Colorado 2023 Regular Session

Colorado Senate Bill SB248 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
	1	+	First Regular Session
	2	+	Seventy-fourth General Assembly
	3	+	STATE OF COLORADO
	4	+	REREVISED
	5	+	This Version Includes All Amendments
	6	+	Adopted in the Second House
	7	+	LLS NO. 23-0916.01 Yelana Love x2295
1	8		SENATE BILL 23-248
2		-	BY SENATOR(S) Rodriguez and Liston, Cutter, Exum, Hinrichsen, Priola,
3		-	Winter F.;
4		-	also REPRESENTATIVE(S) Mabrey and Weinberg, Amabile,
5		-	Boesenecker, Brown, English, Froelich, Herod, Jodeh, Joseph, Kipp,
6		-	Lindsay, Lynch, Michaelson Jenet, Parenti, Ricks, Sirota, Velasco, Vigil.
	9	+	Senate Committees House Committees
	10	+	Business, Labor, & Technology Finance
	11	+	Finance
	12	+	A BILL FOR AN ACT
7	13		C
8		-	ONCERNING CONSUMER PROTECTION IN CERTAIN CREDIT TRANSACTIONS .
9		-	Be it enacted by the General Assembly of the State of Colorado:
10		-	SECTION 1. In Colorado Revised Statutes, 5-2-301, amend (1)
11		-	introductory portion and (1)(b) as follows:
12		-	5-2-301. Authority to make supervised loans. (1) Unless a person
13		-	is a supervised financial organization or has first obtained a license from the
14		-	administrator authorizing him or her
15		-	THE PERSON to make supervised loans,
16		-	he or she THE PERSON shall not engage in the business of:
17		-	(b) Taking assignments of and undertaking direct collection of
18		-	payments from or enforcement of rights against consumers arising from
	14	+	ONCERNING CONSUMER PROTECTION IN CERTAIN CREDIT101
	15	+	TRANSACTIONS.102
	16	+	Bill Summary
	17	+	(Note: This summary applies to this bill as introduced and does
	18	+	not reflect any amendments that may be subsequently adopted. If this bill
	19	+	passes third reading in the house of introduction, a bill summary that
	20	+	applies to the reengrossed version of this bill will be available at
	21	+	http://leg.colorado.gov
	22	+	.)
	23	+	The bill amends the "Uniform Consumer Credit" (code) by:
	24	+	! Updating the renewal dates for entities required to be
	25	+	licensed under the code from January 31 of each year to
	26	+	July 1 of each year;
	27	+	! Creating the consumer credit unit cash fund, into which all
	28	+	HOUSE
	29	+	3rd Reading Unamended
	30	+	May 6, 2023
	31	+	HOUSE
	32	+	2nd Reading Unamended
	33	+	May 5, 2023
	34	+	SENATE
	35	+	3rd Reading Unamended
	36	+	April 24, 2023
	37	+	SENATE
	38	+	Amended 2nd Reading
	39	+	April 21, 2023
	40	+	SENATE SPONSORSHIP
	41	+	Rodriguez and Liston, Cutter, Exum, Hinrichsen, Priola, Winter F.
	42	+	HOUSE SPONSORSHIP
	43	+	Mabrey and Weinberg, Amabile, Boesenecker, Brown, English, Froelich, Herod, Jodeh,
	44	+	Joseph, Kipp, Lindsay, Lynch, Michaelson Jenet, Parenti, Ricks, Sirota, Velasco, Vigil
	45	+	Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.
	46	+	Capital letters or bold & italic numbers indicate new material to be added to existing law.
	47	+	Dashes through the words or numbers indicate deletions from existing law. fees collected under the code on and after July 1, 2024,
	48	+	must be deposited; and
	49	+	! Repealing the uniform consumer credit code cash fund and
	50	+	the collection agency cash fund and transferring the
	51	+	balances remaining in the funds to the consumer credit unit
	52	+	cash fund.
	53	+	The bill amends language in the "Colorado Fair Debt Collection
	54	+	Practices Act" relating to the duty of the code administrator to maintain
	55	+	confidentiality to align with the code and the "Colorado Student Loan
	56	+	Equity Act".
	57	+	The bill amends the "Colorado Student Loan Equity Act" by:
	58	+	! Requiring licensed entities to include an annual report upon
	59	+	application for license renewal;
	60	+	! Amending the term "private education loan" to "private
	61	+	education credit" and updating corresponding terms
	62	+	accordingly;
	63	+	! Defining the term "refinanced" and excluding student loans
	64	+	subject to refinancing from registration requirements; and
	65	+	! Including a cosignor within the definition of "borrower".
