Limitation on default charges

Colo. Rev. Stat. § 5-3-302, under LIMITATIONS ON CONSUMERS' LIABILITIES.

Colo. Rev. Stat. § 5-3-302

Except for reasonable expenses incurred in realizing on a security interest, the agreement with respect to a consumer credit transaction may not provide for charges as a result of default by the consumer other than those authorized by this code. A provision in violation of this section is unenforceable.

Source: L. 2000: Entire article R&RE, p. 1221, § 1, effective July 1.