 - RENTAL PURCHASE AGREEMENTS (§§ 5-10-101 — 5-10-1001) › Part 7 - REMEDIES (§§ 5-10-701 — 5-10-704) › Section 5-10-704 - Notice of assignment

The lessee is authorized to pay the original lessor until the lessee receives written notification that the rights to payment pursuant to a rental purchase agreement have been assigned to an assignee and that payment is to be made to the assignee. A notification which does not reasonably identify the rights assigned shall be ineffective. If requested by the lessee, the assignee shall furnish reasonable proof that the assignment has been made, and, unless he does so, the lessee may pay the lessor.
L. 90: Entire article added, p. 374, § 1, effective 1/1/1991.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › RENTAL PURCHASE (§§ 5-10-101 — 5-10-1001) › Article 10 - RENTAL PURCHASE AGREEMENTS (§§ 5-10-101 — 5-10-1001) › Part 8 - ENFORCEMENT (§§ 5-10-801 — 5-10-805) › Section 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.
Amended by 2013 Ch. 270, §4, eff. 7/1/2013.
L. 90: Entire article added, p. 374, § 1, effective 1/1/1991. L. 2000: (1)(b) and (1)(e) amended, p. 1870, § 102, effective August 2. L. 2011: (1)(e) amended, (HB 11 -1221), ch. 121, p. 381, §2, effective July 1. L. 2013: (1) amended, (SB 13-248), ch. 270, p. 1418, § 4, effective July 1.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › RENTAL PURCHASE (§§ 5-10-101 — 5-10-1001) › Article 10 - RENTAL PURCHASE AGREEMENTS (§§ 5-10-101 — 5-10-1001) › Part 8 - ENFORCEMENT (§§ 5-10-801 — 5-10-805) › Section 5-10-802 - Lessor's records and investigations

(1)
In administering this article and in order to determine compliance with this article, the administrator may examine the books and records of persons subject to the article and may make investigations of persons necessary to determine compliance. For this purpose, 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, compel testimony, 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. If the administrator prevails in any civil action brought as a result of such an investigation, the court shall award the administrator costs and a reasonable attorney fee.
(2)
If the person's records are located outside Colorado, the person shall, at the person's option, either make them available to the administrator at a convenient location in Colorado, 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 and upon reasonable notice to all persons affected thereby, the administrator may apply to a court for an order compelling compliance.
(4)
The administrator may not make public the name or identity of a person whose acts or conduct the administrator investigates under this section or the facts disclosed in the investigation, but this subsection (4) shall not apply to disclosures in actions or enforcement proceedings under this article.
L. 90: Entire article added, p. 375, § 1, effective 1/1/1991.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › RENTAL PURCHASE (§§ 5-10-101 — 5-10-1001) › Article 10 - RENTAL PURCHASE AGREEMENTS (§§ 5-10-101 — 5-10-1001) › Part 8 - ENFORCEMENT (§§ 5-10-801 — 5-10-805) › Section 5-10-803 - Assurance of discontinuance

If it is claimed that a person has engaged in conduct subject to an order by the administrator or by a court under this article, the administrator may accept an assurance in writing that the person will not engage in the conduct in the future. If a person giving an assurance of discontinuance fails to comply with its terms, the assurance shall be evidence that before the assurance the person engaged in the conduct described in the assurance.
L. 90: Entire article added, p. 375, § 1, effective 1/1/1991.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › RENTAL PURCHASE (§§ 5-10-101 — 5-10-1001) › Article 10 - RENTAL PURCHASE AGREEMENTS (§§ 5-10-101 — 5-10-1001) › Part 8 - ENFORCEMENT (§§ 5-10-801 — 5-10-805) › Section 5-10-804 - Notification by lessors - contents - repeal

(1)
A lessor shall file a notification as prescribed in subsection (2) of this section with the administrator:
(a)
Within thirty days after soliciting or entering into a rental purchase agreement subject to this article; and
(b)
(I)
Before July 1 in each subsequent year that the lessor solicits or enters into a rental purchase agreement subject to this article 10.
(II)
(A)
Notifications issued by the administrator in calendar year 2023 expire on July 1, 2024.
(B)
This subsection (1)(b)(II) is repealed, effective July 1, 2026.
(2)
The notification required under subsection (1) of this section shall state the following:
(a)
The name of the lessor and, if different, the name in which business is transacted;
(b)
The address of the lessor's principal office, which may be outside Colorado;
(c)
The address of all offices or stores, if any, in Colorado at which rental purchase agreements are made;
(d)
If rental purchase agreements are made in a place other than an office or store in Colorado, a brief description of the place and manner in which they are made; and
(e)
The address of the registered agent upon whom service of process may be made in Colorado.
(3)
If information in a notification becomes inaccurate after filing, no further notification is required until the lessor is required to file a subsequent notification pursuant to subsection (1) of this section.
Amended by 2023 Ch. 360,§ 7, eff. 8/7/2023.
L. 90: Entire article added, p. 376, § 1, effective 1/1/1991.
2023 Ch. 360, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › RENTAL PURCHASE (§§ 5-10-101 — 5-10-1001) › Article 10 - RENTAL PURCHASE AGREEMENTS (§§ 5-10-101 — 5-10-1001) › Part 8 - ENFORCEMENT (§§ 5-10-801 — 5-10-805) › Section 5-10-805 - Fees

