Title 5, Consumer Credit Code
0 chapters · 368 sections in this title.
Colo. Rev. Stat. § 5-18-111 Consumer report information block
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(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…
Colo. Rev. Stat. § 5-18-112 Security freeze - timing - covered entities - cost
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(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…
Colo. Rev. Stat. § 5-18-112.5 Security freeze for protected consumers
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(1) A representative may place a security freeze on a protected consumer's consumer report or record by: (a) Submitting a written request to a consumer reporting agency in the manner prescribed by that agency; and (b) Providing the consumer reporting agency with sufficient proof …
Colo. Rev. Stat. § 5-18-113 Notice of rights
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(1) At any time that a consumer is required to receive a summary of rights required under section 609 of the federal Fair Credit Reporting Act or under state law, the following notice shall be included: State Consumers Have the Right to Obtain a Security Freeze You may obtain a s…
Colo. Rev. Stat. § 5-18-113.5 Notice of rights regarding protected consumers
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Whenever a consumer reporting agency is required to provide a summary of rights to a consumer under section 609 of the federal Fair Credit Reporting Act, 15 U.S.C. sec. 1681g, as amended, or under state law, the following notice must be included: State Consumers Have the Right to…
Colo. Rev. Stat. § 5-18-114 Security freeze - prohibition of changing official information in credit report or record
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If a security freeze is in place, a consumer reporting agency shall not change any of the following official information in a consumer report or record without sending a written notice of the change to the consumer or to a protected consumer’s representative within thirty days af…
Colo. Rev. Stat. § 5-18-115 Security freeze - exemptions
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(1) (a) Except as specified in subsection (1)(b) of this section, sections 5-18-112 to 5-18-114 do not apply to a consumer reporting agency that: (I) Acts only as a reseller of credit information by assembling and merging information contained in the database of another consumer …
Colo. Rev. Stat. § 5-18-116 Consumer's right to file action in court or arbitrate disputes
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(1) A consumer, protected consumer, or protected consumer's representative may bring an action to enforce any obligation a consumer reporting agency has to a consumer, protected consumer, or protected consumer's representative under this article 18 in any court of competent juris…
Colo. Rev. Stat. § 5-18-117 Violations
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(1) A consumer reporting agency that willfully violates this article 18 or the federal Fair Credit Reporting Act, 15 U.S.C. sec. 1681c, as amended, is liable for three times the amount of actual damages or one thousand dollars, whichever is greater, for a violation of section 5-1…
Colo. Rev. Stat. § 5-18-118 Provisions of article cumulative
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The provisions of this article 18 are cumulative, and any action taken under the provisions of this article 18 shall not constitute an election to take any such action to the exclusion of any other action authorized by law; except that a credit reporting agency shall not be subje…
Colo. Rev. Stat. § 5-19-101 Short title
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The short title of this part 1 is the Colorado Credit Services Organization Act. Source: L. 2017: Entire article added with relocations, (HB 17-1238), ch. 260, p. 1131, � 4, effective August 9. Editor's note: This section is similar to former � 12-14.5-101 as it existed prior to …
Colo. Rev. Stat. § 5-19-102 Legislative declaration
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(1) The general assembly finds and declares that: (a) The ability to obtain and use credit has become of great importance to consumers, who have a vital interest in establishing and maintaining their creditworthiness and credit standing. The extension or receipt of credit has val…
Colo. Rev. Stat. § 5-19-103 Definitions
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As used in this part 1, unless the context otherwise requires: (1) Buyer means any individual who is solicited to purchase or who purchases the services of a credit services organization. (2) Credit services organization means any person, including a nonprofit organization exempt…
Colo. Rev. Stat. § 5-19-104 Prohibited acts
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(1) A credit services organization; its salespersons, agents, and representatives; and independent contractors who sell or attempt to sell the services of a credit services organization shall not: (a) Charge or receive any money or other valuable consideration prior to full and c…
Colo. Rev. Stat. § 5-19-105 Written disclosure required
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Before the execution of a contract or agreement between the buyer and a credit services organization or before the receipt by the credit services organization of any money or other valuable consideration, whichever occurs first, the credit services organization shall provide the …
Colo. Rev. Stat. § 5-19-106 Content of written disclosure
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(1) The information statement required pursuant to section 5-19-105 shall be printed in at least ten-point type and shall include: (a) The following statements concerning consumer credit reports and consumer credit agencies: RIGHTS UNDER COLORADO AND FEDERAL LAW You have a right …
Colo. Rev. Stat. § 5-19-107 Written contracts required
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(1) Each contract between the buyer and a credit services organization for the purchase of the services of the credit services organization shall be in writing, dated, signed by the buyer, and include the following: (a) A conspicuous statement in bold-faced type, in immediate pro…
Colo. Rev. Stat. § 5-19-108 Waivers and exemptions