	66	+	Be it enacted by the General Assembly of the State of Colorado:1
	67	+	SECTION 1. In Colorado Revised Statutes, 5-2-301, amend (1)2
	68	+	introductory portion and (1)(b) as follows:3
	69	+	5-2-301. Authority to make supervised loans. (1) Unless a4
	70	+	person is a supervised financial organization or has first obtained a5
	71	+	license from the administrator authorizing him or her
	72	+	THE PERSON to6
	73	+	make supervised loans, he or she THE PERSON shall not engage in the7
	74	+	business of:8
	75	+	(b) Taking assignments of and undertaking direct collection of9
	76	+	payments from or enforcement of rights against consumers arising from10
19	77		supervised loans,
20		-	INCLUDING SERVICING SUPERVISED LOANS ; except that a
21		-	person who is licensed by the administrator as a collection agency pursuant
22		-	________
23		-	Capital letters or bold & italic numbers indicate new material added to existing law; dashes
24		-	through words or numbers indicate deletions from existing law and such material is not part of
25		-	the act. to article 16 of this title 5 or is licensed by the Colorado supreme court to
26		-	practice law, and who takes assignment of supervised loans only after such
27		-	loans are in default, is not required to obtain a supervised lender license to
28		-	engage in the activities described in this subsection (1)(b).
29		-	SECTION 2. In Colorado Revised Statutes, 5-2-302, amend (8);
30		-	and add (10) and (11) as follows:
31		-	5-2-302. License to make supervised loans - consumer credit unit
32		-	cash fund - rules - definition - repeal. (8) Each license shall be renewed
33		-	by payment of a nonrefundable license fee and the filing of a renewal form.
34		-	The fee and renewal form shall be
35		-	ARE due each January 31. If a licensee
36		-	fails to pay the prescribed fee on or before March 1, it shall pay a penalty
37		-	of five dollars per day per license from March 2 to the date the payment is
38		-	postmarked. However, JULY 1. If a licensee fails to FILE THE RENEWAL FORM
39		-	AND
40		-	pay the appropriate renewal and penalty
41		-	fees by March 15 JULY 1, its
42		-	license shall automatically expire EXPIRES.
	78	+	INCLUDING SERVICING SUPERVISED LOANS ; except that11
	79	+	a person who is licensed by the administrator as a collection agency12
	80	+	pursuant to article 16 of this title 5 or is licensed by the Colorado supreme13
	81	+	court to practice law, and who takes assignment of supervised loans only14
	82	+	248-2- after such loans are in default, is not required to obtain a supervised1
	83	+	lender license to engage in the activities described in this subsection2
	84	+	(1)(b).3
	85	+	SECTION 2. In Colorado Revised Statutes, 5-2-302, amend (8);4
	86	+	and add (10) and (11) as follows:5
	87	+	5-2-302. License to make supervised loans - consumer credit6
	88	+	unit cash fund - rules - definition - repeal. (8) Each license shall be7
	89	+	renewed by payment of a nonrefundable license fee and the filing of a8
	90	+	renewal form. The fee and renewal form shall be ARE due each January9
	91	+	31. If a licensee fails to pay the prescribed fee on or before March 1, it10
	92	+	shall pay a penalty of five dollars per day per license from March 2 to the11
	93	+	date the payment is postmarked. However, JULY 1. If a licensee fails to12
	94	+	FILE THE RENEWAL FORM AND pay the appropriate renewal and penalty13
	95	+	fees by March 15 JULY 1, its license shall automatically expire EXPIRES.14
43	96		(10) (a) L
44		-	ICENSES ISSUED BY THE ADMINISTRATOR IN 2023 ~~EXPIRE ON~~
45		-	JULY 1, 2024. THE ADMINISTRATOR MAY ASSESS AN ADDITIONAL ~~FEE IN~~
46		-	JANUARY 2024 TO COVER THE DIRECT AND INDIRECT COSTS OF
47		-	ADMINISTERING THIS SECTION UNTIL NOTIFICATION RENEWALS ARE ~~DUE~~
48		-	~~JULY~~
49		-	1, 2024.
	97	+	ICENSES ISSUED BY THE ADMINISTRATOR IN 2023 EXPIRE15
	98	+	ON JULY 1, 2024. THE ADMINISTRATOR MAY ASSESS AN ADDITIONAL FEE16
	99	+	IN JANUARY 2024 TO COVER THE DIRECT AND INDIRECT COSTS OF17
	100	+	ADMINISTERING THIS SECTION UNTIL NOTIFICATION RENEWALS ARE DUE18
	101	+	J
	102	+	ULY 1, 2024.19
50	103		(b) T
51		-	HIS SUBSECTION (10) IS REPEALED, EFFECTIVE JULY 1, 2026.
	104	+	HIS SUBSECTION (10) IS REPEALED, EFFECTIVE JULY 1, 2026.20
52	105		(11) (a) T
53		-	HERE IS HEREBY CREATED IN THE STATE TREASURY THE
54		-	CONSUMER CREDIT UNIT CASH FUND
55		-	, REFERRED TO IN THIS SUBSECTION (11)
56		-	AS THE "FUND". THE FUND CONSISTS OF ALL FEES COLLECTED PURSUANT TO
57		-	THIS ARTICLE
58		-	2 AND ARTICLES 6, 10, 16, 19, AND 21 OF THIS TITLE 5 ON AND
59		-	AFTER
60		-	JULY 1, 2024. THE MONEY IN THE FUND IS CONTINUOUSLY
61		-	APPROPRIATED TO THE FUND BY THE GENERAL ASSEMBLY TO BE EXPENDED
62		-	BY THE ADMINISTRATOR TO PAY FOR THE DIRECT AND INDIRECT COSTS OF
63		-	THE ADMINISTRATION AND ENFORCEMENT OF THIS ARTICLE
64		-	2 AND ARTICLES
65		-	6, 10, 16, 19, AND 21 OF THIS TITLE 5.