(1)
A lessor required to file a notification with the administrator under section
5-10-804
shall pay to the administrator the following fees:
(a)
A fee in an amount to be established by the administrator for each address listed in section
5-10-804 (2)(c)
, paid at the time of the filing of the initial notification with the administrator;
(b)
A fee in an amount to be established by the administrator for each address listed in section
5-10-804 (2)(c)
, paid at the time of the filing of each annual notification subsequently filed with the administrator.
(2)
In addition to the fees required under subsection (1) of this section, if the administrator examines the books and records of the lessor, the lessor shall pay to the administrator a fee of two hundred dollars for each day required for the administrator or the administrator's representative to conduct the examination. However, the sum of all fees collected from a lessor under this subsection (2) may not exceed one thousand dollars in any calendar year.
(3)
Repealed.
(4)
On and after July 1, 2024, the state treasurer shall credit all fees collected under this article 10 to the consumer credit unit cash fund created in section
5-2-302 (11)
.
Amended by 2023 Ch. 360,§ 8, eff. 8/7/2023.
L. 90: Entire article added, p. 376, § 1, effective 1/1/1991. L. 98: (3) added, p. 1320, § 12, effective June 1.
2023 Ch. 360, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › RENTAL PURCHASE (§§ 5-10-101 — 5-10-1001) › Article 10 - RENTAL PURCHASE AGREEMENTS (§§ 5-10-101 — 5-10-1001) › Part 9 - VIOLATIONS AND PENALTIES (§§ 5-10-901 — 5-10-905) › Section 5-10-901 - Unlawful acts - fines - deceptive trade practice

(1)
Any person who willfully and intentionally violates any provision of this article shall be guilty of a misdemeanor and, upon conviction thereof, shall be punished by a fine not to exceed five hundred dollars.
(2)
Any intentional violation of the provisions of this article shall constitute a deceptive trade practice and shall be subject to the provisions of article
1
of title
6
, C.R.S.
L. 90: Entire article added, p. 376, § 1, effective 1/1/1991.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › RENTAL PURCHASE (§§ 5-10-101 — 5-10-1001) › Article 10 - RENTAL PURCHASE AGREEMENTS (§§ 5-10-101 — 5-10-1001) › Part 9 - VIOLATIONS AND PENALTIES (§§ 5-10-901 — 5-10-905) › Section 5-10-902 - Remedies of lessee

(1)
In case of a violation by a lessor of any provision of this article with respect to any rental purchase agreement, the lessee in such agreement may bring a suit in any court of competent jurisdiction to recover from such lessor or may set off or counterclaim in any action by such lessor actual damages. If the court finds that any such violation has occurred, it shall award a minimum recovery of two hundred fifty dollars or twenty-five percent of the total cost to acquire ownership under the rental purchase agreement, whichever is greater.
(2)
The remedies specified in subsection (1) of this section are in addition to, and not in limitation of, any other remedies provided by law.
(3)
In any action brought pursuant to this section, the court shall award the prevailing party the costs of the action and a reasonable attorney fee.
L. 90: Entire article added, p. 377, § 1, effective 1/1/1991.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › RENTAL PURCHASE (§§ 5-10-101 — 5-10-1001) › Article 10 - RENTAL PURCHASE AGREEMENTS (§§ 5-10-101 — 5-10-1001) › Part 9 - VIOLATIONS AND PENALTIES (§§ 5-10-901 — 5-10-905) › Section 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.
L. 90: Entire article added, p. 377, § 1, effective 1/1/1991.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › RENTAL PURCHASE (§§ 5-10-101 — 5-10-1001) › Article 10 - RENTAL PURCHASE AGREEMENTS (§§ 5-10-101 — 5-10-1001) › Part 9 - VIOLATIONS AND PENALTIES (§§ 5-10-901 — 5-10-905) › Section 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.
L. 90: Entire article added, p. 377, § 1, effective 1/1/1991.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › RENTAL PURCHASE (§§ 5-10-101 — 5-10-1001) › Article 10 - RENTAL PURCHASE AGREEMENTS (§§ 5-10-101 — 5-10-1001) › Part 9 - VIOLATIONS AND PENALTIES (§§ 5-10-901 — 5-10-905) › Section 5-10-905 - Statute of limitations

