Title 5 — Consumer Credit Code

Editor's note: This title was numbered as chapter 73 in C.R.S. 1963. The provisions of this title were repealed and reenacted in 1971, resulting in the addition, relocation, and elimination of sections as well as subject matter. For amendments to this title prior to 1971, consult the Colorado statutory research explanatory note beginning on page vii in the front of this volume.

CONSUMER CREDIT CODE

Editor's note: When originally enacted in 1971, articles 1 through 3 and 4 through 6 were based upon the Uniform Consumer Credit Code promulgated by the National Conference of Commissioners on Uniform State Laws; however it has been substantially amended in subsequent years and was the subject of a major rewrite in the 2000 session based upon recommendations of the office of the attorney general.

Article 1 General Provisions and Definitions

Part 1 SHORT TITLE, CONSTRUCTION, GENERAL PROVISIONS

§ 5-1-101 Short title

§ 5-1-102 Purposes - rules of construction

§ 5-1-103 Supplementary general principles of law applicable

§ 5-1-104 Construction against implicit repeal

§ 5-1-105 Severability clause

§ 5-1-106 Waiver - agreement to forego rights - settlement of claims

§ 5-1-107 Effect of code on powers of organizations

Part 2 SCOPE AND JURISDICTION

§ 5-1-201 Territorial application - definitions

§ 5-1-202 Exclusions

§ 5-1-203 Jurisdiction and service of process

Part 3 DEFINITIONS

§ 5-1-301 General definitions

§ 5-1-302 Definitions - federal "Truth in Lending Act" and federal "Consumer Leasing Act"

§ 5-1-303 Index of definitions in code

Article 2 Finance Charges and Related Provisions

Part 1 GENERAL PROVISIONS

§ 5-2-101 Short title

§ 5-2-102 Scope

Part 2 MAXIMUM FINANCE CHARGES AND OTHER FEES AND CHARGES

§ 5-2-201 Finance charge for consumer credit transactions

§ 5-2-202 Additional charges

§ 5-2-203 Delinquency charges

§ 5-2-204 Deferral charges - rules

§ 5-2-205 Finance charge on refinancing

§ 5-2-206 Finance charge on consolidation

§ 5-2-207 Prepaid finance charge

§ 5-2-208 Conversion to revolving account

§ 5-2-209 Advances to perform covenants of consumer

§ 5-2-210 Right to prepay

§ 5-2-211 Rebate upon prepayment - definitions

§ 5-2-212 Surcharges on credit transactions - enforcement - definitions

§ 5-2-213 General-purpose credit cards - definitions

§ 5-2-214 Alternative charges for loans not exceeding one thousand dollars

Part 3 SUPERVISED LOANS AND SUPERVISED LENDERS

§ 5-2-301 Authority to make supervised loans

§ 5-2-302 License to make supervised loans - consumer credit unit cash fund - rules - definition