	106	+	HERE IS HEREBY CREATED IN THE STATE TREASURY THE21
	107	+	CONSUMER CREDIT UNIT CASH FUND , REFERRED TO IN THIS SUBSECTION22
	108	+	(11)
	109	+	AS THE "FUND". THE FUND CONSISTS OF ALL FEES COLLECTED23
	110	+	PURSUANT TO THIS ARTICLE 2 AND ARTICLES 6, 10, 16, 19, AND 21 OF THIS24
	111	+	TITLE 5 ON AND AFTER JULY 1, 2024. THE MONEY IN THE FUND IS25
	112	+	CONTINUOUSLY APPROPRIATED TO THE FUND BY THE GENERAL ASSEMBLY26
	113	+	TO BE EXPENDED BY THE ADMINISTRATOR TO PAY FOR THE DIRECT AND27
	114	+	248
	115	+	-3- INDIRECT COSTS OF THE ADMINISTRATION AND ENFORCEMENT OF THIS1
	116	+	ARTICLE 2 AND ARTICLES 6, 10, 16, 19, AND 21 OF THIS TITLE 5.2
66	117		(b) T
67		-	HE ADMINISTRATOR MAY ESTABLISH A FEE SCHEDULE FOR THE
68		-	PAYMENT AND COLLECTION OF FEES DESCRIBED IN THIS ARTICLE
69		-	2 AND
70		-	ARTICLES
71		-	6, 10, 16, 19, AND 21 OF THIS TITLE 5.
72		-	PAGE 2-SENATE BILL 23-248 (c) ALL INTEREST DERIVED FROM THE DEPOSIT AND INVESTMENT OF
73		-	MONEY IN THE FUND IS CREDITED TO THE FUND
74		-	. AT THE END OF EACH FISCAL
75		-	YEAR
76		-	, ALL UNEXPENDED AND UNENCUMBERED MONEY IN THE F UND REMAINS
77		-	IN THE FUND AND SHALL NOT BE CREDITED OR TRANSFERRED TO THE
78		-	GENERAL FUND OR ANY OTHER FUND
79		-	.
	118	+	HE ADMINISTRATOR MAY ESTABLISH A FEE SCHEDULE FOR THE3
	119	+	PAYMENT AND COLLECTION OF FEES DESCRIBED IN THIS ARTICLE 2 AND4
	120	+	ARTICLES 6, 10, 16, 19, AND 21 OF THIS TITLE 5.5
	121	+	(c) A
	122	+	LL INTEREST DERIVED FROM THE DEPOSIT AND INVESTMENT6
	123	+	OF MONEY IN THE FUND IS CREDITED TO THE FUND . AT THE END OF EACH7
	124	+	FISCAL YEAR, ALL UNEXPENDED AND UNENCUMBERED MONEY IN THE FUND8
	125	+	REMAINS IN THE FUND AND SHALL NOT BE CREDITED OR TRANSFERRED TO9
	126	+	THE GENERAL FUND OR ANY OTHER FUND .10
80	127		(d) I
81		-	N ACCORDANCE WITH SECTION 24-75-402 (3)(c), THE
82		-	ALTERNATIVE MAXIMUM RESERVE FOR THE FUND IS ONE
83		-	-THIRD OF THE
84		-	AMOUNT EXPENDED FROM THE FUND DURING EACH FISCAL YEAR
85		-	.
	128	+	N ACCORDANCE WITH SECTION 24-75-402 (3)(c), THE11
	129	+	ALTERNATIVE MAXIMUM RESERVE FOR THE FUND IS ONE -THIRD OF THE12
	130	+	AMOUNT EXPENDED FROM THE FUND DURING EACH FISCAL YEAR .13
86	131		(e) O
87		-	N AND AFTER JULY 1, 2024, THE ADMINISTRATOR SHALL
88		-	TRANSFER ALL FEES COLLECTED UNDER THIS ARTICLE
89		-	2 AND UNDER
90		-	ARTICLES
91		-	10, 16, 19, AND 21 OF THIS TITLE 5 TO THE STATE TREASURER, WHO
92		-	SHALL CREDIT THE FEES TO THE FUND
93		-	.
94		-	SECTION 3. In Colorado Revised Statutes, 5-6-201, amend (3) as
95		-	follows:
	132	+	N AND AFTER JULY 1, 2024, THE ADMINISTRATOR SHALL14
	133	+	TRANSFER ALL FEES COLLECTED UNDER THIS ARTICLE 2 AND UNDER15
	134	+	ARTICLES 10, 16, 19, AND 21 OF THIS TITLE 5 TO THE STATE TREASURER,16
	135	+	WHO SHALL CREDIT THE FEES TO THE FUND .17
	136	+	SECTION 3. In Colorado Revised Statutes, 5-6-201, amend (3)18
	137	+	as follows:19
96	138		5-6-201. Applicability. (3) Sections 5-6-203 (5) and 5-6-204
97		-	SECTION 5-6-204 of this part 2 apply APPLIES to all fees collected under this
98		-	code.
