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Legislative Year: 2024 Change
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Bill Detail: HB24-1380

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Title Regulation of Debt-Related Services
Status Sent to the Governor (05/23/2024)
Bill Subjects
  • Business & Economic Development
  • Courts & Judicial
  • Financial Services & Commerce
House Sponsors J. Mabrey (D)
Senate Sponsors L. Cutter (D)
S. Jaquez Lewis (D)
House Committee Judiciary
Senate Committee Judiciary
Date Introduced 03/20/2024
Summary

The bill makes the following actions by a debt collector or
collection agency that is subject to the Colorado Fair Debt Collection
Practices Act unfair or deceptive trade practices under the Colorado
Consumer Protection Act (consumer protection act):
  • Taking any legal action on a debt against a consumer if the
debt collector or collection agency is the named plaintiff
unless the debt collector or collection agency has purchased
complete ownership of the debt, without any ownership
interest retained by the seller, original creditor, or other
third party; and
  • Seeking or supporting a warrant or otherwise promoting the
arrest or detainment of a consumer, including on motions
related to discovery or contempt of court, in any legal
action against the consumer in connection with an action to
collect or attempt to collect a debt.
A creditor that is owed a consumer debt and seeks or supports a
warrant or otherwise promotes the arrest or detainment of a consumer in
any legal action against the consumer in connection with an action to
collect or attempt to collect the debt commits a deceptive trade practice
under the consumer protection act.
The bill requires credit services organizations to file notification
with and pay a fee to the administrator of the uniform consumer credit
code (administrator) within 30 days after commencing business in
Colorado and, thereafter, on or before July 1 of each year.
The administrator may order a person to cease and desist from
engaging in violations of the Colorado Credit Services Organization
Act (CCSOA). An order issued by the administrator may require the
person to pay to a buyer a refund of unlawful charges under the CCSOA
charged to the buyer and to pay an administrative penalty of up to $1,500
per violation. A person aggrieved by an order of the administrator may
seek judicial review of the order in the Colorado court of appeals.
The bill clarifies that a plan that a debt management services
provider prepares for an individual to make regular, periodic payments
must meet the definition of plan in the Uniform Debt-Management
Services Act.
The bill also clarifies that if a debt management services provider
utilizes the internet or other electronic means to meet specific compliance
requirements, including disclosures, reporting requirements, and
record-keeping requirements, the provider must obtain a consumer's
consent at the time of satisfying the requirements.
The bill repeals provisions outlining the fees a debt management
services provider may charge and requires the administrator to adopt rules
specifying the nature and amount of permitted fees.

Committee Reports
with Amendments
Full Text
Full Text of Bill (pdf) (most recent)
Fiscal Notes Fiscal Notes (04/19/2024) (most recent)  
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