S.B. 02-89 Consumer credit code - consumer loans - credit score information. Creates a duty for credit reporting agencies to report credit score information to consumers when the credit score is used by a creditor for consumer loans that are secured by a dwelling. Requires the credit reporting agency to explain the most relevant factors in the consumer's credit history that affect the credit score. Clarifies that credit reporting agencies that do not use a credit scoring model do not have to create one, and that a credit reporting agency that distributes credit scores developed by other entities and does not create a credit score need not explain the score but must provide information to the consumer so that the consumer may contact the entity that prepared the score.
Requires creditors that use credit scores for consumer loans secured by a dwelling to disclose the consumer's credit score and the information maintained by the credit reporting agency. Clarifies that a creditor does not need to explain the credit score or disclose how the credit score was determined.
States that the act is effective July 1, 2003, and applies to credit scoring used for applications for consumer loans on or after said date.
APPROVED by Governor May 28, 2002
EFFECTIVE July 1, 2003
H.B. 02-1014 Removal of social security numbers from financing statements - appropriation. Requires the secretary of state to remove, as soon as feasible, but no later than July 1, 2003, social security numbers from the publicly accessible electronic records of all financing statements in the custody of the secretary that were filed with a filing office on or after April 6, 1989, but before July 1, 2001, pursuant to repealed provisions of article 9 of the "Uniform Commercial Code" that required the inclusion of social security numbers on such financing statements. Specifies that the removal of a social security number does not render a financing statement insufficient or ineffective. Requires the secretary to retain an electronic record of a financing statement that contains a social security number, but specifies that such a record shall be open for inspection and a copy or printout of such a record or information from such a record shall be furnished only upon application to the secretary of state and only for good cause shown.
Appropriates $587,722 to the department of state from the central information system cash fund for the implementation of this act.
APPROVED by Governor May 28, 2002
EFFECTIVE May 28, 2002
H.B. 02-1048 Deceptive trade practices - occupational therapists - internship, educational, and certification requirements. Makes it a deceptive trade practice for a person to engage in the practice of occupational therapy without meeting educational and certification requirements.
Requires a person, in order to claim to be an occupational therapist, to:
Deletes language allowing a person to practice occupational therapy if such person, in lieu of other statutory educational, internship, and certification requirements, has earned an associates degree in occupational therapy, possesses specific work experience, has passed the certification examination, and holds an occupational therapy certificate.
APPROVED by Governor March 26, 2002
EFFECTIVE August 7, 2002
NOTE: This act was passed without a safety clause. For further explanation concerning the effective date, see page vi
of this digest.
H.B. 02-1144 Consumer protection - credit cards receipts. Makes legislative findings. Prohibits any person that accepts credit cards for the transaction of business from printing more than the last 5 numbers or expiration date of a credit card on the receipt to the cardholder. Provides an exception for such restriction for persons who must handwrite, imprint, or copy a credit card for business purposes. Phases implementation of this act for certain entities. Defines "credit card" to include charge and debit cards.
APPROVED by Governor April 25, 2002
EFFECTIVE April 25, 2002
H.B. 02-1162 Sweepstakes - deceptive trade practice. Prohibits any sponsor of a sweepstake or contest that requires a person to respond to the sponsor to collect a prize from requiring the person to purchase insurance in order to collect the prize. Allows a sponsor to require proof of health insurance to claim a prize related to travel or recreational activities if such health insurance is not purchased from the sponsor. Clarifies that the sponsor is not responsible for applicable state and federal taxes on the prize.
APPROVED by Governor April 25, 2002
EFFECTIVE April 25, 2002
H.B. 02-1258 Credit reports - identity theft - court orders. Requires credit bureaus to block credit information that appears on a credit report due to identity theft when a consumer files either a police report alleging identity theft or a certified court order with the reporting agency. Authorizes criminal courts to issue orders regarding identity theft that can be used to block unauthorized credit report entries and correct public records.