99		-	SECTION 4. In Colorado Revised Statutes, 5-6-202, amend (1)
100		-	introductory portion and (2) as follows:
101		-	5-6-202. Notification. (1) Persons subject to this part 2 shall file
102		-	notification with, and pay the fee prescribed in section 5-6-203 to, the
103		-	administrator within thirty days after commencing business in this state and,
104		-	thereafter, on or before January 31
105		-	JULY 1 of each year. The notification
106		-	shall MUST state:
107		-	(2) If information in a notification becomes inaccurate after filing,
108		-	no further notification is required until the following January 31
109		-	NOTIFICATION.
110		-	SECTION 5. In Colorado Revised Statutes, 5-6-203, amend (1),
111		-	(3), and (4); and repeal (5) as follows:
112		-	5-6-203. Fees - repeal. (1) (a) A person required to file notification
113		-	shall, with the first notification and on or before January 31 of JULY 1, 2024,
114		-	PAGE 3-SENATE BILL 23-248 AND ON OR BEFORE JULY 1 each year thereafter, pay to the administrator a
115		-	nonrefundable annual notification fee. The administrator is entitled to MAY
116		-	examine the loans, business, and records of such A person without issuance
117		-	of a subpoena.
	139	+	20
	140	+	S
	141	+	ECTION 5-6-204 of this part 2 apply
	142	+	APPLIES to all fees collected under21
	143	+	this code.22
	144	+	SECTION 4. In Colorado Revised Statutes, 5-6-202, amend (1)23
	145	+	introductory portion and (2) as follows:24
	146	+	5-6-202. Notification. (1) Persons subject to this part 2 shall file25
	147	+	notification with, and pay the fee prescribed in section 5-6-203 to, the26
	148	+	administrator within thirty days after commencing business in this state27
	149	+	248
	150	+	-4- and, thereafter, on or before January 31 JULY 1 of each year. The1
	151	+	notification shall MUST state:2
	152	+	(2) If information in a notification becomes inaccurate after filing,3
	153	+	no further notification is required until the following January 314
	154	+	NOTIFICATION.5
	155	+	SECTION 5. In Colorado Revised Statutes, 5-6-203, amend (1),6
	156	+	(3), and (4); and repeal (5) as follows:7
	157	+	5-6-203. Fees - repeal. (1) (a) A person required to file8
	158	+	notification shall, with the first notification and on or before January 319
	159	+	of JULY 1, 2024, AND ON OR BEFORE JULY 1 each year thereafter, pay to10
	160	+	the administrator a nonrefundable annual notification fee. The11
	161	+	administrator is entitled to MAY examine the loans, business, and records12
	162	+	of such
	163	+	A person without issuance of a subpoena.13
118	164		(b) (I) N
119		-	OTIFICATIONS ISSUED BY THE ADMINISTRATOR IN CALENDAR
120		-	YEAR
121		-	2023 EXPIRE ON JULY 1, 2024. THE ADMINISTRATOR MAY ASSESS AN
122		-	ADDITIONAL NOTIFICATION FEE IN
123		-	JANUARY 2024 TO COVER THE DIRECT AND
124		-	INDIRECT COSTS OF ADMINISTERING THIS SECTION UNTIL NOTIFICATION
125		-	RENEWALS ARE DUE
126		-	JULY 1, 2024.
	165	+	OTIFICATIONS ISSUED BY THE ADMINISTRATOR IN14
	166	+	CALENDAR YEAR 2023 EXPIRE ON JULY 1, 2024. THE ADMINISTRATOR MAY15
	167	+	ASSESS AN ADDITIONAL NOTIFICATION FEE IN JANUARY 2024 TO COVER16
	168	+	THE DIRECT AND INDIRECT COSTS OF ADMINISTERING THIS SECTION UNTIL17
	169	+	NOTIFICATION RENEWALS ARE DUE JULY 1, 2024.18
127	170		(II) T
128		-	HIS SUBSECTION (1)(b) IS REPEALED, EFFECTIVE JULY 1, 2026.
129		-	(3) (a) Persons required to file notification who are assignees of
130		-	consumer credit sales or consumer leases shall pay an ~~additional~~
	171	+	HIS SUBSECTION (1)(b) IS REPEALED, EFFECTIVE JULY 1, 2026.19
	172	+	(3) (a) Persons required to file notification who are assignees of20
	173	+	consumer credit sales or consumer leases shall pay an additional21
131	174		nonrefundable annual volume fee on or before January 31 of each year for
132		-	each JULY 1, 2024, AND ON OR BEFORE JULY 1 EACH YEAR THEREAFTER, FOR
133		-	one hundred thousand dollars, or part thereof, of the unpaid balances at the time of the assignment of obligations arising from consumer credit sales or consumer leases made in this state and taken by assignment during the preceding calendar year. P
134		-	ERSONS REQUIRED TO FILE NOTIFICATION SHALL
135		-	REPORT ANY SUCH VOLUME TO THE ADMINISTRATOR ON OR BEFORE
136		-	MARCH
137		-	1 IN THE FORM AND MANNER D ETERMINED BY THE ADMINISTRATOR . THE
138		-	ADMINISTRATOR MAY CHARGE A LATE FEE FOR FAILURE TO REPORT SUCH A
139		-	VOLUME
140		-	.
