Title 5, Consumer Credit Code
0 chapters · 368 sections in this title.
Colo. Rev. Stat. § 5-3-110 Advertising
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(1) A creditor may not advertise, print, display, publish, distribute, broadcast, transmit or cause to be advertised, printed, displayed, published, distributed, broadcast, or transmitted in any manner any false, misleading, or deceptive statement or representation with regard to…
Colo. Rev. Stat. § 5-3-111 Use of credit scores
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Any provision in a contract that prohibits the disclosure of a credit score by a consumer reporting agency or a person who makes or arranges loans secured by a dwelling is void. For the purposes of this section, dwelling means a residential structure that contains one to four uni…
Colo. Rev. Stat. § 5-3-201 Security in sales or leases
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(1) With respect to a consumer credit sale, a creditor may take a security interest in the property sold. In addition, a creditor may take a security interest in goods upon which services are performed or to which goods sold are annexed, or in land to which the goods are affixed …
Colo. Rev. Stat. § 5-3-202 Cross-collateral
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(1) In addition to contracting for a security interest pursuant to the provisions on security in sales or leases contained in section 5-3-201, a seller in a consumer credit sale may secure the debt arising from the sale by contracting for a security interest in other property if …
Colo. Rev. Stat. § 5-3-203 Debt secured by cross-collateral
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(1) If debts arising from two or more consumer credit sales, other than sales pursuant to a revolving credit account, are secured by cross-collateral or consolidated into one debt payable on a single schedule of payments and the debt is secured by security interests taken with re…
Colo. Rev. Stat. § 5-3-204 Restrictions on interest in land as security
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(1) With respect to a consumer loan in which the amount financed is three thousand dollars or less, a lender may not contract for an interest in land as security. A security interest taken in violation of this section is void. (2) For the purposes of this section, on revolving cr…
Colo. Rev. Stat. § 5-3-205 Use of multiple agreements
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A creditor may not use multiple agreements with respect to a single consumer credit transaction for the purpose of obtaining a higher finance charge than would otherwise be permitted by this code or to avoid disclosure of an annual percentage rate pursuant to the provisions on di…
Colo. Rev. Stat. § 5-3-206 No assignment of earnings
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(1) A creditor may not take an assignment of earnings of the consumer for payment or as security for payment of a debt arising out of a consumer credit transaction. An assignment of earnings in violation of this section is unenforceable by the assignee of the earnings and revocab…
Colo. Rev. Stat. § 5-3-207 Authorization to confess judgment prohibited
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A consumer may not authorize any person to confess judgment on a claim arising out of a consumer credit transaction. An authorization in violation of this section is void. Source: L. 2000: Entire article R&RE, p. 1220, � 1, effective July 1. Editor's note: This section is similar…
Colo. Rev. Stat. § 5-3-208 Balloon payments
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With respect to a consumer credit transaction other than one pursuant to a revolving credit account, if any scheduled payment is more than twice as large as the average of all other regularly scheduled payments, the consumer has the right to refinance the amount of that payment a…
Colo. Rev. Stat. § 5-3-209 Referral sales
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With respect to a consumer credit sale or consumer lease, the seller or lessor may not give or offer to give a rebate or discount or otherwise pay or offer to pay value to the consumer as an inducement for a sale or lease in consideration of the consumer giving to the seller or l…
Colo. Rev. Stat. § 5-3-210 Discrimination prohibited - exemption
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A consumer credit transaction regulated by this code shall not be denied any person, nor shall terms and conditions be made more stringent, on the basis of discrimination, solely because of disability, race, creed, religion, color, sex, sexual orientation, gender identity, gender…
Colo. Rev. Stat. § 5-3-301 Restriction on liability in consumer lease
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The obligation of a lessee upon expiration of a consumer lease, may not exceed twice the average payment allocable to a monthly period under the lease. This limitation does not apply to charges for damages to the leased property or for other default. Source: L. 2000: Entire artic…