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(1) Any waiver by a buyer of any part of this part 1 is void as against public policy. Any attempt by a credit services organization to have a buyer waive rights given by this part 1 is a violation of this part 1. (2) In any proceeding involving this part 1, the burden of proving…
Colo. Rev. Stat. § 5-19-109 Criminal penalties and injunctive relief
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(1) Any person who violates any provision of this part 1 commits a class 1 misdemeanor and shall be punished as provided in section 18-1.3-501. Violating any provision of this part 1 with respect to any buyer shall constitute a class 1 public nuisance subject to the provisions of…
Colo. Rev. Stat. § 5-19-110 Powers of administrator of the uniform consumer credit code and district attorney - subpoenas - hearings - notification - cease-and-desist orders - definitions
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(1) When the administrator of the uniform consumer credit code or district attorney has cause to believe that any person, whether located in this state or elsewhere, has violated or is violating any provision of this part 1, the administrator or district attorney may, in addition…
Colo. Rev. Stat. § 5-19-111 Damages
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(1) Any buyer injured by a violation of this part 1 or by a credit services organization's breach of contract subject to this part 1 may maintain an action in a court of competent jurisdiction for recovery of actual damages, plus cost of suit and reasonable attorney fees. In case…
Colo. Rev. Stat. § 5-19-112 Aiding or assisting violation
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Any individual who, as a director, officer, partner, member, salesperson, agent, or representative of a credit services organization that violates this part 1, assists or aids, directly or indirectly, in such violation shall be responsible therefor and subject to the criminal pen…
Colo. Rev. Stat. § 5-19-113 Remedies cumulative
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The remedies provided for in this part 1 are cumulative and in addition to any other procedures or remedies for any violation or conduct provided for in any other law. Source: L. 2017: Entire article added with relocations, (HB 17-1238), ch. 260, p. 1137, � 4, effective August 9.…
Colo. Rev. Stat. § 5-19-114 Relation between parts of article
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In the event of a conflict between part 2 of this article 19 and this part 1, the provisions of part 2 of this article 19 shall control. A credit service organization that also performs debt-management services shall comply with the requirements of part 2 of this article 19. Sour…
Colo. Rev. Stat. § 5-19-201 Short title
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The short title of this part 2 is the Uniform Debt-Management Services Act. Source: L. 2017: Entire article added with relocations, (HB 17-1238), ch. 260, p. 1137, � 4, effective August 9. Editor's note: This section is similar to former � 12-14.5-201 as it existed prior to 2017.…
Colo. Rev. Stat. § 5-19-202 Definitions
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As used in this part 2, unless the context otherwise requires: (1) Administrator means the assistant attorney general designated by the attorney general pursuant to section 5-6-103. (2) Affiliate: (A) With respect to an individual, means: (i) The spouse of the individual; (ii) A …
Colo. Rev. Stat. § 5-19-203 Exempt agreements and persons
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(a) This part 2 does not apply to an agreement with an individual who the provider has no reason to know resides in this state at the time of the agreement. (b) This part 2 does not apply to a provider to the extent that the provider: (1) Provides or agrees to provide debt-manage…
Colo. Rev. Stat. § 5-19-204 Registration required
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(a) Except as otherwise provided in subsection (b) of this section, on or after July 1, 2008, a provider may not provide debt-management services to an individual who it reasonably should know resides in this state at the time it agrees to provide the services, unless the provide…
Colo. Rev. Stat. § 5-19-205 Application for registration - form, fee, and accompanying documents - repeal
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(a) An application for registration as a provider shall be in a form prescribed by the administrator. (b) An application for registration as a provider shall be accompanied by: (1) The fee established by the administrator. The administrator shall transmit the fee to the state tre…
Colo. Rev. Stat. § 5-19-206 Application for registration - required information
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An application for registration shall be signed under penalty of false statement and include: (1) The applicant's name, principal business address and telephone number, and all other business addresses in this state, electronic-mail addresses, and internet website addresses; (2) …
Colo. Rev. Stat. § 5-19-206.5 Name-based judicial record check
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When the results of a fingerprint-based criminal history record check of an officer of the applicant or employee or agent of the applicant performed pursuant to section 5-19-206 (12) reveal a record of arrest without a disposition, the administrator shall require that person to s…
Colo. Rev. Stat. § 5-19-206.7 Remote work authorized - definition
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(1) Subject to rules adopted by the administrator, nothing in this part 2 prohibits a registered provider from permitting its employees to work from a remote location so long as the registered provider: (a) Ensures that no in-person customer interactions are conducted at the remo…
Colo. Rev. Stat. § 5-19-207 Application for registration - obligation to update information
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An applicant or registered provider shall notify the administrator within fifteen days after a change in the information specified in section 5-19-205 (b)(5) or section 5-19-206 (1), (3), (6), (10), or (11). Source: L. 2017: Entire article added with relocations, (HB 17-1238), ch…
Colo. Rev. Stat. § 5-19-208 Application for registration - public information