	175	+	22
	176	+	each JULY 1, 2024, AND ON OR BEFORE JULY 1 EACH YEAR THEREAFTER,23
	177	+	FOR one hundred thousand dollars, or part thereof, of the unpaid balances24
	178	+	at the time of the assignment of obligations arising from consumer credit25
	179	+	sales or consumer leases made in this state and taken by assignment26
	180	+	during the preceding calendar year. P
	181	+	ERSONS REQUIRED TO FILE27
	182	+	248
	183	+	-5- NOTIFICATION SHALL REPORT ANY SUCH VOLUME TO THE ADMINISTRATOR1
	184	+	ON OR BEFORE MARCH 1 IN THE FORM AND MANNER DETERMINED BY THE2
	185	+	ADMINISTRATOR. THE ADMINISTRATOR MAY CHARGE A LATE FEE FOR3
	186	+	FAILURE TO REPORT SUCH A VOLUME .4
141	187		(b) (I) A
142		-	PERSON THAT PAYS A VOLUME FEE IN CALENDAR YEAR 2023
143		-	IS NOT REQUIRED TO PAY A RENEWAL OF THE VOLUME FEE UNTIL JULY 1,
144		-	2024.
145		-	THE ADMINISTRATOR MAY ASSESS AN ADDITI ONAL VOLUME FEE IN
146		-	JANUARY 2024 TO COVER THE DIRECT AND INDIRECT COSTS OF
147		-	ADMINISTERING THIS SECTION UNTIL VOLUME FEE RENEWALS ARE DUE ON
148		-	JULY 1, 2024.
	188	+	PERSON THAT PAYS A VOLUME FEE IN CALENDAR YEAR5
	189	+	2023
	190	+	IS NOT REQUIRED TO PAY A RENEWAL OF THE VOLUME FEE UNTIL6
	191	+	J
	192	+	ULY 1, 2024. THE ADMINISTRATOR MAY ASSESS AN ADDITIONAL VOLUME7
	193	+	FEE IN JANUARY 2024 TO COVER THE DIRECT AND INDIRECT COSTS OF8
	194	+	ADMINISTERING THIS SECTION UNTIL VOLUME FEE RENEWALS ARE DUE ON9
	195	+	J
	196	+	ULY 1, 2024.10
149	197		(II) T
150		-	HIS SUBSECTION (3)(b) IS REPEALED, EFFECTIVE JULY 1, 2026.
	198	+	HIS SUBSECTION (3)(b) IS REPEALED, EFFECTIVE JULY 1, 2026.11
151	199		(4) T
152		-	HE ADMINISTRATOR SHALL IMPOSE a penalty of five dollars per
153		-	day shall be imposed
154		-	on any person failing THAT FAILS to comply with this
155		-	section. except that, if the fees required by this section are paid on or before
156		-	March 1 of each year, no penalty shall be imposed. If a person required to
157		-	file notification and pay a notification fee fails to do so, the consumer shall
158		-	PAGE 4-SENATE BILL 23-248 have HAS no obligation to pay the finance charge due under the consumer
159		-	credit transaction, and any finance charges paid shall be refunded to the
160		-	consumer. In addition, if the administrator examines the loans, business, or
161		-	records of such person, the person shall pay the reasonable and necessary
162		-	examination expenses of the administrator.
163		-	(5) (a) The administrator shall determine the amount of the
164		-	notification, volume, and license fees required in this section and in section
165		-	5-2-302 and may periodically reduce or increase the amount of one or more
166		-	of the fees if necessary pursuant to section 24-75-402 (3) and (4), C.R.S.,
167		-	to reduce the uncommitted reserves of the uniform consumer credit code
168		-	cash fund created in section 5-6-204 to which all or any portion of one or
169		-	more of the fees is credited.
170		-	(b) In accordance with section 24-75-402 (3)(c), C.R.S., for fiscal
171		-	years prior to July 1, 2018, the uniform consumer credit code cash fund is
172		-	subject to an alternative maximum reserve of one-third of the amount
173		-	expended during the previous fiscal year. For fiscal years that begin on or
174		-	after July 1, 2018, the fund is subject to the maximum reserve established
175		-	in section 24-75-402, C.R.S.
