2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › DEBT MANAGEMENT (§§ 5-16-101 — 5-21-116) › Article 20 - COLORADO STUDENT LOAN EQUITY (§§ 5-20-101 — 5-20-214) › Part 2 - PRIVATE STUDENT EDUCATION LENDERS (§§ 5-20-201 — 5-20-214) › Section 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.
Amended by 2023 Ch. 360,§ 29, eff. 8/7/2023.
Added by 2021 Ch. 378, §5, eff. 6/29/2021.
2023 Ch. 360, was passed without a safety clause. See Colo. Const. art. V, § 1(3).