Title 5, Consumer Credit Code

Any person acting as a collection agency must possess a valid license issued by the administrator in accordance with this article 16 and any rules adopted pursuant thereto. Source: L. 2017: Entire article added with relocations, (HB 17-1238), ch. 260, p. 1093, § 1, effective Augu…

(1) As requisites for licensure, an applicant for a collection agency license shall: (a) (I) Be owned by, or employ as collections manager or an executive officer of the agency, at least one individual who has been engaged in a responsible position in an established collection ag…

(1) Upon the approval of the license application by the administrator and the satisfaction of all application requirements, the administrator shall issue the applicant a license to operate as a collection agency. (2) The administrator may deny any application for a license or its…

Each licensee shall make an application to renew its license in the form and manner prescribed by the administrator. The application shall be accompanied by a nonrefundable renewal fee in an amount determined by the administrator. Source: L. 2017: Entire article added with reloca…

(1) (a) Upon any of the following changes, the licensee shall notify the administrator in writing of the change within thirty days after its occurrence: (I) Change of business name or address; (II) If a corporation or limited liability company, change in ownership of ten or more …

(1) A licensee shall: (a) Maintain, at all times, liquid assets in the form of deposit accounts in the total sum of not less than two thousand five hundred dollars more than all sums due and owing to all of its clients; (b) (I) (A) Maintain, at all times, an office within this st…

(1) Each licensee shall maintain at all times and each applicant shall file, prior to the issuance of any license to the applicant, a bond in the sum of twelve thousand dollars plus an additional two thousand dollars for each ten thousand dollars or part thereof by which the aver…

(1) In addition to the unlawful acts specified in sections 5-16-112 and 5-16-115, it is unlawful and a violation of this article 16 for any person: (a) To refuse or fail to comply with section 5-16-104, 5-16-105, 5-16-106, 5-16-107, 5-16-108, 5-16-109, 5-16-110, 5-16-118, 5-16-11…

An action or proceeding brought by the administrator pursuant to this article 16 or pursuant to any rule issued by the administrator under this article 16 must be brought within two years after the date on which the violation occurred. Source: L. 2017: Entire section added, (SB 1…

Any person who violates any provision of section 5-16-125 (1), (2), (3), or (4) commits a class 1 misdemeanor and shall be punished as provided in section 18-1.3-501. Source: L. 2017: Entire article added with relocations, (HB 17-1238), ch. 260, p. 1101, § 1, effective August 9.

(1) Upon filing with the administrator by any interested person a written complaint charging any person with a violation of this article 16, any rule adopted pursuant to this article 16, or any lawful order of the administrator, the administrator shall conduct an investigation. (…

(1) Any interested person may file a written complaint with the executive director of the department of personnel charging a debt collector in the employ of the department of personnel with a violation of: (a) This article 16 or a rule promulgated pursuant to this article 16; (b)…

The administrator shall keep a suitable record of all license applications and bonds required to be filed. The record shall state whether a license has been issued under the application and bond and, if revoked, the date of the filing of the order of revocation. The administrator…

County courts shall have concurrent jurisdiction with the district courts of this state in all criminal prosecutions for violations of this article 16. Source: L. 2017: Entire article added with relocations, (HB 17-1238), ch. 260, p. 1104, § 1, effective August 9.

It is the duty of the district attorney to prosecute all violations of the provisions of this article 16 occurring within his or her district. Source: L. 2017: Entire article added with relocations, (HB 17-1238), ch. 260, p. 1104, § 1, effective August 9.

The remedies provided in this article 16 are in addition to and not exclusive of any other remedies provided by law. Source: L. 2017: Entire article added with relocations, (HB 17-1238), ch. 260, p. 1104, § 1, effective August 9.

The district court in and for the city and county of Denver, upon application of the administrator, may issue an injunction or other appropriate order restraining any person from a violation of this article 16 and may appoint a receiver or award other relief to effectuate the pro…

(1) Repealed. (1.5) On and after July 1, 2024, the state treasurer shall credit all fees collected under this article 16 to the consumer credit unit cash fund created in section 5-2-302 (11). (2) All fines collected pursuant to this article 16, including but not limited to fines …

This article 16 applies to debt buyers with respect to consumer debts sold or resold on or after January 1, 2018. Source: L. 2017: Entire section added, (SB 17-216), ch. 285, p. 1581, § 11, effective June 1.

