Title 5, Consumer Credit Code
0 chapters · 368 sections in this title.
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…
Colo. Rev. Stat. § 5-12-101 Legal rate of interest
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If there is no agreement or provision of law for a different rate, the interest on money shall be at the rate of eight percent per annum, compounded annually. Source: L. 71: R&RE, p. 852, � 1. C.R.S. 1963: � 73-12-101. L. 75: Entire section amended, p. 257, � 1, effective July 1.…
Colo. Rev. Stat. § 5-12-102 Statutory interest - definition
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(1) Except as provided in section 13-21-101, C.R.S., when there is no agreement as to the rate thereof, creditors shall receive interest as follows: (a) When money or property has been wrongfully withheld, interest shall be an amount which fully recognizes the gain or benefit rea…
Colo. Rev. Stat. § 5-12-103 Greater rate may be stipulated
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(1) The parties to any bond, bill, promissory note, or other instrument of writing may stipulate therein for the payment of a greater or higher rate of interest than eight percent per annum, but not exceeding forty-five percent per annum, and any such stipulation may be enforced …
Colo. Rev. Stat. § 5-12-104 Warrants to bear six percent
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County orders and warrants, town and city and school orders and warrants, and other like evidences or certificates of municipal indebtedness, shall bear interest at the rate of six percent per annum from the date of the presentation thereof for payment at the treasury where the s…
Colo. Rev. Stat. § 5-12-105 Interest upon foreclosure
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In all cases where real estate shall be sold under execution or by virtue of the foreclosure of any mortgage, deed of trust, or other lien, the indebtedness and costs for which any certificate of purchase may issue shall bear interest at the rate specified in the original instrum…
Colo. Rev. Stat. § 5-12-106 Rate of interest on judgments which are appealed
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(1) Except as provided in section 13-21-101, C.R.S., where there is no written agreement as to the rate of interest, creditors shall receive interest as follows: (a) If a judgment for money in a civil case is appealed by a judgment debtor and the judgment is affirmed, interest, a…
Colo. Rev. Stat. § 5-12-107 Commercial credit plans - definitions
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(1) Any creditor may offer and extend credit to the debtor under a commercial credit plan. Without limitation, credit may be extended under a commercial credit plan by the creditor's acquisition of obligations including, without limitation, obligations arising out of the honoring…
Colo. Rev. Stat. § 5-13-101 Mortgages
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In accordance with section 501 (b)(2) of Public Law 96-221, it is declared that the state of Colorado does not want the provisions of subsection 501 (a)(1) of Public Law 96-221 removing the limits on the rate or amount of interest, discount points, finance charges, or other charg…
Colo. Rev. Stat. § 5-13-102 Business and agricultural loans
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In accordance with section 512 of Public Law 96-221, it is declared that the state of Colorado does not want the provisions of section 511 of Public Law 96-221 setting interest rates and preempting state interest rates on business and agricultural loans to apply in this state. Th…
Colo. Rev. Stat. § 5-13-103 Small business loans
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In accordance with section 524 of Public Law 96-221, it is declared that the state of Colorado does not want the amendments to the Small Business Investment Act made by section 524 of Public Law 96-221 prescribing interest rates for small business loans to apply in this state. Th…
Colo. Rev. Stat. § 5-13-104 Other loans. (Repealed)
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Source: L. 81: Entire article added, p. 400, � 1, effective July 1. L. 94: Entire section repealed, p. 1612, � 12, effective July 1.
Colo. Rev. Stat. § 5-13-105 General override. (Repealed)
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Source: L. 81: Entire article added, p. 400, � 1, effective July 1. L. 94: Entire section repealed, p. 1613, � 13, effective July 1.
Colo. Rev. Stat. § 5-13-106 Other loans - legislative declaration
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In accordance with section 525 of the federal Depository Institutions Deregulation and Monetary Control Act of 1980, Pub.L. 96-221, the general assembly declares that the state of Colorado does not want the amendments to the Federal Deposit Insurance Act, 12 U.S.C. sec. 1811 et s…
Colo. Rev. Stat. § 5-16-101 Short title
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The short title of this article 16 is the Colorado Fair Debt Collection Practices Act. Source: L. 2017: Entire article added with relocations, (HB 17-1238), ch. 260, p. 1079, � 1, effective August 9. Editor's note: This section is similar to former � 12-14-101 as it existed prior…
Colo. Rev. Stat. § 5-16-102 Scope of article
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(1) This article 16 shall apply to any collection agency, solicitor, or debt collector that has a place of business located: (a) Within this state; (b) Outside this state and collects or attempts to collect from consumers who reside within this state for a creditor with a place o…
Colo. Rev. Stat. § 5-16-103 Definitions
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As used in this article 16, unless the context otherwise requires: (1) Administrator means the administrator of the Uniform Consumer Credit Code, articles 1 to 9 of this title 5, whose office is created in the department of law in section 5-6-103. (2) Repealed. (3) (a) Collection…
Colo. Rev. Stat. § 5-16-104 Location information - acquisition
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(1) Any debt collector or collection agency communicating with any person other than the consumer for the purpose of acquiring location information about the consumer shall: (a) Identify himself or herself, state that he or she is confirming or correcting location information con…
Colo. Rev. Stat. § 5-16-105 Communication in connection with debt collection - definition - repeal
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(1) Without the prior consent of the consumer given directly to the debt collector or collection agency or the express permission of a court of competent jurisdiction, a debt collector or collection agency shall not communicate with a consumer in connection with the collection of…
Colo. Rev. Stat. § 5-16-106 Harassment or abuse
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(1) A debt collector or collection agency shall not engage in any conduct the natural consequence of which is to harass, oppress, or abuse any person in connection with the collection of a debt, including, but not limited to, the following conduct: (a) The use or threat of use of…
Colo. Rev. Stat. § 5-16-107 False or misleading representations - repeal
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(1) A debt collector or collection agency shall not use any false, deceptive, or misleading representation or means in connection with the collection of any debt, including the following conduct: (a) The false representation or implication that the debt collector or collection ag…
Colo. Rev. Stat. § 5-16-108 Unfair practices
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(1) A debt collector or collection agency shall not use unfair or unconscionable means to collect or attempt to collect any debt, including, but not limited to, the following conduct: (a) The collection of any amount, including any interest, fee, charge, or expense incidental to …
Colo. Rev. Stat. § 5-16-109 Validation of debts
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(1) Within five days after the initial communication with a consumer in connection with the collection of any debt, a debt collector or collection agency shall, unless the following information is contained in the initial communication or the consumer has paid the debt, send the …
Colo. Rev. Stat. § 5-16-109.5 Medical debt - requirements related to payment plans - collection prohibited during health insurance appeals - definition
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(1) (a) A debt collector or collection agency collecting on a medical debt that agrees to a payment plan with a consumer for the medical debt that is payable in four or more installments shall provide a written copy of the payment plan to the consumer within seven days after ente…
Colo. Rev. Stat. § 5-16-110 Multiple debts
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If any consumer owes multiple debts and makes any single payment to any collection agency with respect to such debts, the collection agency shall not apply the payment to any debt which is disputed by the consumer and when so informed shall apply the payment in accordance with th…
Colo. Rev. Stat. § 5-16-111 Legal actions by collection agencies
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(1) Any debt collector or collection agency who brings any legal action on a debt against any consumer shall: (a) In the case of an action to enforce an interest in real property securing the consumer's obligation, bring the action only in a judicial district or similar legal ent…