The bill amends the Uniform Consumer Credit (code) by: •
Updating the renewal dates for entities required to be licensed under the code from January 31 of each year to July 1 of each year;
•
Creating the consumer credit unit cash fund, into which all fees collected under the code on and after July 1, 2024, must be deposited; and
•
Repealing the uniform consumer credit code cash fund and the collection agency cash fund and transferring the balances remaining in the funds to the consumer credit unit cash fund.
The bill amends language in the Colorado Fair Debt Collection
Practices Act relating to the duty of the code administrator to maintain confidentiality to align with the code and the Colorado Student Loan Equity Act.
The bill amends the Colorado Student Loan Equity Act by: •
Requiring licensed entities to include an annual report upon application for license renewal;
•
Amending the term private education loan to private education credit and updating corresponding terms accordingly;
•
Defining the term refinanced and excluding student loans subject to refinancing from registration requirements; and
•
Including a cosignor within the definition of borrower.