Colo. Rev. Stat. § 5-3-302 Limitation on default charges
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Except for reasonable expenses incurred in realizing on a security interest, the agreement with respect to a consumer credit transaction may not provide for charges as a result of default by the consumer other than those authorized by this code. A provision in violation of this s…
Colo. Rev. Stat. § 5-3-303 Assignee subject to claims and defenses
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(1) With respect to a consumer credit sale or consumer lease, an assignee of the rights of the seller or lessor is subject to all claims and defenses of the buyer against the seller or lessor arising from the sale or lease of goods or services, notwithstanding that the assignee i…
Colo. Rev. Stat. § 5-3-304 Use of account - constructive assent to terms
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The use of a revolving credit account by a consumer, or by any person authorized by the consumer, constitutes the consumer's acceptance of the creditor's offer of credit and creates a binding contract on the creditor's terms then in effect. Such terms may be modified in the futur…
Colo. Rev. Stat. § 5-3-305 Advance payment to reserve lodging and motor vehicle rental services - notice to consumer required
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If a deposit, reservation fee, or other advance payment is to be charged to a revolving credit account for lodging or motor vehicle rental services to be provided in the future in this state, the seller shall not charge such advance payment to the consumer’s account without first…
Colo. Rev. Stat. § 5-3-401 Definitions - home solicitation sale
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Home solicitation sale means a consumer credit sale of goods or services in which the seller or a person acting for the seller personally solicits the sale and the buyer's agreement or offer to purchase is given to the seller or a person acting for the seller at a residence. It d…
Colo. Rev. Stat. § 5-3-402 Buyer's right to cancel
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(1) Except as provided in subsection (5) of this section, in addition to any right otherwise to revoke an offer, the buyer has the right to cancel a home solicitation sale until midnight of the third business day after the day on which the buyer signs an agreement or offer to pur…
Colo. Rev. Stat. § 5-3-403 Form of agreement or offer - statement of buyer's rights
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(1) In a home solicitation sale, unless the buyer requests the seller to provide goods or services without delay in an emergency, the seller must present to the buyer, and obtain his signature to, a written agreement or offer to purchase that designates as the date of the transac…
Colo. Rev. Stat. § 5-3-404 Restoration of down payment
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(1) Within ten days after a notice of cancellation has been received by the seller or an offer to purchase has been otherwise revoked, the seller shall tender to the buyer any payments made by the buyer, any note or other evidence of indebtedness, and any goods traded in. A provi…
Colo. Rev. Stat. § 5-3-405 Duty of buyer - no compensation for services prior to cancellation
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(1) Except as provided by the provisions on retention of goods by the buyer contained in section 5-3-404 (3) and allowing for ordinary wear and tear or consumption of the goods contemplated by the transaction, within a reasonable time after a home solicitation sale has been cance…
Colo. Rev. Stat. § 5-3-501 Scope
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The provisions of this part 5 apply to consumer insurance premium loans. Source: L. 2000: Entire article R&RE, p. 1224, � 1, effective July 1. Editor's note: This section is similar to former � 5-7-101, as it existed prior to 2000.
Colo. Rev. Stat. § 5-3-502 Form of insurance premium loan agreement
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An agreement pursuant to which a consumer insurance premium loan is made shall contain the names of the insurance agent or broker negotiating each policy or contract and of the insurer issuing each policy or contract, the number and inception date of and premium for each policy o…
Colo. Rev. Stat. § 5-3-503 Notice of cancellation
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If a default exists on a consumer insurance premium loan and any right to cure that exists has expired without cure being effected, the lender may give notice of cancellation of each insurance policy or contract to be canceled. If given, the notice of cancellation shall be in wri…
Colo. Rev. Stat. § 5-4-101 Short title
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This article shall be known and may be cited as Uniform Consumer Credit Code - Insurance. Source: L. 2000: Entire article R&RE, p. 1225, � 1, effective July 1. Editor's note: This section is similar to former � 5-4-101, as it existed prior to 2000.
