reglab/statecodes huggingface dataset:
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 1 - COLORADO STUDENT LOANS (§§ 5-20-101 — 5-20-119) › Section 5-20-109 - Prohibited acts of student loan servicers

(1)
A student loan servicer shall not:
(a)
Directly or indirectly employ a scheme, a device, or artifice to defraud or mislead student loan borrowers;
(b)
Engage in an unfair or deceptive practice toward any person or misrepresent or omit any material information in connection with the servicing of a student education loan, including misrepresenting the amount, nature, or terms of any fee or payment due or claimed to be due on a student education loan, the terms and conditions of the loan agreement, or the student loan borrower's obligations under the loan;
(c)
Obtain property by fraud or misrepresentation;
(d)
Misapply student education loan payments to the outstanding balance of a student education loan;
(e)
Provide inaccurate information to a consumer reporting agency;
(f)
Fail to report both the favorable and unfavorable payment history of a student loan borrower to a consumer reporting agency at least annually if the student loan servicer regularly reports information to a consumer reporting agency;
(g)
Refuse to communicate with an authorized representative of a student loan borrower who provides a written authorization signed by the student loan borrower; except that the student loan servicer may adopt procedures reasonably related to verifying that the representative is in fact authorized to act on behalf of the student loan borrower;
(h)
Make any false statement or omit any material fact in connection with information or reports filed with a governmental agency or in connection with an investigation conducted by the administrator or another governmental agency; or
(i)
Except as otherwise provided in federal law, federal student loan agreements, or a contract between the federal government and a student loan servicer, fail to properly evaluate a student loan borrower for an income-based or other student loan repayment program or for eligibility for a public service loan forgiveness program before placing the student loan borrower in forbearance or default, if an income-based repayment or other program is available to the student loan borrower.
Added by 2019 Ch. 157,§ 2, eff. 8/2/2019.
L. 2019: Entire article added, (SB 19-002), ch. 1867, p. 1867, § 2, effective August 2.
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 1 - COLORADO STUDENT LOANS (§§ 5-20-101 — 5-20-119) › Section 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.
Amended by 2021 Ch. 378, §9, eff. 6/29/2021.
Added by 2019 Ch. 157, §2, eff. 8/2/2019.
L. 2019: Entire article added, (SB 19-002), ch. 1870, p. 1870, § 2, effective August 2.
Section 19 of chapter 378 (SB 21-057), Session Laws of Colorado 2021, provides that the act changing this section applies to conduct occurring on or after June 29, 2021, including collection of debts arising out of loans issued before June 29, 2021.
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 1 - COLORADO STUDENT LOANS (§§ 5-20-101 — 5-20-119) › Section 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.
Amended by 2021 Ch. 378,§ 10, eff. 6/29/2021.
Added by 2019 Ch. 157,§ 2, eff. 8/2/2019.
L. 2019: Entire article added, (SB 19-002), ch. 1870, p. 1870, § 2, effective August 2.
Section 19 of chapter 378 (SB 21-057), Session Laws of Colorado 2021, provides that the act changing this section applies to conduct occurring on or after June 29, 2021, including collection of debts arising out of loans issued before June 29, 2021.
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 1 - COLORADO STUDENT LOANS (§§ 5-20-101 — 5-20-119) › Section 5-20-113 - Application of administrative procedures - provisions

Except as otherwise provided, 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 part 1; except that section
24-4-104(3)
does not apply to any such action.
Amended by 2021 Ch. 378,§ 11, eff. 6/29/2021.
Added by 2019 Ch. 157,§ 2, eff. 8/2/2019.
L. 2019: Entire article added, (SB 19-002), ch. 1871, p. 1871, § 2, effective August 2.
Section 19 of chapter 378 (SB 21-057), Session Laws of Colorado 2021, provides that the act changing this section applies to conduct occurring on or after June 29, 2021, including collection of debts arising out of loans issued before June 29, 2021.
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 1 - COLORADO STUDENT LOANS (§§ 5-20-101 — 5-20-119) › Section 5-20-114 - Administrative enforcement orders