§ 5-2-303 Denial and discipline of license

§ 5-2-304 Records - annual reports - proof of financial responsibility

§ 5-2-305 Examinations and investigations

§ 5-2-306 Administrative procedures - applicability

§ 5-2-307 Judicial review

§ 5-2-308 Regular schedule of payments - maximum loan term

§ 5-2-309 Conduct of business other than making loans

§ 5-2-310 Application of other provisions

Part 5 OTHER CREDIT TRANSACTIONS

§ 5-2-501 Transactions subject to code by agreement of parties

§ 5-2-502 Finance charge for other transactions

Article 3 Regulation of Agreements and Practices

Part 1 DISCLOSURES, NOTICES, RECORDS, AND ADVERTISING

§ 5-3-101 Applicability - information required

§ 5-3-102 Notice of assignment

§ 5-3-103 Change in terms of revolving credit accounts

§ 5-3-104 Receipts - statements of account - evidence of payment

§ 5-3-105 Notice to cosigners and similar parties

§ 5-3-106 Disclosures for real estate secured consumer credit transactions

§ 5-3-107 Disclosures for consumer credit sale secured by a motor vehicle

§ 5-3-108 Written agreement required

§ 5-3-109 Records

§ 5-3-110 Advertising

§ 5-3-111 Use of credit scores

Part 2 LIMITATIONS ON AGREEMENTS AND PRACTICES

§ 5-3-201 Security in sales or leases

§ 5-3-202 Cross-collateral

§ 5-3-203 Debt secured by cross-collateral

§ 5-3-204 Restrictions on interest in land as security

§ 5-3-205 Use of multiple agreements

§ 5-3-206 No assignment of earnings

§ 5-3-207 Authorization to confess judgment prohibited

§ 5-3-208 Balloon payments

§ 5-3-209 Referral sales

§ 5-3-210 Discrimination prohibited - exemption

Part 3 LIMITATIONS ON CONSUMERS' LIABILITIES

§ 5-3-301 Restriction on liability in consumer lease

§ 5-3-302 Limitation on default charges

§ 5-3-303 Assignee subject to claims and defenses

§ 5-3-304 Use of account - constructive assent to terms

§ 5-3-305 Advance payment to reserve lodging and motor vehicle rental services - notice to consumer required

Part 4 HOME SOLICITATION SALES

§ 5-3-401 Definitions - "home solicitation sale"

§ 5-3-402 Buyer's right to cancel

§ 5-3-403 Form of agreement or offer - statement of buyer's rights

§ 5-3-404 Restoration of down payment

§ 5-3-405 Duty of buyer - no compensation for services prior to cancellation

Part 5 CONSUMER INSURANCE PREMIUM FINANCING

§ 5-3-501 Scope

§ 5-3-502 Form of insurance premium loan agreement

§ 5-3-503 Notice of cancellation

Article 3.1 Deferred Deposit Loan Act

§ 5-3.1-101 Short title

§ 5-3.1-101.5 Legislative declaration

§ 5-3.1-102 Definitions

§ 5-3.1-103 Written agreement requirements

§ 5-3.1-104 Notice to consumers

§ 5-3.1-105 Authorized charges

§ 5-3.1-106 Maximum loan amount - right to rescind

§ 5-3.1-107 Multiple outstanding transactions notice

§ 5-3.1-108 Renewal - new loan - consecutive loans - payment plan - definitions

§ 5-3.1-109 Form of loan proceeds

§ 5-3.1-110 Endorsement of instrument

§ 5-3.1-111 Redemption of instrument

§ 5-3.1-112 Authorized dishonored instrument charge

§ 5-3.1-113 Posting of charges

§ 5-3.1-114 Notice on assignment or sale of instruments

§ 5-3.1-115 Records and annual reports

§ 5-3.1-116 License requirement

§ 5-3.1-117 Examination and investigation

§ 5-3.1-118 Denial of license - discipline

§ 5-3.1-119 Applicability of other provisions of this title

§ 5-3.1-120 Criminal culpability

§ 5-3.1-121 Unfair or deceptive practices

§ 5-3.1-122 Unconscionability

§ 5-3.1-123 Use of multiple agreements for deferred deposit loans

Article 3.5 Consumer Equity Protection

Part 1 OBLIGOR PROTECTION

§ 5-3.5-101 Definitions

§ 5-3.5-102 Protection of obligors

§ 5-3.5-103 Restricted acts and practices

§ 5-3.5-104 Reporting to credit bureaus

Part 2 ENFORCEMENT AND LIABILITY

§ 5-3.5-201 Enforcement - liability

Part 3 MISCELLANEOUS PROVISIONS

§ 5-3.5-301 Effective date - applicability

§ 5-3.5-302 Severability

§ 5-3.5-303 Relationship to other laws

Article 3.7 Consumer Credit Solicitation Protection

§ 5-3.7-101 Consumer credit solicitation protection - definitions

Article 4 Insurance

Part 1 INSURANCE IN GENERAL

§ 5-4-101 Short title

§ 5-4-102 Scope - relation to credit insurance act - applicability to parties

§ 5-4-103 Definitions - "consumer credit insurance" - "Credit Insurance Act"

§ 5-4-104 Creditor's provision of and charge for insurance - excess amount of charge

§ 5-4-105 Conditions applying to insurance to be provided by creditor

§ 5-4-106 Unconscionability

§ 5-4-107 Maximum charge by creditor for insurance

§ 5-4-108 Refund or credit required - amount

§ 5-4-109 Existing insurance - choice of insurer

§ 5-4-110 Charge for insurance in connection with a deferral, refinancing, or consolidation - duplicate charges