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Except for the information required by section 5-19-206 (7), (9), (12), (13), and (15), and the addresses required by section 5-19-206 (4), the administrator shall make the information in an application for registration as a provider available to the public. Source: L. 2017: Enti…
Colo. Rev. Stat. § 5-19-209 Certificate of registration - issuance or denial
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(a) Except as otherwise provided in subsections (b) and (c) of this section, the administrator shall issue a certificate of registration as a provider to a person that complies with sections 5-19-205 and 5-19-206. (b) The administrator may deny registration if: (1) The applicatio…
Colo. Rev. Stat. § 5-19-210 Certificate of registration - timing
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(a) The administrator shall approve or deny an initial registration as a provider within ninety days after an application is filed. In connection with a request pursuant to section 5-19-206 (17) for additional information, the administrator may extend the ninety-day period for no…
Colo. Rev. Stat. § 5-19-211 Renewal of registration
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(a) A provider shall obtain a renewal of its registration annually before the expiration date of the registration to be renewed, as specified in this section. (b) An application for renewal of registration as a provider shall be in a form prescribed by the administrator, signed u…
Colo. Rev. Stat. § 5-19-212 Registration in another state
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If a provider holds a license or certificate of registration in another state authorizing it to provide debt-management services, the provider may submit a copy of that license or certificate and the application for it instead of an application in the form prescribed by section 5…
Colo. Rev. Stat. § 5-19-213 Bond required
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(a) Except as otherwise provided in section 5-19-214, a provider that is required to be registered under this part 2 shall file a surety bond with the administrator, which shall: (1) Be in effect during the period of registration and for two years after the provider ceases provid…
Colo. Rev. Stat. § 5-19-214 Bond required - substitute
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(a) Instead of the surety bond required by section 5-19-213, a provider may deliver to the administrator, in the amount required by section 5-19-213 (b), and, except as otherwise provided in subsection (a)(1) of this section, payable or available to this state and to individuals …
Colo. Rev. Stat. § 5-19-215 Good faith requirement
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A provider shall act in good faith in all matters under this part 2. Source: L. 2017: Entire article added with relocations, (HB 17-1238), ch. 260, p. 1149, � 4, effective August 9. Editor's note: This section is similar to former � 12-14.5-215 as it existed prior to 2017.
Colo. Rev. Stat. § 5-19-216 Customer service
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A provider required to be registered under this part 2 shall maintain a toll-free communication system, staffed at a level that reasonably permits an individual to speak to a counselor, debt specialist, or customer-service representative, as appropriate, during ordinary business …
Colo. Rev. Stat. § 5-19-217 Prerequisites for providing debt-management services
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(a) Before providing or contracting to provide debt-management services, a registered provider shall give the individual an itemized list of goods and services and the charges for each. The list shall be clear and conspicuous, be in a record the individual may keep whether or not…
Colo. Rev. Stat. § 5-19-218 Communication by electronic or other means - definitions
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(a) As used in this section, unless the context otherwise requires: (1) Consumer means an individual who seeks or obtains goods or services that are used primarily for personal, family, or household purposes. (2) Federal act means the federal Electronic Signatures in Global and N…
Colo. Rev. Stat. § 5-19-219 Form and contents of agreement
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(a) An agreement shall: (1) Be in a record; (2) Be dated and signed by the provider and the individual; (3) Include the name of the individual and the address where the individual resides; (4) Include the name, business address, and telephone number of the provider; (5) Be delive…
Colo. Rev. Stat. § 5-19-220 Cancellation of agreement - waiver
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(a) An individual may cancel an agreement before midnight of the third business day after the individual assents to it, unless the agreement does not comply with subsection (b) of this section or section 5-19-219 or 5-19-228, in which event the individual may cancel the agreement…
Colo. Rev. Stat. § 5-19-221 Required language
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Unless the administrator, by rule, provides otherwise, the disclosures and documents required by this part 2 shall be in English. If a provider communicates with an individual primarily in a language other than English, the provider shall furnish a translation into the other lang…
Colo. Rev. Stat. § 5-19-222 Trust account
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(a) All money paid to a provider by or on behalf of an individual pursuant to a plan for distribution to creditors is held in trust. Within two business days after receipt, the provider shall deposit the money in a trust account established for the benefit of individuals to whom …
Colo. Rev. Stat. § 5-19-223 Fees and other charges - rules
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(a) A provider may not impose directly or indirectly a fee or other charge on an individual or receive money from or on behalf of an individual for debt-management services except as permitted by this section. (b) A provider may not impose charges or receive payment for debt-mana…
Colo. Rev. Stat. § 5-19-224 Voluntary contributions
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A provider may not solicit a voluntary contribution from an individual or an affiliate of the individual for any service provided to the individual. A provider may accept voluntary contributions from an individual but, until thirty days after completion or termination of a plan, …