Civil Court Records
Criminal Court Records
Agency Laws & Licensing Requirements
Collection Agency Licensing
Regulations for Consumer Debt
Collections are a part of Colorado's Fair Debt Collection Practices
12-14-101 et seq.) Also PDF Format See: Memorandum
- Colorado Fair Debt Collection Practices Act Changes Effective
July 1, 2000 see Bill
1182 - Copy
Of Debt Collection Law
The Colorado Collection Agency Board
Rules, which was created pursuant
12-14-116, oversees and regulates all registration and licensing
requirements. See PDF Format Collection
Agency License Verification
It is unlawful for any collection
agency, debt collector, solicitor or collection manager to conduct any collection
activities in the State of Colorado without first obtaining a license from
the appropriate state agency.
An initial notice from a collection
agency has further form and substance requirements, collection agencies are
prohibited from invoking a confession of judgment
and many other requirements which are outlined by the Colorado Collection
While creditors who collect their
own debts, and agencies collecting only commercial, business, investment,
and agricultural debts generally may not be required to obtain a collection
agency license, many others are covered under Colorado law. (C.R.S.
The Colorado Fair Debt Collection
Practices Act [CFDCPA] regulates debt collection, and requires covered parties
to obtain a collection agency license prior to soliciting clients or collecting
debts in Colorado.
According to the Colorado Collection
Agency Board, certain exclusions may apply, but the consumer protection
provisions of the CFDCPA generally must be followed even by those who do
not need to obtain a license.
Out of State Collection Agencies must
be licensed in Colorado and are subject to the CFDCPA if:
They collect for clients who have
a place of business in Colorado or they solicit clients in Colorado. Colorado
has a limited "Open Borders Law", and it may apply to debts incurred outside
If they are collecting using only
interstate communications (telephone calls, letters, faxes) to collect these
If they are located in a licensing
state which offers reciprocal treatment to the citizens of Colorado.
Every licensee must maintain an office
in the State of Colorado which is open to the public during normal business
hours where payments may be made and which has access to consumer payment
records and client account records. This office may be shared with other
businesses if certain requirements are met.
Each collection agency must employ
a collections manager to supervise debt collectors and be responsible for
compliance with Colorado's collection laws. The collections manager may be
a partner , owner, corporate officer, and/or other person.
All Colorado collection agencies must
compel all debt collectors and solicitors in their employ to register annually
by each July 1.
A license fee of $300.00 is required
as well as completed registrations for all debt collectors and solicitors,
and the fee of $12.00 per registration, plus a surety bond, savings account
or certificate of deposit in the amount of $12,000-$20,000.
State of Colorado Department of Law
The Collection Agency Board
1525 Sherman 5th Floor
Denver, CO 80203
Phone: (303) 866-4500
Fax (303) 866-5691
More Debt Collection Related Laws
Agency Complaint Forms & Information
Other Collection Related
General Office Helps Consumers
With Debt Collection Violations In Many Cases
Attorney Bar Locate an Attorney
who practices in Colorado, State laws, and Links
Consumer Credit Law Report
Rate(s): Legal 8% Judgment
8% (or higher if specified in statute, contract or note)
Debt Collection Statute
Open Acct. 3 Years - Written Contract 6 Years (promissory note signed)
- Written Contract for Goods or Services 3 Years - Domestic Judgments District
Court 20 Years (renewable every 20 Years) and County Court 6 Years (renewable
every 6 Years) - Foreign Judgments 6 Years in CO.
Bad Check Laws &
Civil Penalty: Treble
Damages (3 times the amount) and Reasonable Fees).
Exempts 75% of disposable earnings per week, from Garnishment or an amount
equal to 30 times federal minimum hourly wage, whichever is greater.
Colorado Collection Agencies Must Follow the
Federal Fair Debt Collection Practices
The Federal Debt Collection Law is enforced by
The Federal Trade
$12,000 to $20,000,
registration required to solicit
or collect (see Exemptions for out of state collectors), Must have a resident
office to solicit/collect for in-state creditor, Heavy
Register Both name
and alias's used, Must itemize debt; duns must be approved
by state; cannot report credit before 30 days when collector has valid address;
special text required in notices; receipt must be given for cash payment;
consumers have the "right to cure" defaults.
for Out-Of-State collectors
Collecting only by interstate means
[mail, phone, fax]
Have no Colorado client
Are regulated and licensed in state
they reside, but does not require Colorado Agencies to obtain a license
when they collect debts in the same manner.
