Title 5, Consumer Credit Code
0 chapters · 368 sections in this title.
Colo. Rev. Stat. § 5-20-101 Short title
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The short title of this article 20 is the Colorado Student Loan Equity Act. Source: L. 2019: Entire article added, (SB 19-002), ch. 157, p. 1856, � 2, effective August 2. L. 2021: Entire section amended, (SB 21-057), ch. 378, p. 2515, � 2, effective June 29.
Colo. Rev. Stat. § 5-20-102 Scope of article - residence of debtor
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(1) This part 1 applies to any person engaged in servicing a student education loan owed by an individual who is a resident of this state. For the purposes of this article 20, the residence of an individual is the address given by the individual as the individual's residence to t…
Colo. Rev. Stat. § 5-20-103 Definitions
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As used in this article 20, unless the context otherwise requires: (1) Administrator means the administrator designated in section 5-6-103. (2) Consumer reporting agency has the meaning established in section 5-18-103 (4). (3) Education expenses means any expense related, in whol…
Colo. Rev. Stat. § 5-20-104 Student loan ombudsperson - report - fund - rules
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(1) The administrator shall designate, support, and maintain a student loan ombudsperson to provide timely assistance to student loan borrowers. The student loan ombudsperson, in consultation with the administrator, shall: (a) Complaints. Receive, review, and attempt to resolve c…
Colo. Rev. Stat. § 5-20-105 License required
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On or after January 31, 2020, a person shall not act as a student loan servicer, directly or indirectly, without first obtaining a student loan servicing license from the administrator pursuant to this part 1. Source: L. 2019: Entire article added, (SB 19-002), ch. 157, p. 1860, …
Colo. Rev. Stat. § 5-20-106 Licensure of student loan servicers - definition
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(1) Automatic issuance of license for federal student loan servicing contractors. (a) A person seeking to act within this state as a student loan servicer is exempt from the application procedures described in subsection (2) of this section upon a determination by the administrat…
Colo. Rev. Stat. § 5-20-107 License and investigation fees
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(1) A person applying for licensure under section 5-20-106 (1) or (2) shall pay the following nonrefundable fees established by the administrator: (a) Initial license fee of at least one thousand dollars; (b) Annual renewal fee of at least one thousand dollars; and (c) Investigat…
Colo. Rev. Stat. § 5-20-108 Affirmative acts required of student loan servicers - definitions
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(1) Except as otherwise provided in federal law, federal student education loan agreements, or a contract between the federal government and a student loan servicer, a student loan servicer shall take the actions specified in this section. (2) (a) A student loan servicer shall re…
Colo. Rev. Stat. § 5-20-109 Prohibited acts of student loan servicers
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(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 wi…
Colo. Rev. Stat. § 5-20-110 Powers and duties of the administrator - rules
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(1) The administrator may conduct investigations and examinations as follows: (a) For purposes of initial licensing, license renewal, license suspension, license revocation or termination, or general or specific inquiry or investigation to determine compliance with this article 2…
Colo. Rev. Stat. § 5-20-111 Compliance with federal law
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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 …
Colo. Rev. Stat. § 5-20-112 Civil action
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(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: (…
Colo. Rev. Stat. § 5-20-113 Application of administrative procedures - provisions
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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. Source: L. 2019: Entire arti…
Colo. Rev. Stat. § 5-20-114 Administrative enforcement orders
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(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.…
Colo. Rev. Stat. § 5-20-115 Assurance of discontinuance
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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, …
Colo. Rev. Stat. § 5-20-116 Injunctions
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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…
Colo. Rev. Stat. § 5-20-117 Civil actions by the administrator
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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 thi…
Colo. Rev. Stat. § 5-20-118 Limitations
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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 …
Colo. Rev. Stat. § 5-20-119 Confidential information
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(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…
Colo. Rev. Stat. § 5-20-201 Scope of part - construction with other laws - legislative declaration
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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,…
Colo. Rev. Stat. § 5-20-202 Definitions
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As used in this part 2, unless the context otherwise requires: (1) Collection agency means a collection agency, as defined in section 5-16-103 (3), that collects or attempts to collect, directly or indirectly, a consumer debt resulting from a private education credit obligation. …
Colo. Rev. Stat. § 5-20-203 Registration of private education creditors - penalties - rules
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(1) On or after September 1, 2021, a person shall not offer or make a private education loan to a resident of Colorado without first registering with the administrator as provided in this section. (2) A private education creditor shall: (a) Register with the administrator pursuan…
Colo. Rev. Stat. § 5-20-204 Cosigner disclosures
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(1) Before extending a private education credit obligation that requires a cosigner, a private education creditor shall disclose to the cosigner: (a) How the private education credit obligation will appear on the cosigner's credit; (b) How the cosigner will be notified if the pri…
Colo. Rev. Stat. § 5-20-205 Cosigner release - definition
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(1) A creditor shall not impose any restriction that permanently bars a private education credit borrower from qualifying for cosigner release, including restricting the number of times a private education credit borrower may apply for cosigner release. (2) A creditor shall not i…
Colo. Rev. Stat. § 5-20-206 Cosigner rights
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(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…
Colo. Rev. Stat. § 5-20-207 Bankruptcy or death of cosigner
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(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 credito…
Colo. Rev. Stat. § 5-20-208 Total and permanent disability of the private education credit borrower or cosigner
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(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 …
Colo. Rev. Stat. § 5-20-209 Refinancing - additional disclosures - limitations on default pending approval
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(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 credi…
Colo. Rev. Stat. § 5-20-210 Prohibited conduct
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(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 un…
Colo. Rev. Stat. § 5-20-211 Record retention - confidentiality
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(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 shal…
Colo. Rev. Stat. § 5-20-212 Collection on debt - prerequisites - documentation
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(1) Unless the private education credit borrower has invoked the borrower's right to cease communication with the collection agency, a collection agency attempting to collect a private education credit obligation shall provide the following information, in addition to any other i…
Colo. Rev. Stat. § 5-20-213 Actions - counterclaims
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(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 …
Colo. Rev. Stat. § 5-20-214 Remedies - civil actions - limitations - deceptive trade practice
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(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 requir…