Colorado Debt Collection Laws

In addition to being regulated by the Fair Debt Collection Practices Act (FDCPA), Colorado collection agencies are also regulated by Colorado debt collection laws. Discover: Colorado collection requirements, bad check laws (NSF), statutes of limitations for both debts and judgments, garnishments plus Colorado collection agency license and bonding information.

Summary of the Colorado fair debt collection practices laws:

COLORADO INTEREST RATE

Legal: 8%
Judgment: 8% |or higher if specified in contract or note|

COLORADO STATUTE OF LIMITATIONS |in years|

COLORADO BAD CHECK LAWS |NSF|

Treble Damages & Reasonable Fees

COLORADO WAGE GARNISHMENT EXEMPTIONS

See federal law.

COLORADO COLLECTION AGENCY BONDING and LICENSING REQUIREMENTS

Bond: $12,000 – 20,000
License: Yes
Fee: Determined by collection agency board
Exemption for out-of-state collectors: Out of state collectors are exempt if [1] collecting only by interstate means |phone, fax, mail|; [2] have no Colorado client; and [3] are regulated and licensed in the state in which they reside.

The collection agency board shall be terminated July 1, 2008. Prior to such termination, the board shall be reviewed as provided in section 24-34-104, C.R.S.

Colorado Debt Collection Laws

Knowing and abiding to the proper Colorado debt collection laws is important for both creditors and collection agencies alike. There are debtor’s rights attorneys who are just waiting for creditors or collection agencies to slip up. If you mistakenly violate the Colorado debt collection laws, you could create a liability for your business and even open yourself up to a expensive lawsuit.

Please note: Colorado debt collection laws can change over time, and you need to consult with an attorney before you use this information.

Colorado Debt Collection Laws