§ 5-4-111 Cooperation between administrator and commissioner of insurance

§ 5-4-112 Administrative action of commissioner of insurance

Part 2 CONSUMER CREDIT INSURANCE

§ 5-4-201 Term of insurance

§ 5-4-202 Amount of insurance

§ 5-4-203 Filing and approval of rates and forms

Part 3 PROPERTY AND LIABILITY INSURANCE

§ 5-4-301 Property insurance

§ 5-4-302 Insurance on creditor's interest only

§ 5-4-303 Liability insurance

§ 5-4-304 Cancellation by creditor

Article 5 Remedies and Penalties

Part 1 LIMITATIONS ON CREDITORS' REMEDIES

§ 5-5-101 Short title

§ 5-5-102 Scope

§ 5-5-103 Restrictions on deficiency judgments in consumer credit sales

§ 5-5-104 Insecurity and impaired collateral

§ 5-5-105 No garnishment before judgment

§ 5-5-106 Limitation on garnishment - definitions

§ 5-5-107 No discharge from employment for garnishment

§ 5-5-108 Extortionate extensions of credit

§ 5-5-109 Unconscionability - inducement by unconscionable conduct - unconscionable debt collection

§ 5-5-110 Notice of right to cure

§ 5-5-111 Cure of default

§ 5-5-112 Attorney fees

Part 2 CONSUMERS' REMEDIES

§ 5-5-201 Effect of violations on rights of parties

§ 5-5-202 Civil liability for violation of disclosure provisions

§ 5-5-203 Consumer's right to rescind certain transactions

§ 5-5-204 Interests in land

§ 5-5-205 Refunds and penalties as set-off to obligation

§ 5-5-206 Civil liability for discrimination

Part 3 CRIMINAL PENALTIES

§ 5-5-301 Willful violations

§ 5-5-302 Disclosure violations

Article 6 Administration

Part 1 POWERS AND FUNCTIONS OF ADMINISTRATOR

§ 5-6-101 Short title

§ 5-6-102 Applicability

§ 5-6-103 Definitions - "administrator"

§ 5-6-104 Powers of administrator - harmony with federal regulations - reliance on rules

§ 5-6-105 Administrative powers with respect to supervised financial organizations

§ 5-6-106 Investigatory powers

§ 5-6-107 Application of administrative procedures - provisions

§ 5-6-108 Judicial review

§ 5-6-109 Administrative enforcement orders

§ 5-6-110 Assurance of discontinuance

§ 5-6-111 Injunctions against violations of code

§ 5-6-112 Injunctions against unconscionable agreements and fraudulent or unconscionable conduct

§ 5-6-113 Temporary relief

§ 5-6-114 Civil actions by administrator

§ 5-6-115 Jury trial

§ 5-6-116 Consumers' remedies not affected

Part 2 NOTIFICATION AND FEES

§ 5-6-201 Applicability

§ 5-6-202 Notification

§ 5-6-203 Fees

§ 5-6-204 Cash fund created - definition

Part 3 COUNCIL OF ADVISORS ON CONSUMER CREDIT

§ 5-6-301 Council of advisors on consumer credit

§ 5-6-302 Function of council - conflict of interest

§ 5-6-303 Repeal of part - subject to review

Article 9 Effective Date

§ 5-9-101 Time of taking effect prior to June 30, 2000 - provisions for transition