(1)
After notice and hearing, the administrator may order a student loan servicer or a person acting in the student loan servicer's behalf to cease and desist from engaging in violations of this part 1 or any rule lawfully adopted or order lawfully issued pursuant to this part 1. The order issued by the administrator may also require the student loan servicer or person to make refunds to persons of unlawful charges under this part 1 and an administrative penalty of up to one thousand five hundred dollars per violation, all or part of which may be specifically designated for consumer and creditor educational purposes.
(2)
A respondent aggrieved by an order of the administrator may obtain judicial review of the order in the Colorado court of appeals. The administrator may obtain an order of the court for enforcement of the administrator's order in the district court under section
24-4-106
. All proceedings under this section are governed by sections
24-4-105
and
24-4-106
.
Amended by 2021 Ch. 378,§ 12, eff. 6/29/2021.
Added by 2019 Ch. 157,§ 2, eff. 8/2/2019.
L. 2019: Entire article added, (SB 19-002), ch. 1871, p. 1871, § 2, effective August 2.
Section 19 of chapter 378 (SB 21-057), Session Laws of Colorado 2021, provides that the act changing this section applies to conduct occurring on or after June 29, 2021, including collection of debts arising out of loans issued before June 29, 2021.
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 1 - COLORADO STUDENT LOANS (§§ 5-20-101 — 5-20-119) › Section 5-20-115 - Assurance of discontinuance

If it is claimed that a person has violated this part 1, the administrator may accept an assurance in writing that the person will not engage in the conduct in the future. The assurance may also require the person to make refunds to persons of unlawful charges under this part 1, pay a penalty authorized in section
5-20-114(1)
, all or part of which may be specifically designated for consumer and creditor educational purposes, and reimburse the administrator for the administrator's reasonable costs incurred in investigating the conduct. If a person giving an assurance of discontinuance fails to comply with its terms, the assurance is evidence that prior to the assurance the person engaged in the conduct described in the assurance.
Amended by 2021 Ch. 378,§ 13, eff. 6/29/2021.
Added by 2019 Ch. 157,§ 2, eff. 8/2/2019.
L. 2019: Entire article added, (SB 19-002), ch. 1871, p. 1871, § 2, effective August 2.
Section 19 of chapter 378 (SB 21-057), Session Laws of Colorado 2021, provides that the act changing this section applies to conduct occurring on or after June 29, 2021, including collection of debts arising out of loans issued before June 29, 2021.
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 1 - COLORADO STUDENT LOANS (§§ 5-20-101 — 5-20-119) › Section 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.
Amended by 2021 Ch. 378,§ 14, eff. 6/29/2021.
Added by 2019 Ch. 157,§ 2, eff. 8/2/2019.
L. 2019: Entire article added, (SB 19-002), ch. 1871, p. 1871, § 2, effective August 2.
Section 19 of chapter 378 (SB 21-057), Session Laws of Colorado 2021, provides that the act changing this section applies to conduct occurring on or after June 29, 2021, including collection of debts arising out of loans issued before June 29, 2021.
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 1 - COLORADO STUDENT LOANS (§§ 5-20-101 — 5-20-119) › Section 5-20-117 - Civil actions by the administrator

The administrator may bring a civil action against a student loan servicer for any violation of this part 1. An action may relate to transactions with more than one person. The court may order a student loan servicer to refund to a person any charges collected in violation of this part 1 and may also assess civil penalties against the student loan servicer as set forth in section
5-20-112(2)
. If the administrator prevails in an action brought under this section, the administrator may recover reasonable costs in investigating and bringing the action and may recover reasonable attorney fees.
Amended by 2021 Ch. 378,§ 15, eff. 6/29/2021.
Added by 2019 Ch. 157,§ 2, eff. 8/2/2019.
L. 2019: Entire article added, (SB 19-002), ch. 1872, p. 1872, § 2, effective August 2.
Section 19 of chapter 378 (SB 21-057), Session Laws of Colorado 2021, provides that the act changing this section applies to conduct occurring on or after June 29, 2021, including collection of debts arising out of loans issued before June 29, 2021.
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 1 - COLORADO STUDENT LOANS (§§ 5-20-101 — 5-20-119) › Section 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.
Amended by 2021 Ch. 378,§ 16, eff. 6/29/2021.
Added by 2019 Ch. 157,§ 2, eff. 8/2/2019.
L. 2019: Entire article added, (SB 19-002), ch. 1872, p. 1872, § 2, effective August 2.
Section 19 of chapter 378 (SB 21-057), Session Laws of Colorado 2021, provides that the act changing this section applies to conduct occurring on or after June 29, 2021, including collection of debts arising out of loans issued before June 29, 2021.
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 1 - COLORADO STUDENT LOANS (§§ 5-20-101 — 5-20-119) › Section 5-20-119 - 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 part 1 or the facts disclosed in the investigation or examination.
(2)
The administrator may disclose license application and renewal records provided to the administrator and other contents of license records maintained pursuant to this part 1, 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 administrative enforcement proceedings pursuant to this part 1.
Amended by 2021 Ch. 378,§ 17, eff. 6/29/2021.
Added by 2019 Ch. 157,§ 2, eff. 8/2/2019.
L. 2019: Entire article added, (SB 19-002), ch. 1872, p. 1872, § 2, effective August 2.
Section 19 of chapter 378 (SB 21-057), Session Laws of Colorado 2021, provides that the act changing this section applies to conduct occurring on or after June 29, 2021, including collection of debts arising out of loans issued before June 29, 2021.
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 5-20-201 - 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.
Added by 2021 Ch. 378,§ 5, eff. 6/29/2021.
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 5-20-206 - Cosigner rights