Colo. Rev. Stat. § 5-4-102 Scope - relation to credit insurance act - applicability to parties
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(1) This article applies to insurance provided or to be provided in relation to a consumer credit transaction. (2) This article supplements and does not repeal the Credit Insurance Act, article 10 of title 10, C.R.S. The provisions of this code concerning administrative controls,…
Colo. Rev. Stat. § 5-4-103 Definitions - “consumer credit insurance” - “Credit Insurance Act”
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(1) As used in this code, unless the context otherwise requires: (1) “Consumer credit insurance” means insurance, other than insurance on property, by which the satisfaction of debt in whole or in part is a benefit provided but does not include: (a) Insurance, as to which a finan…
Colo. Rev. Stat. § 5-4-104 Creditor’s provision of and charge for insurance - excess amount of charge
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(1) Except as otherwise provided in this article and subject to the provisions on additional charges contained in section 5-2-202 and maximum charges contained in section 5-2-201, a creditor may agree to provide insurance and may contract for and receive a charge for insurance se…
Colo. Rev. Stat. § 5-4-105 Conditions applying to insurance to be provided by creditor
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(1) If a creditor agrees with a consumer to provide insurance: (a) The insurance shall be evidenced by an individual policy or certificate of insurance delivered to the consumer or sent to the consumer at his or her address as stated by the consumer within thirty days after the t…
Colo. Rev. Stat. § 5-4-106 Unconscionability
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(1) In applying the provisions of this code on unconscionability contained in sections 5-5-109 and 5-6-112 to a separate charge for insurance, consideration shall be given, among other factors, to: (a) Potential benefits to the consumer including the satisfaction of the consumer'…
Colo. Rev. Stat. § 5-4-107 Maximum charge by creditor for insurance
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(1) Except as provided in subsection (2) of this section, if a creditor contracts for or receives a separate charge for insurance, the amount charged to the consumer for the insurance may not exceed the premium to be charged by the insurer as computed at the time the charge to th…
Colo. Rev. Stat. § 5-4-108 Refund or credit required - amount
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(1) (a) Except as provided in subsection (3) of this section, an appropriate refund or credit of unearned premiums shall be made to the person entitled thereto with respect to any separate charge made to the consumer for insurance if: (I) The insurance is not provided or is provi…
Colo. Rev. Stat. § 5-4-109 Existing insurance - choice of insurer
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If a creditor requires insurance, upon notice to the creditor the consumer shall have the option of providing the required insurance through an existing policy of insurance owned or controlled by the consumer or through a policy to be obtained and paid for by the consumer, but th…
Colo. Rev. Stat. § 5-4-110 Charge for insurance in connection with a deferral, refinancing, or consolidation - duplicate charges
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(1) A creditor may not contract for or receive a separate charge for insurance in connection with a deferral described in section 5-2-204, a refinancing described in section 5-2-205, or a consolidation described in section 5-2-206 unless: (a) The consumer agrees at or before the …
Colo. Rev. Stat. § 5-4-111 Cooperation between administrator and commissioner of insurance
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The administrator and the commissioner of insurance are authorized and directed to consult and assist one another in maintaining compliance with this article. They may jointly pursue investigations, prosecute suits, and take other official action, as may seem to them appropriate,…
Colo. Rev. Stat. § 5-4-112 Administrative action of commissioner of insurance
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(1) To the extent that the commissioner's responsibility under this article requires, the commissioner of insurance shall promulgate rules in accordance with article 4 of title 24, C.R.S., with respect to insurers, and with respect to refunds described in section 5-4-108, and, in…
Colo. Rev. Stat. § 5-4-201 Term of insurance
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(1) Consumer credit insurance provided by a creditor may be subject to the furnishing of evidence of insurability satisfactory to the insurer. Whether or not such evidence is required, the term of the insurance shall commence no later than when the consumer becomes obligated to t…