No action shall be brought by a lessee under this article more than three years after the lessee knew or should have known of the occurrence of the alleged violation. This section does not bar a person from asserting a violation of this article in any action to collect the debt which was brought more than three years from the date of the occurrence of the violation as a matter of defense by recoupment or setoff in such action.
L. 90: Entire article added, p. 378, § 1, effective 1/1/1991.
For statutes of limitations generally, see article 80 of title 13 .
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › RENTAL PURCHASE (§§ 5-10-101 — 5-10-1001) › Article 10 - RENTAL PURCHASE AGREEMENTS (§§ 5-10-101 — 5-10-1001) › Part 10 - ADVERTISING (§ 5-10-1001) › Section 5-10-1001 - Advertising

(1)
An advertisement for a rental purchase agreement shall not state or imply that a specific item is available at specific amounts or terms unless the lessor usually and customarily offers or will offer that item at those amounts or terms.
(2)
If any advertisement for a rental purchase agreement refers to or states the amount of any payment or the right to acquire ownership for a specific item, the advertisement must also clearly and conspicuously state the following terms as applicable:
(a)
That the transaction is a rental purchase agreement or rent-to-own agreement;
(b)
The total number of payments and amount of such payments necessary to acquire ownership; and
(c)
That the lessee will not own the property until the total of such payments is paid in full or is paid by prepayment.
(3)
Advertising which complies with the "Federal Consumer Credit Protection Act" does not violate this section.
(4)
With the exception of the lessor, this section imposes no liability on the owner or personnel of any medium in which an advertisement appears or through which it is disseminated.
L. 90: Entire article added, p. 378, § 1, effective 1/1/1991.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › INTEREST RATES (§§ 5-12-101 — 5-13-106) › Article 12 - INTEREST - GENERAL PROVISIONS (§§ 5-12-101 — 5-12-107) › Section 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.
L. 71: R&RE, p. 852, § 1. C.R.S. 1963: § 73-12-101. L. 75: Entire section amended, p. 257, § 1, effective July 1. L. 79: Entire section amended, p. 315, § 1, effective June 20.
COLORADO COMMENT
The provisions of this Article 12 are derived in part from Article 1 of Chapter 73, C.R.S. 1963, in effect prior to this Code.
For interest on damages for personal injuries, see § 13-21-101.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › INTEREST RATES (§§ 5-12-101 — 5-13-106) › Article 12 - INTEREST - GENERAL PROVISIONS (§§ 5-12-101 — 5-12-107) › Section 5-12-102 - Statutory interest - definition

(1)
Except as provided in section
13-21-101
, C.R.S., when there is no agreement as to the rate thereof, creditors shall receive interest as follows:
(a)
When money or property has been wrongfully withheld, interest shall be an amount which fully recognizes the gain or benefit realized by the person withholding such money or property from the date of wrongful withholding to the date of payment or to the date judgment is entered, whichever first occurs; or, at the election of the claimant,
(b)
Interest shall be at the rate of eight percent per annum compounded annually for all moneys or the value of all property after they are wrongfully withheld or after they become due to the date of payment or to the date judgment is entered, whichever first occurs.
(2)
When there is no agreement as to the rate thereof, creditors shall be allowed to receive interest at the rate of eight percent per annum compounded annually for all moneys after they become due on any bill, bond, promissory note, or other instrument of writing, or money due on mutual settlement of accounts from the date of such settlement and on money due on account from the date when the same became due.
(3)
Interest shall be allowed as provided in subsection (1) of this section even if the amount is unliquidated at the time of wrongful withholding or at the time when due.
(4)
Except as provided in section
5-12-106
, creditors shall be allowed to receive interest on any judgment recovered before any court authorized to enter the same within this state from the date of entering said judgment until satisfaction thereof is made either:
(a)
At the rate specified in a contract or instrument in writing which provides for payment of interest at a specified rate until the obligation is paid; except that if the contract or instrument provides for a variable rate, at the rate in effect under the contract or instrument on the date judgment enters; or
(b)
In all other cases where no rate is specified, at the rate of eight percent per annum compounded annually.
(5)
(a)
The maximum rate of interest on medical debt is three percent per annum.
(b)
As used in this subsection (5), "medical debt" has the meaning set forth in section
5-16-103
(10.5).
Amended by 2023 Ch. 152,§ 1, eff. 5/4/2023.
L. 71: R&RE, p. 852, § 1. C.R.S. 1963: § 73-12-102. L. 75: Entire section amended, p. 257, § 2, effective July 1. L. 79: Entire section R&RE, p. 315, § 2, effective June 20. L. 82: (4) amended, p. 227, § 2, effective 1/1/1983. L. 83: (4) amended, p. 394, § 1, effective July 1. L. 84: (4)(a) amended, p. 286, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › INTEREST RATES (§§ 5-12-101 — 5-13-106) › Article 12 - INTEREST - GENERAL PROVISIONS (§§ 5-12-101 — 5-12-107) › Section 5-12-104 - Warrants to bear six percent