(1)
A creditor shall provide a cosigner with access to all documents or records related to the cosigned private education credit obligation that are available to the private education credit borrower.
(2)
(a)
If a creditor provides electronic access to documents and records for a private education credit borrower, the creditor shall provide equivalent electronic access to the cosigner.
(b)
Upon the private education credit borrower's request, the creditor shall redact the private education credit borrower's contact information from documents and records provided to a cosigner.
(3)
A creditor shall not include in a private education credit obligation executed after June 29, 2021, a provision that permits the creditor to accelerate payments, in whole or in part, except upon a payment default. A creditor shall not place any credit obligation or account into default or accelerate a credit obligation for any reason other than payment default.
(4)
A private education credit obligation executed before June 29, 2021, may permit the creditor to accelerate payments only if the promissory note or credit obligation agreement explicitly authorizes an acceleration and only for the reasons stated in the note or agreement.
Amended by 2023 Ch. 360,§ 21, 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).
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 5-20-207 - 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.
Amended by 2023 Ch. 360,§ 22, 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).
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 5-20-208 - Total and permanent disability of the private education credit borrower or cosigner

(1)
For any private education credit obligation issued on or after June 29, 2021, a private education creditor, when notified of the total and permanent disability of a private education credit borrower or cosigner, shall release any cosigner from the obligations of the cosigner under a private education credit obligation. The creditor shall not attempt to collect a payment from a cosigner following a notification of total and permanent disability of the private education credit borrower or cosigner.
(2)
A creditor shall, when notified of the total and permanent disability of a private education credit borrower, discharge the liability of the private education credit borrower and cosigner on the credit obligation.
(3)
After receiving a notification described in subsection (2) of this section, the creditor shall not:
(a)
Attempt to collect on the outstanding liability of the private education credit borrower or cosigner; or
(b)
Monitor the disability status of the private education credit borrower at any point after the date of discharge.
(4)
A creditor shall, within thirty days after the release of either a cosigner or private education credit borrower from the obligations of a private education credit obligation pursuant to subsection (1) or (2) of this section, notify both the private education credit borrower and cosigner of the release.
(5)
A creditor shall, within thirty days after receiving notice of the total and permanent disability of a private education credit borrower pursuant to subsection (1) of this section, provide the private education credit borrower an option to designate an individual to have the legal authority to act on behalf of the private education credit borrower.
(6)
If a cosigner is released from the obligations of a private education credit obligation pursuant to subsection (1) of this section, the creditor shall not require the private education credit borrower to obtain another cosigner on the credit obligation.
(7)
A creditor shall not declare a default or accelerate the debt against the private education credit borrower on the sole basis of the release of the cosigner from the credit obligation due to total and permanent disability pursuant to subsection (1) of this section.
Amended by 2023 Ch. 360,§ 23, 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).
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 5-20-209 - Refinancing - additional disclosures - limitations on default pending approval