Colo. Rev. Stat. § 5-4-202 Amount of insurance
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(1) Except as provided in subsection (2) of this section: (a) In the case of consumer credit insurance providing life coverage, the amount of insurance may not initially exceed the debt and, if the debt is payable in installments, may not at any time exceed the greater of the sch…
Colo. Rev. Stat. § 5-4-203 Filing and approval of rates and forms
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(1) A creditor may not use a form or charge in connection with credit insurance that does not comply with section 10-10-109, C.R.S. (2) and (3) (Deleted by amendment, L. 2003, p. 1895, � 12, effective July 1, 2003.) Source: L. 2000: Entire article R&RE, p. 1231, � 1, effective Ju…
Colo. Rev. Stat. § 5-4-301 Property insurance
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(1) A creditor may not contract for or receive a separate charge for insurance against loss of or damage to property unless: (a) The insurance covers a substantial risk of loss of or damage to property related to the credit transaction; (b) The amount, terms, and conditions of th…
Colo. Rev. Stat. § 5-4-302 Insurance on creditor's interest only
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If a creditor contracts for or receives a separate charge for insurance against loss of or damage to property, the risk of loss or damage not willfully caused by the consumer is on the consumer only to the extent of any deficiency in the effective coverage of the insurance even t…
Colo. Rev. Stat. § 5-4-303 Liability insurance
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A creditor may not contract for or receive a separate charge for insurance against liability unless the insurance covers a substantial risk of liability arising out of the ownership or use of property related to the credit transaction. Source: L. 2000: Entire article R&RE, p. 123…
Colo. Rev. Stat. § 5-4-304 Cancellation by creditor
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This section does not apply to an insurance premium loan. A creditor shall not request cancellation of a policy of property or liability insurance except after the consumer's default or in accordance with a written authorization by the consumer, and in either case the cancellatio…
Colo. Rev. Stat. § 5-5-101 Short title
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This article shall be known and may be cited as the Uniform Consumer Credit Code - Remedies and Penalties. Source: L. 2000: Entire article R&RE, p. 1233, � 1, effective July 1. Editor's note: This section is similar to former � 5-5-101, as it existed prior to 2000.
Colo. Rev. Stat. § 5-5-102 Scope
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This part 1 applies to actions or other proceedings to enforce rights arising from consumer credit transactions. Source: L. 2000: Entire article R&RE, p. 1233, � 1, effective July 1. Editor's note: This section is similar to former � 5-5-102, as it existed prior to 2000.
Colo. Rev. Stat. § 5-5-103 Restrictions on deficiency judgments in consumer credit sales
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(1) This section applies to a consumer credit sale of goods or services. A consumer is not liable for a deficiency unless the creditor has disposed of the goods in accordance with the provisions on the disposition of collateral of the Uniform Commercial Code contained in part 6 o…
Colo. Rev. Stat. § 5-5-104 Insecurity and impaired collateral
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(1) If a creditor takes possession of any collateral because the creditor deems himself or herself insecure or because the creditor feels his or her collateral is impaired, and the creditor fails to prove that, at the time possession was taken, the creditor, in good faith, had re…
Colo. Rev. Stat. § 5-5-105 No garnishment before judgment
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Prior to entry of judgment in an action against the consumer for debt arising from a consumer credit transaction, the creditor may not replevin goods, except motor vehicles, of the consumer with the use of force from a dwelling upon an ex parte order of court or attach unpaid ear…
Colo. Rev. Stat. § 5-5-106 Limitation on garnishment - definitions
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(1) For the purposes of this part 1: (a) Disposable earnings means that part of the earnings of an individual remaining after the deduction from those earnings of amounts required by law to be withheld. (b) Garnishment means any legal or equitable procedure through which the earn…