§ 5-9-101.5 Time of taking effect - provisions for transition

§ 5-9-102 Continuation of licensing prior to July 1, 2000

§ 5-9-102.5 Continuation of licensing after July 1, 2000

§ 5-9-103

Article 9.3 Guaranteed Asset Protection Agreements

§ 5-9.3-101 Definitions

§ 5-9.3-102 Applicability

§ 5-9.3-103 Guaranteed asset protection agreement requirements - application

§ 5-9.3-104 Guaranteed asset protection fees

§ 5-9.3-105 Calculation and payment of deficiency balance

§ 5-9.3-106 Cancellation of GAP agreement

§ 5-9.3-107 Filing of claim

§ 5-9.3-108 Prohibitions on sale of guaranteed asset protection agreements

§ 5-9.3-109 Enforcement

Article 10 Rental Purchase Agreements

Part 1 GENERAL PROVISIONS

§ 5-10-101 Short title

§ 5-10-102 Legislative declaration

§ 5-10-103 Waiver - agreement to forego rights - prohibited

§ 5-10-104 Effective date

§ 5-10-105 Supplementary general principles of law applicable

Part 2 SCOPE OF ARTICLE

§ 5-10-201 Application

§ 5-10-202 Exclusions

Part 3 DEFINITIONS

§ 5-10-301 Definitions

Part 4 DISCLOSURES AND FORM OF WRITING

§ 5-10-401 Disclosures

§ 5-10-402 Form requirements

§ 5-10-403 Receipts

Part 5 LIMITATION ON AGREEMENTS AND PRACTICES

§ 5-10-501 Acquiring ownership

§ 5-10-502 Prohibited provisions

§ 5-10-503 Balloon payments

§ 5-10-504 Prohibited charges

Part 6 LIMITATIONS ON CHARGES

§ 5-10-601 Additional charges

§ 5-10-602 Reinstatement fees

§ 5-10-603 Liability damage waivers - fees

§ 5-10-604 Taxes

Part 7 REMEDIES

§ 5-10-701 Lessee's remedies - reinstatement

§ 5-10-702 Limitations on lessor's remedies

§ 5-10-703 Assignee liability

§ 5-10-704 Notice of assignment

Part 8 ENFORCEMENT

§ 5-10-801 Administrator responsibility

§ 5-10-802 Lessor's records and investigations

§ 5-10-803 Assurance of discontinuance

§ 5-10-804 Notification by lessors - contents

§ 5-10-805 Fees

Part 9 VIOLATIONS AND PENALTIES

§ 5-10-901 Unlawful acts - fines - deceptive trade practice

§ 5-10-902 Remedies of lessee

§ 5-10-903 Unconscionability

§ 5-10-904 Effect of correction

§ 5-10-905 Statute of limitations

Part 10 ADVERTISING

§ 5-10-1001 Advertising

Article 12 Interest - General Provisions

§ 5-12-101 Legal rate of interest

§ 5-12-102 Statutory interest - definition - rules

§ 5-12-103 Greater rate may be stipulated

§ 5-12-104 Warrants to bear six percent

§ 5-12-105 Interest upon foreclosure

§ 5-12-106 Rate of interest on judgments which are appealed

§ 5-12-107 Commercial credit plans - definitions

Article 13 Federal Preemption of Usury Laws - State Override

§ 5-13-101 Mortgages

§ 5-13-102 Business and agricultural loans

§ 5-13-103 Small business loans

§ 5-13-104 Other loans

§ 5-13-105 General override

§ 5-13-106 Other loans - legislative declaration

Article 16 Colorado Fair Debt Collection Practices Act

§ 5-16-101 Short title

§ 5-16-102 Scope of article

§ 5-16-103 Definitions

§ 5-16-104 Location information - acquisition

§ 5-16-105 Communication in connection with debt collection - definition - repeal

§ 5-16-106 Harassment or abuse

§ 5-16-107 False or misleading representations - repeal

§ 5-16-108 Unfair practices

§ 5-16-109 Validation of debts

§ 5-16-109.5 Medical debt - requirements related to payment plans - collection prohibited during health insurance appeals - definition

§ 5-16-110 Multiple debts

§ 5-16-111 Legal actions by collection agencies

§ 5-16-111.5 Fees, costs, and costs of collection - limitation

§ 5-16-112 Deceptive forms

§ 5-16-113 Civil liability

§ 5-16-114 Administrative enforcement - rules

§ 5-16-115 License - registration - unlawful acts

§ 5-16-116 Collection agency board - created

§ 5-16-117 Powers and duties of the administrator

§ 5-16-118 Collection agency license - required

§ 5-16-119 Collection agency license - requirements - application - fee - expiration - definition

§ 5-16-120 License - issuance - grounds for denial - appeal - contents

§ 5-16-121 Collection agency license - renewals

§ 5-16-122 Collection agency license - notification of change and reapplication requirements