County orders and warrants, town and city and school orders and warrants, and other like evidences or certificates of municipal indebtedness, shall bear interest at the rate of six percent per annum from the date of the presentation thereof for payment at the treasury where the same may be payable, until there is money in the treasury for the payment thereof, except when otherwise specially provided by law. Every county treasurer, town treasurer, and city treasurer to whom any such county, town, city, or school order or warrant is presented for payment, and who shall not have on hand the funds to pay the same, shall endorse thereon the rate of interest said order or warrant will draw, and the date of such presentation, and subscribe such endorsement with his official signature; however, all such orders and warrants may be made to bear a lower rate of interest than above specified, by special agreement between such counties, towns, and cities issuing the same, and the person to whom such orders or warrants are issued.
L. 71: R&RE, p. 852, § 1. C.R.S. 1963: § 73-12-104.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › INTEREST RATES (§§ 5-12-101 — 5-13-106) › Article 12 - INTEREST - GENERAL PROVISIONS (§§ 5-12-101 — 5-12-107) › Section 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.
L. 71: R&RE, p. 852, § 1. C.R.S. 1963: § 73-12-105.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › INTEREST RATES (§§ 5-12-101 — 5-13-106) › Article 12 - INTEREST - GENERAL PROVISIONS (§§ 5-12-101 — 5-12-107) › Section 5-12-106 - Rate of interest on judgments which are appealed

(1)
Except as provided in section
13-21-101
, C.R.S., where there is no written agreement as to the rate of interest, creditors shall receive interest as follows:
(a)
If a judgment for money in a civil case is appealed by a judgment debtor and the judgment is affirmed, interest, as set out in subsections (2) and (3) of this section, shall be payable from the date of entry of judgment in the trial court until satisfaction of the judgment and shall include compounding of interest annually.
(b)
If a judgment for money in a civil case is appealed by a judgment debtor and the judgment is modified or reversed with a direction that a judgment for money be entered in the trial court, interest, as set out in subsections (2) and (3) of this section, shall be payable from the date a judgment was first entered in the trial court until the judgment is satisfied and shall include compounding of interest annually. This interest shall be payable on the amount of the final judgment.
(2)
(a)
The rate of interest shall be certified on each January 1 by the secretary of state to be two percentage points above the discount rate, which discount rate shall be the rate of interest a commercial bank pays to the federal reserve bank of Kansas City using a government bond or other eligible paper as security, and shall be rounded to the nearest full percent. Such annual rate of interest shall be so established as of December 31, 1982, to become effective January 1, 1983. Thereafter, as of December 31 of each year, the annual rate of interest shall be established in the same manner, to become effective on January 1 of the following year.
(b)
Notwithstanding any other provision of this subsection (2), the rate of interest shall be no lower than the percentage authorized in section
5-12-102 (4)(b)
.
(3)
The rate at which interest shall accrue during each year shall be the rate which the secretary of state has certified as the annual interest rate under subsection (2) of this section.
L. 82: Entire section added, p. 226, § 1, effective 1/1/1983. L. 84: (1) and (2) amended, p. 287, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › INTEREST RATES (§§ 5-12-101 — 5-13-106) › Article 13 - FEDERAL PREEMPTION OF USURY LAWS - STATE OVERRIDE (§§ 5-13-101 — 5-13-106) › Section 5-13-101 - Mortgages

In accordance with section 501 (b)(2) of Public Law 96-221, it is declared that the state of Colorado does not want the provisions of sub section 501 (a)(1) of Public Law 96-221 removing the limits on the rate or amount of interest, discount points, finance charges, or other charges which may be charged, taken, received, or reserved with respect to loans, mortgages, credit sales, and advances made 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.
L. 81: Entire article added, p. 399, § 1, effective July 1.