176		-	SECTION 6. In Colorado Revised Statutes, 5-6-204, amend (1);
177		-	and add (1.5) as follows:
178		-	5-6-204. Cash fund created - repeal. (1) (a) All fees collected
	200	+	HE ADMINISTRATOR SHALL IMPOSE a penalty of five dollars12
	201	+	per day shall be imposed
	202	+	on any person failing THAT FAILS to comply with13
	203	+	this section. except that, if the fees required by this section are paid on or14
	204	+	before March 1 of each year, no penalty shall be imposed. If a person15
	205	+	required to file notification and pay a notification fee fails to do so, the16
	206	+	consumer shall have HAS no obligation to pay the finance charge due17
	207	+	under the consumer credit transaction, and any finance charges paid shall18
	208	+	be refunded to the consumer. In addition, if the administrator examines19
	209	+	the loans, business, or records of such person, the person shall pay the20
	210	+	reasonable and necessary examination expenses of the administrator.21
	211	+	(5) (a) The administrator shall determine the amount of the22
	212	+	notification, volume, and license fees required in this section and in23
	213	+	section 5-2-302 and may periodically reduce or increase the amount of24
	214	+	one or more of the fees if necessary pursuant to section 24-75-402 (3) and25
	215	+	(4), C.R.S., to reduce the uncommitted reserves of the uniform consumer26
	216	+	credit code cash fund created in section 5-6-204 to which all or any27
	217	+	248
	218	+	-6- portion of one or more of the fees is credited.1
	219	+	(b) In accordance with section 24-75-402 (3)(c), C.R.S., for fiscal2
	220	+	years prior to July 1, 2018, the uniform consumer credit code cash fund3
	221	+	is subject to an alternative maximum reserve of one-third of the amount4
	222	+	expended during the previous fiscal year. For fiscal years that begin on or5
	223	+	after July 1, 2018, the fund is subject to the maximum reserve established6
	224	+	in section 24-75-402, C.R.S.7
	225	+	SECTION 6. In Colorado Revised Statutes, 5-6-204, amend (1);8
	226	+	and add (1.5) as follows:9
	227	+	5-6-204. Cash fund created - repeal. (1) (a) All fees collected10
179	228		under this code and under article 10 of this title 5
180		-	PRIOR TO JULY 1, 2024,
181		-	shall be credited to the uniform consumer credit code cash fund, which is
182		-	created and referred to in this section as the "fund", and all money credited
183		-	to the fund shall be used for the administration and enforcement of this
184		-	code, article 10 of this title 5, and article 19 of this title 5. Interest earned on
185		-	the fund shall be credited to the fund. The general assembly shall make
186		-	annual appropriations out of the fund for the administration and
187		-	enforcement of this code, article 10 of this title 5, and article 19 of this title
188		-	5; except that expenditures by the administrator for consumer and creditor
189		-	education resulting from the penalties provided in sections 5-2-303 (7)(f),
190		-	5-6-109 (1), 5-6-110, and 5-6-114 (2) shall not require appropriation by the
191		-	general assembly if the expenditures do not exceed twenty-five thousand
192		-	dollars per fiscal year and do not include the hiring of any full-time
193		-	equivalents.
194		-	PAGE 5-SENATE BILL 23-248 (b) ON SEPTEMBER 30, 2024, THE STATE TREASURER SHALL
195		-	TRANSFER THE UNEXPENDED AND UNENCUMBERED BALANCE OF THE
196		-	UNIFORM CONSUMER CREDIT CODE CASH FUND TO THE CONSUMER CREDIT
197		-	UNIT CASH FUND CREATED IN SECTION
198		-	5-2-302 (11).
	229	+	PRIOR TO JULY 1, 2024,11
	230	+	shall be credited to the uniform consumer credit code cash fund, which12
	231	+	is created and referred to in this section as the "fund", and all money13
	232	+	credited to the fund shall be used for the administration and enforcement14
	233	+	of this code, article 10 of this title 5, and article 19 of this title 5. Interest15
	234	+	earned on the fund shall be credited to the fund. The general assembly16
	235	+	shall make annual appropriations out of the fund for the administration17
	236	+	and enforcement of this code, article 10 of this title 5, and article 19 of18
	237	+	this title 5; except that expenditures by the administrator for consumer19
	238	+	and creditor education resulting from the penalties provided in sections20
	239	+	5-2-303 (7)(f), 5-6-109 (1), 5-6-110, and 5-6-114 (2) shall not require21
	240	+	appropriation by the general assembly if the expenditures do not exceed22
	241	+	twenty-five thousand dollars per fiscal year and do not include the hiring23
	242	+	of any full-time equivalents.24
	243	+	(b) O
	244	+	N SEPTEMBER 30, 2024, THE STATE TREASURER SHALL25
	245	+	TRANSFER THE UNEXPENDED AND UNENCUMBERED BALANCE OF THE26
	246	+	UNIFORM CONSUMER CREDIT CODE CASH FUND TO THE CONSUMER CREDIT27
	247	+	248
	248	+	-7- UNIT CASH FUND CREATED IN SECTION 5-2-302 (11).1
199	249		(c) T
200		-	HIS SUBSECTION (1) IS REPEALED, EFFECTIVE JULY 1, 2026.
	250	+	HIS SUBSECTION (1) IS REPEALED, EFFECTIVE JULY 1, 2026.2
201	251		(1.5) O
202		-	N AND AFTER JULY 1, 2024, THE STATE TREASURER SHALL
203		-	CREDIT ALL FEES COLLECTED UNDER THIS ARTICLE
204		-	6 TO THE CONSUMER
205		-	CREDIT UNIT CASH FUND CREATED IN SECTION
206		-	5-2-302 (11).