§ 5-16-123 Duties of collection agencies

§ 5-16-124 Bond - definition

§ 5-16-125 Unlawful acts

§ 5-16-125.5 Statute of limitations - actions by administrator

§ 5-16-126 Criminal penalties

§ 5-16-127 Complaint - investigations - powers of administrator - sanctions

§ 5-16-128 Debt collectors for the department of personnel - complaint - disciplinary procedures

§ 5-16-129 Records

§ 5-16-130 Jurisdiction of courts

§ 5-16-131 Duty of district attorney

§ 5-16-132 Remedies

§ 5-16-133 Injunction - receiver

§ 5-16-134 Disposition of fees and fines - definition

§ 5-16-134.5 Debts sold or resold after January 1, 2018

§ 5-16-134.7 Advisory council for debt collection - created - membership - duties - subject to review - repeal

§ 5-16-135 Repeal of article

Article 17 Colorado Child Support Collection - Consumer Protection Act

§ 5-17-101 Legislative declaration

§ 5-17-102 Definitions

§ 5-17-103 Application of the "Colorado Fair Debt Collection Practices Act"

§ 5-17-104 Prohibited practices

§ 5-17-105 Fees

§ 5-17-106 Requirements relating to private child support enforcement service contracts

§ 5-17-107 Accounting for collections

§ 5-17-108 Verification of account information

§ 5-17-109 Cancellation or termination of private child support enforcement service contract

§ 5-17-110 Civil liability

§ 5-17-111 Administrative enforcement

§ 5-17-112 Statute of limitations

§ 5-17-113 Notice - rules

Article 18 Colorado Consumer Credit Reporting Act

§ 5-18-101 Short title

§ 5-18-102 Legislative declaration

§ 5-18-103 Definitions

§ 5-18-104 Permissible purposes - prohibition

§ 5-18-105 Consumer reports - accuracy of information

§ 5-18-106 Disclosures to consumers

§ 5-18-107 Credit scoring related to the extension of credit secured by a dwelling - definition

§ 5-18-108 Charges for certain disclosures

§ 5-18-109 Reporting of information prohibited - exceptions - repeal

§ 5-18-110 Procedure for disputed information

§ 5-18-111 Consumer report information block

§ 5-18-112 Security freeze - timing - covered entities - cost

§ 5-18-112.5 Security freeze for protected consumers

§ 5-18-113 Notice of rights

§ 5-18-113.5 Notice of rights regarding protected consumers

§ 5-18-114 Security freeze - prohibition of changing official information in credit report or record

§ 5-18-115 Security freeze - exemptions

§ 5-18-116 Consumer's right to file action in court or arbitrate disputes

§ 5-18-117 Violations

§ 5-18-118 Provisions of article cumulative

Article 19 Debt-management Services

Part 1 COLORADO CREDIT SERVICES ORGANIZATION ACT

§ 5-19-101 Short title

§ 5-19-102 Legislative declaration

§ 5-19-103 Definitions

§ 5-19-104 Prohibited acts

§ 5-19-105 Written disclosure required

§ 5-19-106 Content of written disclosure

§ 5-19-107 Written contracts required

§ 5-19-108 Waivers and exemptions

§ 5-19-109 Criminal penalties and injunctive relief

§ 5-19-110 Powers of administrator of the uniform consumer credit code and district attorney - subpoenas - hearings - notification - cease-and-desist orders - definitions