(1) The advisory council for debt collection, referred to in this section as the "advisory council", is created in the department of law. The advisory council consists of three members appointed by the attorney general as follows: (a) One member representing a debt collection age…

This article 16 is repealed, effective September 1, 2028. Before its repeal, this article 16 is scheduled for review in accordance with section 24-34-104. Source: L. 2017: Entire section amended, (SB 17-216), ch. 285, p. 1577, § 2, effective June 1; entire article added with relo…

The general assembly finds and determines that, to ensure that families receive the maximum amount of child support established by court or administrative order, additional consumer protections are needed for parents entitled to receive child support who contract with private col…

As used in this article 17, unless the context otherwise requires: (1) "Arrears" or "arrearages" shall have the same meaning as provided in section 26-13.5-102 (2). (2) "Child support" means any amount required to be paid pursuant to a judicial or administrative child support ord…

(1) Except as otherwise provided by the particular provisions of this article 17, this article 17 supplements the requirements of the "Colorado Fair Debt Collection Practices Act", article 16 of this title 5, including but not limited to prohibited practices, licensing, and admin…

(1) A collector may not engage in any fraudulent, unfair, deceptive, or misleading act or practice in soliciting an obligee to enter into a contract for the provision of child support enforcement services or in offering or performing a service pursuant to such a contract, includi…

(1) A private child support collector may not charge an obligee a fee unless: (a) Before the obligee authorizes the fee, the amount of the fee, including the basis upon which the amount of the fee is calculated, is described accurately to the obligee in simple, easy-to-understand…

(1) In order to perform a child support enforcement service for an obligee, a collector shall enter into a written private child support enforcement service contract that: (a) Meets the requirements of this section; (b) Has been delivered to the obligee in a form that the obligee…

(1) A collector shall, on a monthly basis, provide to the obligee an accurate and up-to-date accounting that meets the requirements of rules promulgated by the administrator under section 5-17-113. The accounting shall be provided to the obligee by mail, telephone, or secure inte…

(1) In lieu of section 5-16-109, the following verification provisions shall apply to the collection of child support by a collector: (a) Not later than five days after a collector initially communicates with an obligor on behalf of an obligee with respect to the collection of ch…

(1) An obligee may cancel a private child support enforcement service contract with a collector at any time within thirty days of signing the contract or after any twelve consecutive months in which the collector fails to make a collection. The notification of cancellation shall …

The provisions of section 5-16-113, with the exception of the statute of limitations set forth in section 5-16-113 (5), shall apply to any violation of this article 17 and are in addition to and not exclusive of any other remedies provided by law. Source: L. 2017: Entire article …

This article 17 shall be enforced by the administrator, as defined in section 5-16-103 (1), and may be enforced as provided in article 16 of this title 5. Except as otherwise provided in or limited by this article 17, all rules adopted pursuant to section 5-16-114 shall apply to …

(1) An action to enforce any liability under this article 17 may be brought before the later of: (a) The end of the five-year period beginning on the date of the occurrence of the violation involved; or (b) In a case in which a collector willfully misrepresents any information th…

(1) The administrator shall promulgate rules related to the notice required to be provided to the obligee in section 5-17-106 (2) and the accounting required to be provided in section 5-17-107. (2) The notice required by section 5-17-106 (2) shall, at a minimum, address the follo…

The short title of this article 18 is the "Colorado Consumer Credit Reporting Act". Source: L. 2017: Entire article added with relocations, (HB 17-1238), ch. 260, p. 1114, § 3, effective August 9.

The general assembly finds and declares that the use of consumer reporting agencies is increasing rapidly as consumer credit transactions become the rule rather than the exception in every-day consumer purchasing. Consumer credit reports by consumer reporting agencies may report …

As used in this article 18, unless the context otherwise requires: (1) "Adverse action" includes: (a) The denial of, increase in any charge for, or reduction in the amount of insurance for personal, family, or household purposes; (b) The denial of employment or any other decision…

(1) A consumer reporting agency may furnish a consumer report only under the following circumstances: (a) In response to an order of a court having jurisdiction to issue such an order; (b) In accordance with the written instructions of the consumer to whom it relates; and (c) To …

Whenever a consumer reporting agency prepares a consumer report, including reports that include criminal justice records, the agency shall follow reasonable procedures to assure maximum possible accuracy of the information concerning the consumer about whom the report relates, in…

(1) A consumer reporting agency shall, upon written or verbal request and proper identification of any consumer, clearly, accurately, and in a manner that is understandable to the consumer, disclose to the consumer, in writing, all information in its files at the time of the requ…

(1) In connection with an application for an extension of credit for a consumer purpose that is to be secured by a dwelling, the consumer reporting agency shall, upon the written request of the consumer, contained either in the application for an extension of credit or in a separ…

(1) A consumer reporting agency shall not impose a charge for: (a) A request for a copy of the consumer's file made within sixty days after adverse action is taken; or (b) Notifying any person designated by the consumer, pursuant to the applicable provisions of the federal "Fair …

(1) Except as authorized under subsection (2) of this section, a consumer reporting agency shall not make any consumer report containing any of the following items of information: (a) Cases under title 11 of the United States Code, or under the federal bankruptcy act that, from t…

(1) If the completeness or accuracy of any item of information contained in the consumer's file is disputed by the consumer and the consumer notifies the consumer reporting agency directly of the dispute, the agency shall reinvestigate the item free of charge and record the curre…

(1) (a) A consumer reporting agency shall, within thirty days after the receipt of a police report or order pursuant to this subsection (1)(a), permanently block the reporting of any information that a consumer identifies on his or her consumer report as being subject to either a…

(1) (a) A consumer may elect to place a security freeze on his or her consumer report by making a request in writing by certified mail to a consumer reporting agency. (b) Except as provided in subsections (6)(b) and (11) of this section, if a security freeze is in place, informat…