207		-	SECTION 7. In Colorado Revised Statutes, 5-10-804, amend
208		-	(1)(b) as follows:
209		-	5-10-804. Notification by lessors - contents - repeal. (1) A lessor
210		-	shall file a notification as prescribed in subsection (2) of this section with
211		-	the administrator:
	252	+	N AND AFTER JULY 1, 2024, THE STATE TREASURER SHALL3
	253	+	CREDIT ALL FEES COLLECTED UNDER THIS ARTICLE 6 TO THE CONSUMER4
	254	+	CREDIT UNIT CASH FUND CREATED IN SECTION 5-2-302 (11).5
	255	+	SECTION 7. In Colorado Revised Statutes, 5-10-804, amend6
	256	+	(1)(b) as follows:7
	257	+	5-10-804. Notification by lessors - contents - repeal. (1) A8
	258	+	lessor shall file a notification as prescribed in subsection (2) of this9
	259	+	section with the administrator:10
212	260		(b) (I) Before February 1
213		-	JULY 1 in each subsequent year that the
214		-	lessor solicits or enters into a rental purchase agreement subject to this
215		-	article
216		-	ARTICLE 10.
	261	+	JULY 1 in each subsequent year that the11
	262	+	lessor solicits or enters into a rental purchase agreement subject to this12
	263	+	article ARTICLE 10.13
217	264		(II) (A) N
218		-	OTIFICATIONS ISSUED BY THE ADMINISTRATOR IN
219		-	CALENDAR YEAR
220		-	2023 EXPIRE ON JULY 1, 2024.
	265	+	OTIFICATIONS ISSUED BY THE ADMINISTRATOR IN14
	266	+	CALENDAR YEAR 2023 EXPIRE ON JULY 1, 2024.15
221	267		(B) T
222		-	HIS SUBSECTION (1)(b)(II) IS REPEALED, EFFECTIVE JULY 1,
223		-	2026.
224		-	SECTION 8. In Colorado Revised Statutes, 5-10-805, amend (1);
225		-	repeal (3); and add (4) as follows:
226		-	5-10-805. Fees. (1) A lessor required to file a notification ~~with the~~
227		-	administrator under section 5-10-804 shall pay to the administrator ~~the~~
228		-	following fees:
	268	+	HIS SUBSECTION (1)(b)(II) IS REPEALED, EFFECTIVE JULY 1,16
	269	+	2026.17
	270	+	SECTION 8. In Colorado Revised Statutes, 5-10-805, amend (1);18
	271	+	repeal (3); and add (4) as follows:19
	272	+	5-10-805. Fees. (1) A lessor required to file a notification with20
	273	+	the administrator under section 5-10-804 shall pay to the administrator the21
	274	+	following fees:22
229	275		(a) Fifty dollars
230		-	A FEE IN AN AMOUNT TO BE ESTABLISHED BY THE
231		-	ADMINISTRATOR
232		-	for each address listed in section 5-10-804 (2)(c), paid at
233		-	the time of the filing of the initial notification with the administrator;
234		-	(b) Twenty-five dollars
235		-	A FEE IN AN AMOUNT TO BE ESTABLISHED BY
236		-	PAGE 6-SENATE BILL 23-248 THE ADMINISTRATOR for each address listed in section 5-10-804 (2)(c), paid
237		-	at the time of the filing of each annual notification subsequently filed with
238		-	the administrator.
239		-	(3) Notwithstanding the amount specified for any fee in this section,
240		-	the administrator by rule or as otherwise provided by law may reduce the
241		-	amount of one or more of the fees if necessary pursuant to section
242		-	24-75-402 (3), C.R.S., to reduce the uncommitted reserves of the fund to
243		-	which all or any portion of one or more of the fees is credited. After the
244		-	uncommitted reserves of the fund are sufficiently reduced, the administrator
245		-	by rule or as otherwise provided by law may increase the amount of one or
246		-	more of the fees as provided in section 24-75-402 (4), C.R.S.
247		-	(4) ON AND AFTER JULY 1, 2024, THE STATE TREASURER SHALL
248		-	CREDIT ALL FEES COLLECTED UNDER THIS ARTICLE
249		-	10 TO THE CONSUMER
250		-	CREDIT UNIT CASH FUND CREATED IN SECTION
251		-	5-2-302 (11).
