S.B. 04-175 Banks - knowledge of customer's incompetence - adjudication by court. Clarifies that for banks operating in Colorado on and after July 1, 2004, a bank's knowledge concerning a customer's incompetence relates to whether the bank has knowledge that the customer has been adjudicated by a court of law to be incompetent.
APPROVED by Governor April 8, 2004
EFFECTIVE July 1, 2004
S.B. 04-229 Effective financing statement - authorization or authentication - compliance with federal law. On and after July 1, 2004, modifies statutory requirements related to the signing of an effective financing statement or an amendment to an effective financing statement to comply with the federal "Food Security Act of 1985", as amended, which permits an effective financing statement or an amendment thereto to be signed, authorized, or otherwise authenticated by a debtor. Modifies the penalty for failure to comply with requirements related to filing an amendment showing partial termination of a security interest. Repeals a provision authorizing an effective financing statement to cover more than one trade or assumed name of one debtor. Requires lists published by the central filing officer to reflect all filings effective as of the date stated on the list. Requires any termination, amendment, assignment, or release of collateral filing to be signed, authorized, or otherwise authenticated by the secured party, and if such filing is made by electronic transmission, to be signed electronically.
APPROVED by Governor May 27, 2004
EFFECTIVE July 1, 2004
H.B. 04-1069 Deferred deposit loans. Clarifies that there shall be no minimum loan term or minimum finance charge. Specifies a maximum loan term of 40 days. Requires the due date for a loan to be set on or after the consumer's next payday or expectation of some other payment, unless a shorter term is requested by the consumer. Allows a lender to hold a check beyond the loan due date if there is no additional fee or charge to the consumer. Clarifies that the $500 lending limit to a consumer is for one lender. Clarifies that if a consumer's check is dishonored and, prior to the notice of dishonor to the lender, a new loan is made, the lender shall not be in violation of the maximum loan amount provision.
Allows a lender to pay loan proceeds in the form of stored value cards, internet transfers, and authorizations for automated clearinghouse transactions. Prohibits a lender from charging a consumer for negotiating forms of loan proceeds other than cash. Clarifies that if a loan is returned unpaid for any reason other than a bank error, the lender can collect the face value of the instrument.
If a violation is due to an oversight or error that is not part of the lender's established lending practices and can be corrected without changing a consumer's loan, allows the lender 30 days to cure the violation without incurring a fine or penalty.
Requires the consideration of specific factors in the determination of whether a lender has acted in an unconscionable manner. Requires a lender to require evidence of ability to pay when making a loan. Limits the amount of credit history that a lender is required to investigate when making a loan to a consumer. Prohibits the administrator from making a determination that a lender has acted in an unconscionable manner unless the lender has violated a provision of law or the actions are contrary to the administrator's interpretation of the "Deferred Deposit Loan Act".
APPROVED by Governor April 7, 2004
EFFECTIVE July 1, 2004
H.B. 04-1125 Unsolicited facsimiles - deceptive trade practice. Makes it a deceptive trade practice for a person to:
● Use a telephone facsimile machine, computer, or other device to send an unsolicited advertisement to a telephone facsimile machine;
● Use a computer or other electronic device to send a message via a telephone facsimile machine without certain disclosures; and
● Violate federal law concerning unsolicited facsimiles.
Makes the provisions of this act apply to facsimile transmissions sent on or after the applicable effective date of the act.
APPROVED by Governor April 8, 2004
EFFECTIVE August 4, 2004
NOTE: This act was passed without a safety clause. For further explanation concerning the
effective date, see page vi of this digest.
H.B. 04-1274 Offers of credit - verification of identity - private right of action - victim of criminal identity theft. Requires a creditor or charge card company that offers credit or a charge card by mail, and that receives an acceptance to the offer that lists an address for the applicant that is different from the address where the offer of credit or a charge card was sent, to verify that the person accepting the offer is the person to whom the creditor or charge card company made the offer of credit or a charge card. Enumerates ways a creditor may verify that the person accepting the offer is the same person to whom the offer was made, including phoning the person, requesting proof of identification, using a method adopted in federal regulation, or a method sufficient under the standards and practices of the industry.
Establishes a private right of action against a person who uses the personal identifying information of another to commit fraud-type crimes. Permits a plaintiff to recover regardless of whether there was a criminal conviction. Allows a plaintiff to recover actual damages, punitive damages, and attorneys fees and costs.
APPROVED by Governor April 26, 2004
EFFECTIVE July 1, 2004
H.B. 04-1285 Notification of debt by health care provider. When a consumer relies on an insurer to provide payment for care or treatment rendered by the health care provider, the health care provider must provide notice to the patient of any portion of the charges not paid by the insurer. Requires this notice be mailed to the patient at least 30 days before the provider may pursue collection of this outstanding amount or submission of negative credit information to a consumer reporting agency. Specifies the information that must be included in the notice. Requires a health care provider to assist a patient with the correction of adverse credit information reported because the health care provider did not provide the notice to the patient. Applies to amounts due and owing on or after the applicability date of this act.
APPROVED by Governor April 13, 2004
EFFECTIVE August 4, 2004
NOTE: This act was passed without a safety clause. For further explanation concerning the
effective date, see page vi of this digest.
H.B. 04-1394 Consumer loans not exceeding one thousand dollars - alternative charges. Allows a supervised lender to charge an acquisition charge and a monthly installment account handling charge in lieu of permitted finance charges for loans that are not more than $1,000. Requires the loan period for the loans to be between 90 days and 12 months. Prohibits other charges to the consumer except for permitted delinquency charges, attorney fees, and charges for dishonored checks. Requires the acquisition charge and the installment account handling charge to be returned on a pro rata basis for loans that have been prepaid in full prior to the expiration of a 60-day loan period.
APPROVED by Governor April 21, 2004
EFFECTIVE August 4, 2004
NOTE: This act was passed without a safety clause. For further explanation concerning the
effective date, see page vi of this digest.
H.B. 04-1441 Advertisements - solicitations - prohibition against unauthorized use of trade names, trademarks and loan information - exemptions - injunction for violation - security account for nonprobate transfers defined. Prohibits a person from referencing a trade name or trademark of a lender, or a trade name or trademark that is confusingly similar to that of a lender, in a solicitation for services or products unless the solicitor provides specific information on the correspondence containing the solicitation. Prohibits a person from referencing loan information that is not publicly available in a solicitation for the purchase of services or products. Prohibits a person from referencing loan information that is publicly available in a solicitation for services or products unless the communication contains specific information regarding the loan and the solicitation. Exempts a lender or its affiliates from the prohibitions if the communication is with a current or past customer of the lender.
Prohibits loan information from being referenced on an envelope, in the window of an envelope, or on a postcard without consent of the lender. Allows a lender or owner of a trade name or trademark to seek an injunction against a person who violates the provisions regarding the use of trade name, trademark, or loan information.
Expands the definition of "security account" for the purposes of nonprobate transfers upon death.
APPROVED by Governor May 28, 2004
EFFECTIVE August 4, 2004
NOTE: This act was passed without a safety clause. For further explanation concerning the
effective date, see page vi of this digest.
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