Other Credit and Collection
The major laws
that govern financial institutions and protect individuals in their financial
Consumer Credit Protection
Act It is the purpose of this
title to assure a meaningful disclosure of credit terms so that the consumer
will be able to compare more readily the various credit terms available to
him and avoid the uninformed use of credit, and to protect the consumer against
inaccurate and unfair credit billing and credit card practices.
Truth in Lending
Act Consumer Credit Costs
Disclosures, requires a lender to tell you how much it will cost to borrow
money so that you can compare the terms of credit offered by different lenders.
Fair Credit and Charge Card Disclosure
Act requires a lender offering
you a credit card to tell you the annual percentage rate (APR), the amount
of any annual fee, and whether you have a grace period to pay your bill before
a finance charge is added.
Fair Credit Reporting
Act controls how your credit
history (how you pay your bills) is kept by credit bureaus and used by lenders.
Equal Credit Opportunity
Act prohibits lenders
from discriminating against you in a credit transaction on the basis of certain
personal characteristics such as race, color, religion, national origin,
sex, marital status, age, because you receive public assistance or because
youve exercised your rights under the Consumer Credit Protection Act.
Fair Debt Collection Practices
Act lays out the rules a debt
collector must follow when trying to collect a debt from a consumer.
Home Equity Loan Consumer Protection
Act requires a lender to give
you complete information about the home equity loan plan it offersfirst
when you receive an application and again before you first use the line of
The Home Ownership and Equity Protection
Act requires disclosures and
imposes substantive limitations on mortgage transactions having rates or
fees above a certain percentage or amount. It also requires disclosures about
the potential costs for reverse mortgages.
Fair Housing Act
prohibits lenders from
discriminating against you in real estate mortgage or home improvement loans
on the basis of race, color, religion, national origin, sex, familial status,
Real Estate Settlement Procedures
Act states that lenders must
give purchasers information about the costs required to close a mortgage
loan. It also protects consumers from unnecessarily high real estate settlement
costs by prohibiting certain business practices. This applies when you take
out or refinance a loan secured by real estate such as a mortgage loan or
a home equity loan.
Fair Credit Billing
Act requires that a lender
promptly correct a mistake on your credit card bill.
Funds Availability Act limits
how long a bank may delay your use of the funds you deposit in an account.
Truth in Savings Act requires lenders
to disclose the terms of their deposit accounts in a uniform way.
Fund Transfer Act limits an
individuals liability if their ATM card is lost or stolen and calls
for investigation and correction of errors made to your account.
Leasing Act requires the costs
and the terms of a consumer lease, such as a lease for a car or for furniture,
be outlined to you so that you can compare the cost of leasing.
Credit and Collection
of the Currency
Office of the Ombudsman
Customer Assistance Unit
1301 McKinney Street
Houston, TX 77010
1 (800) 613-6743
(regulates banks with national in the name or N.A. after the
Compliance and Consumer Affairs
550 17th Street, N.W.
Washington, DC 20429
(202) 942-3100 or 1 (800) 934-3342
(regulates state chartered banks that are not members of the
Federal Reserve System)
of Thrift Supervision
1700 G Street, N.W.
Washington, DC 20552
(202) 906-6237 or 1 (800) 842-6929
(regulates federal savings and loans and federal savings banks)
Office of Public and Congressional Affairs
1775 Duke Street
Alexandria, VA 22314-3428
(regulates federally chartered credit unions)
Consumer Response Center
6th and Pennsylvania, N.W.
Washington, DC 20580
877-FTC-HELP toll free (877-382-4357)
(regulates finance companies, stores, auto dealers, mortgage
companies, and credit
More Credit and Collection
State Credit and Collection
Laws Laws about, Autos, Checks,
Credit, Courts, Judgments, Secured Debts, UCC, Credit Terms and Use, Bankruptcy
Courts, Collections and State Agencies/Organizations.
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