S.B. 07-57 Debt management - providers - registration - regulation of practices - rules - appropriation. Enacts the "Uniform Debt-Management Services Act" (act). Requires the registration of providers of debt-management services that enter into agreements with individuals for the purpose of creating debt repayment plans. Makes conforming amendments to the "Colorado Credit Services Organization Act".
Designates an assistant attorney general as the administrator of the act, including grants of rule-making authority. Specifies requirements to obtain a registration certificate, including payment of a fee, posting of a bond, and proof of insurance. Establishes requirements for the negotiation, contents, performance, and termination of agreements. Allows enforcement of the act by both the administrator and by private individuals, including recovery of minimum, actual, and, in appropriate cases, punitive damages.
Repeals the act in 2015 pursuant to the provisions of the sunset review law.
Appropriates $69,717 and 1.0 FTE to the department of law for allocation to the consumer protection section and $11,850 to the department of public safety for allocation to the Colorado bureau of investigation for the implementation of the act.
APPROVED by Governor June 1, 2007
EFFECTIVE January 1, 2008
S.B. 07-144 Small consumer loans - acquisition charge - refund calculation - collateral - refinance limit. Limits the acquisition charge for a refinanced loan to 7.5% of the amount financed. Changes the way a refund to the consumer is calculated for the prepayment of consumer loans where the amount financed is not more than $1,000. Limits the number of times a small consumer loan may be refinanced to 3 times per year. Prohibits a creditor from taking collateral from a consumer for an amount owed on a small consumer loan.
APPROVED by Governor May 3, 2007
EFFECTIVE August 3, 2007
NOTE: This act was passed without a safety clause. For further explanation concerning
the effective date, see page vi of this digest.
H.B. 07-1208 Discriminatory sales - sales below cost - prohibition. Repeals the prohibition against selling motor fuel below cost. When determining whether a vendor or distributor has sold a product or service below cost, requires the calculation of such cost to be determined by the combined total selling price of all products or services compared to the combined total cost of all products or services involved in the sales.
APPROVED by Governor April 16, 2007
EFFECTIVE April 16, 2007
H.B. 07-1214 Uniform commercial code - documents of title. Adopts the final version of article 7 of the "Uniform Commercial Code" relating to documents of title.
APPROVED by Governor April 2, 2007
EFFECTIVE August 3, 2007
NOTE: This act was passed without a safety clause. For further explanation concerning
the effective date, see page vi of this digest.
H.B. 07-1261 Deferred deposit loans - requirements - consecutive loans - offer of payment plan. Requires a deferred deposit lender to offer, in writing, a voluntary payment plan to a consumer who has received 4 or more consecutive deferred deposit loans from the lender or an affiliate of the lender. Requires the plan to allow for at least 6 equal payments that coincide with the consumer's pay dates. Prohibits a lender from collecting a fee from the consumer for participation in the payment plan. Grants remedies to the lender if a consumer fails to make payments pursuant to the plan.
APPROVED by Governor April 2, 2007
EFFECTIVE July 1, 2007
H.B. 07-1327 Consumer credit - notice of delinquency charges. Allows a creditor that provides periodic statements for each installment payment owed by a consumer to notify the consumer of the assessment of a delinquency charge on or with the next periodic statement provided to the consumer after the charge has been assessed.
APPROVED by Governor May 14, 2007
EFFECTIVE May 14, 2007
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