§ 5-19-111 Damages

§ 5-19-112 Aiding or assisting violation

§ 5-19-113 Remedies cumulative

§ 5-19-114 Relation between parts of article

Part 2 UNIFORM DEBT-MANAGEMENT SERVICES ACT

§ 5-19-201 Short title

§ 5-19-202 Definitions

§ 5-19-203 Exempt agreements and persons

§ 5-19-204 Registration required

§ 5-19-205 Application for registration - form, fee, and accompanying documents

§ 5-19-206 Application for registration - required information

§ 5-19-206.5 Name-based judicial record check

§ 5-19-206.7 Remote work authorized - definition

§ 5-19-207 Application for registration - obligation to update information

§ 5-19-208 Application for registration - public information

§ 5-19-209 Certificate of registration - issuance or denial

§ 5-19-210 Certificate of registration - timing

§ 5-19-211 Renewal of registration

§ 5-19-212 Registration in another state

§ 5-19-213 Bond required

§ 5-19-214 Bond required - substitute

§ 5-19-215 Good faith requirement

§ 5-19-216 Customer service

§ 5-19-217 Prerequisites for providing debt-management services

§ 5-19-218 Communication by electronic or other means - definitions

§ 5-19-219 Form and contents of agreement

§ 5-19-220 Cancellation of agreement - waiver

§ 5-19-221 Required language

§ 5-19-222 Trust account

§ 5-19-223 Fees and other charges - rules

§ 5-19-224 Voluntary contributions

§ 5-19-225 Voidable agreements

§ 5-19-226 Termination of agreements

§ 5-19-227 Periodic reports - retention of records

§ 5-19-228 Prohibited acts and practices

§ 5-19-229 Notice of litigation

§ 5-19-230 Advertising

§ 5-19-231 Liability for the conduct of other persons

§ 5-19-232 Powers of administrator - rules

§ 5-19-233 Administrative and legal remedies

§ 5-19-234 Suspension, revocation, or nonrenewal of registration - definitions

§ 5-19-235 Private enforcement

§ 5-19-236 Violation of unfair or deceptive practices statute

§ 5-19-237 Statute of limitations

§ 5-19-238 Uniformity of application and construction

§ 5-19-239 Relation to federal "Electronic Signatures in Global and National Commerce Act"

§ 5-19-240 Transitional provisions - application to existing transactions

§ 5-19-241 Severability

§ 5-19-242 Repeal of part

Article 20 Colorado Student Loan Equity

Part 1 COLORADO STUDENT LOANS

§ 5-20-101 Short title

§ 5-20-102 Scope of article - residence of debtor

§ 5-20-103 Definitions

§ 5-20-104 Student loan ombudsperson - report - fund - rules

§ 5-20-105 License required

§ 5-20-106 Licensure of student loan servicers - definition

§ 5-20-107 License and investigation fees

§ 5-20-108 Affirmative acts required of student loan servicers - definitions

§ 5-20-109 Prohibited acts of student loan servicers

§ 5-20-110 Powers and duties of the administrator - rules

§ 5-20-111 Compliance with federal law

§ 5-20-112 Civil action

§ 5-20-113 Application of administrative procedures - provisions

§ 5-20-114 Administrative enforcement orders

§ 5-20-115 Assurance of discontinuance

§ 5-20-116 Injunctions

§ 5-20-117 Civil actions by the administrator

§ 5-20-118 Limitations

§ 5-20-119 Confidential information

Part 2 PRIVATE STUDENT EDUCATION LENDERS

§ 5-20-201 Scope of part - construction with other laws - legislative declaration

§ 5-20-202 Definitions

§ 5-20-203 Registration of private education creditors - penalties - rules

§ 5-20-204 Cosigner disclosures

§ 5-20-205 Cosigner release - definition

§ 5-20-206 Cosigner rights

§ 5-20-207 Bankruptcy or death of cosigner

§ 5-20-208 Total and permanent disability of the private education credit borrower or cosigner

§ 5-20-209 Refinancing - additional disclosures - limitations on default pending approval

§ 5-20-210 Prohibited conduct

§ 5-20-211 Record retention - confidentiality

§ 5-20-212 Collection on debt - prerequisites - documentation

§ 5-20-213 Actions - counterclaims

§ 5-20-214 Remedies - civil actions - limitations - deceptive trade practice

Article 21 Colorado Nonbank Mortgage Servicers Act

§ 5-21-101 Short title

§ 5-21-102 Scope of article

§ 5-21-103 Definitions

§ 5-21-104 Notification required

§ 5-21-105 Notification by mortgage servicers - rules

§ 5-21-106 Fees

§ 5-21-107 Federal laws

§ 5-21-107.5 Disbursement of insurance proceeds to borrowers - disclosure of mortgage interest rate - retention of communications

§ 5-21-108 Powers and duties of the administrator - rules

§ 5-21-109 Application of administrative procedures

§ 5-21-110 Administrative enforcement orders

§ 5-21-111 Assurance of discontinuance

§ 5-21-112 Injunctions

§ 5-21-113 Civil actions by the administrator

§ 5-21-114 Limitations

§ 5-21-115 Confidential information

§ 5-21-116 Reporting

Full text is available per section.