(1)
Before offering a person a private education credit obligation that is being used to refinance an existing education credit obligation, a private education creditor shall provide the person a disclosure explaining that benefits and protections applicable to the existing credit obligation may be lost due to the refinancing. The disclosure must be provided on a one-page information sheet in at least twelve-point type and must be written in simple, clear, understandable, and easily readable language.
(2)
If a private education creditor offers any private education credit borrower modified or flexible repayment options in connection with a private education credit obligation, the creditor shall offer those modified or flexible repayment options to all of the creditor's private education credit borrowers. In addition, the creditor shall:
(a)
Provide on its website a description of any modified or flexible repayment options offered by the creditor for private education credit obligations;
(b)
Establish policies and procedures and implement modified or flexible repayment options consistently in order to facilitate the evaluation of private education credit obligation modified or flexible repayment option requests, including providing accurate information regarding any such options that may be available to the private education credit borrower through the promissory note or that may have been marketed to the private education credit borrower through marketing materials; and
(c)
Consistently present and offer private education credit obligation modified or flexible repayment options to private education credit borrowers with similar financial circumstances, if the creditor offers such repayment options.
(3)
A private education creditor shall not place a credit obligation or account into default or accelerate a credit obligation while a private education credit borrower is seeking a credit obligation modification or enrollment in a modified or flexible repayment plan; except that a creditor may place a credit obligation or account into default or accelerate a credit obligation for payment default ninety days after the private education credit borrower's default.
Amended by 2023 Ch. 360,§ 24, 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).
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 5-20-210 - Prohibited conduct

(1)
A private education creditor shall not:
(a)
Offer any private education credit obligation that does not comply with this part 2 or with rules or orders of the administrator that are issued under this part 2 or that violates any other state or federal law;
(b)
Engage in any unfair, deceptive, or abusive act or practice;
(c)
(I)
Take an assignment of earnings of the private education credit borrower or cosigner for payment or as a security for payment of a debt arising out of a private education credit obligation. An assignment of earnings in violation of this section is unenforceable by the assignee of the earnings and revocable by the borrower or cosigner.
(II)
A sale of unpaid earnings made in consideration of the payment of money to or for the account of the seller of the earnings is deemed to be a credit obligation to the seller, secured by an assignment of earnings.
(d)
Make, advertise, print, display, publish, distribute, electronically transmit, telecast, or broadcast, in any manner, any statement or representation that is false, misleading, or deceptive.
Amended by 2023 Ch. 360,§ 25, 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).
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 5-20-211 - Record retention - confidentiality

(1)
A private education creditor shall establish and maintain records and permit the administrator to access and copy any records or records systems required to be maintained pursuant to this part 2 or rules of the administrator adopted to implement this part 2. The creditor shall retain loan files, including any records specified for retention under rules of the administrator, for not less than six years after the termination of the credit obligation account.
(2)
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 part 2 or the facts disclosed in the investigation or examination.
(3)
The administrator may disclose registration application and renewal records provided to the administrator and other contents of registration records maintained pursuant to this part 2, but the administrator shall not make public the confidential information contained in the records.
(4)
The restrictions on the disclosure of information in subsections (2) and (3) of this section do not apply to disclosures made by the administrator in furtherance of actions or administrative enforcement proceedings pursuant to this part 2.
Amended by 2023 Ch. 360,§ 26, 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).
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 5-20-213 - Actions - counterclaims

(1)
(a)
For litigation proceedings commenced on or after June 29, 2021, a court shall not enter a judgment on a private education credit obligation if the collection agency does not comply with the requirements of section
5-20-212
.
(b)
For litigation proceedings commenced before June 29, 2021, the court shall not enter a judgment until the collection agency is provided an opportunity to submit proof of compliance with section
5-20-212
.
(2)
If a creditor or collection agency fails to comply with the requirements of this part 2, a private education credit borrower may bring an action, including a counterclaim, against the creditor or collection agency to recover or obtain:
(a)
An order setting aside or vacating any default judgment entered against the private education credit borrower;
(b)
A judgment in favor of the private education credit borrower;
(c)
Actual damages or five hundred dollars, whichever is greater;
(d)
Restitution of all money taken from or paid by the private education credit borrower after a judgment was obtained by a creditor;
(e)
Punitive damages;
(f)
Injunctive relief;
(g)
Correction of the private education credit borrower's credit report;
(h)
Attorney fees and court costs; and
(i)
Any other relief that the court deems proper.
Amended by 2023 Ch. 360,§ 28, 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).
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › DEBT MANAGEMENT (§§ 5-16-101 — 5-21-116) › Article 21 - COLORADO NONBANK MORTGAGE SERVICERS ACT (§§ 5-21-101 — 5-21-116) › Section 5-21-101 - Short title

