Title 5, Consumer Credit Code
0 chapters · 368 sections in this title.
Colo. Rev. Stat. § 5-10-1001 Advertising
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(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 p…
Colo. Rev. Stat. § 5-10-101 Short title
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This article shall be known and may be cited as the Colorado Rental Purchase Agreement Act. Source: L. 90: Entire article added, p. 366, � 1, effective January 1, 1991.
Colo. Rev. Stat. § 5-10-102 Legislative declaration
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(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 discl…
Colo. Rev. Stat. § 5-10-103 Waiver - agreement to forego rights - prohibited
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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. Source: L. 90: En…
Colo. Rev. Stat. § 5-10-104 Effective date
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Notwithstanding the provisions of section 5-9-101, this article shall take effect January 1, 1991. Source: L. 90: Entire article added, p. 367, � 1, effective January 1, 1991.
Colo. Rev. Stat. § 5-10-105 Supplementary general principles of law applicable
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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 …
Colo. Rev. Stat. § 5-10-201 Application
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(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 t…
Colo. Rev. Stat. § 5-10-202 Exclusions
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(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…
Colo. Rev. Stat. § 5-10-301 Definitions
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(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 ag…
Colo. Rev. Stat. § 5-10-401 Disclosures
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(1) A lessor shall disclose to a lessee in a rental purchase agreement the information required either by this part 4 or by the provisions of the federal Consumer Credit Protection Act if the federal Consumer Credit Protection Act is amended to cover disclosure in a rental purcha…
Colo. Rev. Stat. § 5-10-402 Form requirements
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(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…
Colo. Rev. Stat. § 5-10-403 Receipts
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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. Source: L. 90: Entire article added, p. 370, �…
Colo. Rev. Stat. § 5-10-501 Acquiring ownership
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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. Source: L. 90: Entire article added, p. 370, � 1, effective January 1, 1991.
Colo. Rev. Stat. § 5-10-502 Prohibited provisions
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(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…
Colo. Rev. Stat. § 5-10-503 Balloon payments
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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)…
Colo. Rev. Stat. § 5-10-504 Prohibited charges
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(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 aut…
Colo. Rev. Stat. § 5-10-601 Additional charges
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(1) A lessor may contract for and receive an initial nonrefundable fee not to exceed ten dollars per contract. Should any security deposit be required by the lessor, the amount of such deposit and the conditions under which it will be returned shall be disclosed with the disclosu…
Colo. Rev. Stat. § 5-10-602 Reinstatement fees
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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. Source: L. 90: Entire article added, p. 372, � 1, effective January 1, 1991.
Colo. Rev. Stat. § 5-10-603 Liability damage waivers - fees
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(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 renewa…
Colo. Rev. Stat. § 5-10-604 Taxes
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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. Source: L. 90: Entire article added, p. 373, � 1, effective January 1, 1991.
Colo. Rev. Stat. § 5-10-701 Lessee's remedies - reinstatement
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(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 a…
Colo. Rev. Stat. § 5-10-702 Limitations on lessor's remedies
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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 purcha…
Colo. Rev. Stat. § 5-10-703 Assignee liability
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(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 negot…
Colo. Rev. Stat. § 5-10-704 Notice of assignment
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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 re…
Colo. Rev. Stat. § 5-10-801 Administrator responsibility
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(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 o…
Colo. Rev. Stat. § 5-10-802 Lessor's records and investigations
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(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 administ…
Colo. Rev. Stat. § 5-10-803 Assurance of discontinuance
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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 d…
Colo. Rev. Stat. § 5-10-804 Notification by lessors - contents - repeal
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(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 …
Colo. Rev. Stat. § 5-10-805 Fees
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(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 …
Colo. Rev. Stat. § 5-10-901 Unlawful acts - fines - deceptive trade practice
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(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 sha…
Colo. Rev. Stat. § 5-10-902 Remedies of lessee
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(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 …
Colo. Rev. Stat. § 5-10-903 Unconscionability
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(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 remaind…
Colo. Rev. Stat. § 5-10-904 Effect of correction
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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…
Colo. Rev. Stat. § 5-10-905 Statute of limitations
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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 w…