Allows bureaus to refuse to or lift a block if the bureau reasonably believes the request was due to a misrepresentation or error or if the consumer so requests or retains benefits from the credit transaction.
APPROVED by Governor May 6, 2002
EFFECTIVE July 1, 2002
H.B. 02-1259 Mortgages - predatory lending - limitations. Adds a new article to the "Uniform Consumer Credit Code" creating increased consumer protections regarding "covered loans" under the federal "Home Ownership and Equity Protection Act of 1994".
Defines terms. Creates additional protections regarding covered loans. Such protections limit balloon payments, accelerations of indebtedness, negative amortization, increased interest rates after default, mandatory arbitration clauses, prepayment penalties, the use of loan proceeds to pay home improvement contractors, the financing of credit insurance, recommendations to default on existing loans, and charging a fee for providing a credit balance.
Further protects covered loan consumers by requiring certain disclosures and reporting and by prohibiting advance payments, lending without regard to repayment ability, and refinancing that does not benefit the borrower or that results in a loss of certain benefits to the borrower.
Preempts local laws that regulate lending activities that are subject to the act or to certain federal authorities. Specifies civil remedies and grants the attorney general authority to enforce the consumer protections.
Makes certain practices by mortgage originators and brokers deceptive trade practices. Allows the attorney general or district attorneys to seek injunctions to prohibit brokers and originators who previously have been enjoined for engaging in such deceptive trade practices from originating mortgages for up to 2 years.
APPROVED by Governor June 7, 2002
EFFECTIVE June 7, 2002
H.B. 02-1355 Money orders - electronic facilities - credit cards. Clarifies that charging more money for the use of an electronic facility or mode of service, such as telephone or internet, that only accepts credit cards does not violate the existing prohibition on charging a higher price for payment with a credit card.
APPROVED by Governor May 30, 2002
EFFECTIVE August 7, 2002
NOTE: This act was passed without a safety clause. For further explanation concerning the effective date, see page vi
of this digest.
H.B. 02-1397 Uniform commercial code - secured transactions. Enacts 4 recommendations made by the national conference of commissioners on uniform state laws to article 9 of the "Uniform Commercial Code". The recommendations include 3 technical corrections and a new provision to create automatic attachment of a security interest upon the sale of an account that is a right to payment of winnings in a game of chance.
Expands the description of the types of law that preempt article 9. Limits the subordination of the rights of a holder of a security interest to those of a lien creditor only to the period during which the security interest is perfected. Strikes the requirement that the protections afforded by article 8 be limited only to claims that are adverse. Corrects an inflationary adjustment formula. Eliminates the automatic repeal of a secured party's exemption from liability for failure to comply with the requirement to provide an explanation of the calculation of surplus or deficiency.
Specifies that pre-effective-date financing statements continue the effectiveness of the security interest after the effective date of revised Article 9 if such financing statements were filed in the office of any clerk and recorder in this state. Makes secured parties liable if, while repossessing a motor vehicle, they disable the motor vehicle and immediate injury to any person or property was a reasonably foreseeable consequence of such action.
APPROVED by Governor June 1, 2002
EFFECTIVE August 7, 2002
NOTE: This act was passed without a safety clause. For further explanation concerning the effective date, see page vi
of this digest.
H.B. 02-1405 Consumer protection - charitable solicitations - notice and reporting requirements. Requires a charitable organization to submit a financial report or Form 990 for the most recent year it is available if the organization does not have this information for the most recent fiscal year at the time of initial registration. Requires a newly established organization to provide a financial report based on good faith estimates for its current fiscal year to the secretary of state. Requires annual amendments to be filed with the financial report. Allows organizations to request extensions for filing the Form 990 under terms and conditions established by the secretary of state.
APPROVED by Governor June 1, 2002
EFFECTIVE June 1, 2002
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The information on this page is presented as an informational service only and should not be relied upon as an official record of action or legal position of the State of Colorado, the Colorado General Assembly, or the Office of Legislative Legal Services.