The short title of this article 21 is the "Colorado Nonbank Mortgage Servicers Act".
Added by 2021 Ch. 482,§ 1, eff. 1/1/2022.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › DEBT MANAGEMENT (§§ 5-16-101 — 5-21-116) › Article 21 - COLORADO NONBANK MORTGAGE SERVICERS ACT (§§ 5-21-101 — 5-21-116) › Section 5-21-102 - Scope of article

Unless otherwise provided in this article 21, this article 21 applies to any person engaged in servicing a residential mortgage loan secured by a dwelling or residential real property located in this state.
Added by 2021 Ch. 482,§ 1, eff. 1/1/2022.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › DEBT MANAGEMENT (§§ 5-16-101 — 5-21-116) › Article 21 - COLORADO NONBANK MORTGAGE SERVICERS ACT (§§ 5-21-101 — 5-21-116) › Section 5-21-104 - Notification required

On and after January 31, 2022, a person shall not act as a mortgage servicer, directly or indirectly, without notifying the administrator pursuant to section
5-21-105
.
Added by 2021 Ch. 482, §1, eff. 1/1/2022.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › DEBT MANAGEMENT (§§ 5-16-101 — 5-21-116) › Article 21 - COLORADO NONBANK MORTGAGE SERVICERS ACT (§§ 5-21-101 — 5-21-116) › Section 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.
Added by 2021 Ch. 482, §1, eff. 1/1/2022.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › DEBT MANAGEMENT (§§ 5-16-101 — 5-21-116) › Article 21 - COLORADO NONBANK MORTGAGE SERVICERS ACT (§§ 5-21-101 — 5-21-116) › Section 5-21-106 - Fees - repeal

(1)
A notifier shall pay the following nonrefundable fees established by the administrator pursuant to subsection (3) of this section:
(a)
An initial notification fee; and
(b)
An annual notification fee.
(2)
The administrator shall transmit the fees required by subsection (1) of this section to the state treasurer, who shall credit the fees collected:
(a)
(I)
Before July 1, 2024, to the uniform consumer credit code cash fund created in section
5-6-204 (1)
.
(II)
This subsection (2)(a) is repealed, effective July 1, 2026.
(b)
On and after July 1, 2024, to the consumer credit unit cash fund created in section
5-2-302 (11)
.
(3)
The administrator shall set the fees required by subsection (1) of this section in an amount estimated to cover the administrator's costs in implementing this article 21 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 uniform consumer credit code cash fund.
Amended by 2023 Ch. 360,§ 14, eff. 8/7/2023.
Added by 2021 Ch. 482, §1, eff. 1/1/2022.
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) › DEBT MANAGEMENT (§§ 5-16-101 — 5-21-116) › Article 21 - COLORADO NONBANK MORTGAGE SERVICERS ACT (§§ 5-21-101 — 5-21-116) › Section 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.
Added by 2021 Ch. 482,§ 1, eff. 1/1/2022.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › DEBT MANAGEMENT (§§ 5-16-101 — 5-21-116) › Article 21 - COLORADO NONBANK MORTGAGE SERVICERS ACT (§§ 5-21-101 — 5-21-116) › Section 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.
Added by 2024 Ch. 189,§ 3, eff. 5/17/2024.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › DEBT MANAGEMENT (§§ 5-16-101 — 5-21-116) › Article 21 - COLORADO NONBANK MORTGAGE SERVICERS ACT (§§ 5-21-101 — 5-21-116) › Section 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.
Added by 2021 Ch. 482,§ 1, eff. 1/1/2022.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › DEBT MANAGEMENT (§§ 5-16-101 — 5-21-116) › Article 21 - COLORADO NONBANK MORTGAGE SERVICERS ACT (§§ 5-21-101 — 5-21-116) › Section 5-21-110 - Administrative enforcement orders

(1)
After notice and hearing, the administrator may order a mortgage servicer or a person acting in the mortgage servicer's behalf to cease and desist from engaging in violations of this article 21 or any rule or order lawfully made pursuant to this article 21. The order issued by the administrator may also require the mortgage servicer or person to make refunds to individuals of overcharges or other damages suffered by the borrower under this article 21 and a civil penalty in the amounts stated in
12 U.S.C. sec. 5565(c)(2)
, all or part of which may be specifically designated for consumer and creditor educational purposes. When seeking civil penalties, the administrator shall consider the mitigating factors in
12 U.S.C. sec. 5565(c)(3)
.
(2)
A mortgage servicer aggrieved by an order of the administrator may obtain judicial review of the order in the Colorado court of appeals. The administrator may obtain an order of the court for enforcement of the administrator's order in the district court under section
24-4-106
. All proceedings under this section are governed by sections
24-4-105
and
24-4-106
.
Added by 2021 Ch. 482,§ 1, eff. 1/1/2022.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › DEBT MANAGEMENT (§§ 5-16-101 — 5-21-116) › Article 21 - COLORADO NONBANK MORTGAGE SERVICERS ACT (§§ 5-21-101 — 5-21-116) › Section 5-21-111 - Assurance of discontinuance

If it is claimed that a person has violated this article 21, the administrator may accept an assurance in writing that the person will not engage in the conduct in the future. The assurance may also require the person to make refunds to individuals of unlawful charges under this article 21, pay a penalty authorized in section
5-21-110
, all or part of which may be specifically designated for consumer and creditor educational purposes, and reimburse the administrator for the administrator's reasonable costs incurred in investigating the conduct. If a person giving an assurance of discontinuance fails to comply with its terms, the assurance is evidence that prior to the assurance, that person engaged in the conduct described in the assurance.
Added by 2021 Ch. 482, §1, eff. 1/1/2022.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › DEBT MANAGEMENT (§§ 5-16-101 — 5-21-116) › Article 21 - COLORADO NONBANK MORTGAGE SERVICERS ACT (§§ 5-21-101 — 5-21-116) › Section 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.
Added by 2021 Ch. 482,§ 1, eff. 1/1/2022.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › DEBT MANAGEMENT (§§ 5-16-101 — 5-21-116) › Article 21 - COLORADO NONBANK MORTGAGE SERVICERS ACT (§§ 5-21-101 — 5-21-116) › Section 5-21-113 - Civil actions by the administrator

(1)
The administrator may bring a civil action against a mortgage servicer or any other person for any violations of this article 21. An action may relate to transactions with more than one individual. The court may order a mortgage servicer to refund to individuals overcharges or other damages suffered by the borrower collected in violation of this article 21 and may also assess civil penalties against the mortgage servicer as set forth in section
5-21-110
. If the administrator prevails in an action brought under this section, the administrator may recover reasonable costs in investigating and bringing the action and may recover reasonable attorney fees. When determining whether to seek civil penalties under this section, the administrator shall consider whether the federal consumer financial protection bureau has imposed civil penalties on the same servicer for the same violation and any other mitigating factors, in order to avoid duplicative civil penalties. If the federal consumer financial protection bureau has been awarded and paid civil penalties based on a particular act or omission or a series of acts or omissions, civil penalties under section
5-21-110
that are based on the same acts or omissions are reduced by the same amount or to one thousand five hundred dollars per violation, whichever is less. The administrator shall, to the extent possible, coordinate with the federal consumer financial protection bureau before taking action in order to avoid duplication of investigations and penalties, unless the administrator's investigation or penalties relate to acts or omissions separate from the federal consumer financial protection bureau activities.
(2)
Nothing in this article 21:
(a)
Creates a private right of action; or
(b)
Affects any remedy that a borrower may have pursuant to law other than this article 21.
Added by 2021 Ch. 482, §1, eff. 1/1/2022.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › DEBT MANAGEMENT (§§ 5-16-101 — 5-21-116) › Article 21 - COLORADO NONBANK MORTGAGE SERVICERS ACT (§§ 5-21-101 — 5-21-116) › Section 5-21-114 - Limitations

Notwithstanding article
80
of title
13
, all actions brought under this article 21 must be commenced within four years after the date on which any violation of this article 21 occurred or the date on which the last in a series of the 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 article 21; 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.
Added by 2021 Ch. 482,§ 1, eff. 1/1/2022.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › DEBT MANAGEMENT (§§ 5-16-101 — 5-21-116) › Article 21 - COLORADO NONBANK MORTGAGE SERVICERS ACT (§§ 5-21-101 — 5-21-116) › Section 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.
Added by 2021 Ch. 482,§ 1, eff. 1/1/2022.
2023 Colorado Revised Statutes › Title 5 - CONSUMER CREDIT CODE (§§ 5-1-101 — 5-21-116) › DEBT MANAGEMENT (§§ 5-16-101 — 5-21-116) › Article 21 - COLORADO NONBANK MORTGAGE SERVICERS ACT (§§ 5-21-101 — 5-21-116) › Section 5-21-116 - Reporting

(1)
The department of law shall include in its annual presentations held pursuant to section
2-7-203
updates concerning the administration of this article 21, including:
(a)
Complaints data, enforcement actions, and other relevant regulatory data; and
(b)
The use of fees collected by the administrator pursuant to this article 21 and the use of fees subject to section
12-10-718
that are reappropriated to the department of law pursuant to section
12-10-719
.
Added by 2021 Ch. 482,§ 1, eff. 1/1/2022.
2023 Colorado Revised Statutes › Title 6 - CONSUMER AND COMMERCIAL AFFAIRS (§§ 6-1-101 — 6-28-102) › FAIR TRADE AND RESTRAINT OF TRADE (§§ 6-1-101 — 6-6.5-101) › Article 1 - COLORADO CONSUMER PROTECTION ACT (§§ 6-1-101 — 6-1-1707) › Part 1 - CONSUMER PROTECTION - GENERAL (§§ 6-1-101 — 6-1-116) › Section 6-1-101 - Short title

This article shall be known and may be cited as the "Colorado Consumer Protection Act".
L. 69: p. 376, § 13. C.R.S. 1963: § 55-5-13.
2023 Colorado Revised Statutes › Title 6 - CONSUMER AND COMMERCIAL AFFAIRS (§§ 6-1-101 — 6-28-102) › FAIR TRADE AND RESTRAINT OF TRADE (§§ 6-1-101 — 6-6.5-101) › Article 1 - COLORADO CONSUMER PROTECTION ACT (§§ 6-1-101 — 6-1-1707) › Part 1 - CONSUMER PROTECTION - GENERAL (§§ 6-1-101 — 6-1-116) › Section 6-1-103 - Attorney general and district attorneys concurrently responsible for enforcement

The attorney general and the district attorneys of the several judicial districts of this state are concurrently responsible for the enforcement of this article 1. Until the Colorado supreme court adopts a venue provision relating to this article 1, actions instituted pursuant to this article 1 may be brought in the county where an alleged deceptive trade practice occurred or where any portion of a transaction involving an alleged deceptive trade practice occurred, or in the county where the principal place of business of any defendant is located, or in the county in which any defendant resides. An action under this article 1 brought by the attorney general or a district attorney does not require proof that a deceptive trade practice has a significant public impact.
Amended by 2019 Ch. 268,§ 1, eff. 5/23/2019.
L. 69: p. 376, § 11. C.R.S. 1963: § 55-5-11. L. 73: p. 620, § 4. L. 77: Entire section R&RE, p. 348, § 1, effective July 1. L. 87: Entire section amended, p. 357, § 2, effective July 1. L. 2019: Entire section amended, (HB 19-1289), ch. 268, p. 2515, § 1, effective May 23.
2023 Colorado Revised Statutes › Title 6 - CONSUMER AND COMMERCIAL AFFAIRS (§§ 6-1-101 — 6-28-102) › FAIR TRADE AND RESTRAINT OF TRADE (§§ 6-1-101 — 6-6.5-101) › Article 1 - COLORADO CONSUMER PROTECTION ACT (§§ 6-1-101 — 6-1-1707) › Part 1 - CONSUMER PROTECTION - GENERAL (§§ 6-1-101 — 6-1-116) › Section 6-1-104 - Cooperative reporting

The district attorneys may cooperate in a statewide reporting system by receiving, on forms provided by the attorney general, complaints from persons concerning deceptive trade practices listed in section
6-1-105
or part 7 or 13 of this article 1 and transmitting the complaints to the attorney general.
Amended by 2021 Ch. 483, § 2, eff. 7/1/2023.
L. 69: p. 376, § 10. C.R.S. 1963: § 55-5-10. L. 73: p. 619, § 3. L. 77: Entire section R&RE, p. 348, § 2, effective July 1. L. 86: Entire section amended, p. 445, § 2, effective April 17. L. 99: Entire section amended, p. 652, § 4, effective May 18.
Section 7(2) of chapter 483 (SB 21-190), Session Laws of Colorado 2021, provides that the act changing this section applies to conduct occurring on or after July 1, 2023.