	276	+	A FEE IN AN AMOUNT TO BE ESTABLISHED BY THE23
	277	+	ADMINISTRATOR for each address listed in section 5-10-804 (2)(c), paid24
	278	+	at the time of the filing of the initial notification with the administrator;25
	279	+	(b) Twenty-five dollars A FEE IN AN AMOUNT TO BE ESTABLISHED26
	280	+	BY THE ADMINISTRATOR for each address listed in section 5-10-804 (2)(c),27
	281	+	248
	282	+	-8- paid at the time of the filing of each annual notification subsequently filed1
	283	+	with the administrator.2
	284	+	(3) Notwithstanding the amount specified for any fee in this3
	285	+	section, the administrator by rule or as otherwise provided by law may4
	286	+	reduce the amount of one or more of the fees if necessary pursuant to5
	287	+	section 24-75-402 (3), C.R.S., to reduce the uncommitted reserves of the6
	288	+	fund to which all or any portion of one or more of the fees is credited.7
	289	+	After the uncommitted reserves of the fund are sufficiently reduced, the8
	290	+	administrator by rule or as otherwise provided by law may increase the9
	291	+	amount of one or more of the fees as provided in section 24-75-402 (4),10
	292	+	C.R.S. 11
	293	+	(4) O
	294	+	N AND AFTER JULY 1, 2024, THE STATE TREASURER SHALL12
	295	+	CREDIT ALL FEES COLLECTED UNDER THIS ARTICLE 10 TO THE CONSUMER13
	296	+	CREDIT UNIT CASH FUND CREATED IN SECTION 5-2-302 (11).14
252	297		SECTION 9. In Colorado Revised Statutes, 5-16-119, amend (6)
253		-	as follows:
254		-	5-16-119. Collection agency license - requirements - application
255		-	- fee - expiration - definition. (6) (a) A collection agency must obtain a
256		-	license for its principal place of business, but its branch offices, if any, need
257		-	not obtain separate licenses. A collection agency with branch offices must
258		-	notify the administrator in writing of the location of each branch office
259		-	within thirty days after the branch office commences business.
	298	+	15
	299	+	as follows:16
	300	+	5-16-119. Collection agency license - requirements -17
	301	+	application - fee - expiration - definition. (6) (a) A collection agency18
	302	+	must obtain a license for its principal place of business, but its branch19
	303	+	offices, if any, need not obtain separate licenses. A collection agency with20
	304	+	branch offices must notify the administrator in writing of the location of21
	305	+	each branch office within thirty days after the branch office commences22
	306	+	business.23
260	307		(b) S
261		-	UBJECT TO RULES ADOPTED BY THE ADMINISTRATOR , NOTHING
262		-	IN SUBSECTION
263		-	(6)(a) OF THIS SECTION PROHIBITS A LICENSEE FROM
264		-	PERMITTING ITS EMPLOYEES TO WORK FROM A REMOTE LOCATION SO LONG
265		-	AS THE LICENSEE
266		-	:
267		-	(I) E
268		-	NSURES THAT NO IN-PERSON CUSTOMER INTERACTIONS ARE
269		-	CONDUCTED AT THE REMOTE LOCATION AND DOES NOT DESIGNATE THE
270		-	REMOTE LOCATION TO CONSUMERS AS A BUSINESS LOCATION
271		-	;
	308	+	UBJECT TO RULES ADOPTED BY THE ADMINISTRATOR ,
	309	+	24
	310	+	NOTHING IN SUBSECTION (6)(a) OF THIS SECTION PROHIBITS A LICENSEE25
	311	+	FROM PERMITTING ITS EMPLOYEES TO WORK FROM A REMOTE LOCATION SO26
	312	+	LONG AS THE LICENSEE:27
	313	+	248
	314	+	-9- (I) ENSURES THAT NO IN-PERSON CUSTOMER INTERACTIONS ARE1
	315	+	CONDUCTED AT THE REMOTE LOCATION AND DOES NOT DESIGNATE THE2
	316	+	REMOTE LOCATION TO CONSUMERS AS A BUSINESS LOCATION ;3
272	317		(II) M
273	318		AINTAINS APPROPRIATE SAFEGUARDS FOR LICENSEE AND
274		-	~~CONSUMER DATA~~
275		-	, INFORMATION, AND RECORDS, INCLUDING THE USE OF
276		-	SECURE VIRTUAL PRIVATE NETWORKS
277		-	~~, ALSO KNOWN AS "VPNS", WHERE~~
278		-	~~APPROPRIATE~~
279		-	;
280		-	~~PAGE 7-SENATE BILL 23-248 (III) EMPLOYS APPROPRIATE RISK -BASED MONITORING AND~~
281		-	OVERSIGHT PROCESSES OF WORK PERFORMED FROM A REMOTE ~~LOCATION~~
282		-	AND MAINTAINS RECORDS OF THE MONITORING AND ~~OVERSIGHT PROCESSES~~
283		-	;
	319	+	4
	320	+	CONSUMER DATA, INFORMATION, AND RECORDS, INCLUDING THE USE OF5
	321	+	SECURE VIRTUAL PRIVATE NETWORKS , ALSO KNOWN AS "VPNS", WHERE6
	322	+	APPROPRIATE;7
	323	+	(III) E
	324	+	MPLOYS APPROPRIATE RISK -BASED MONITORING AND
	325	+	8
	326	+	OVERSIGHT PROCESSES OF WORK PERFORMED FROM A REMOTE LOCATION9
	327	+	AND MAINTAINS RECORDS OF THE MONITORING AND OVERSIGHT10
	328	+	PROCESSES;11
284	329		(IV) E
285	330		NSURES CONSUMER INFORMATION AND RECORDS ARE NOT
286		-	~~MAINTAINED AT A REMOTE LOCATION~~
287		-	;
	331	+	12
	332	+	MAINTAINED AT A REMOTE LOCATION ;13
288	333		(V) E
289		-	NSURES CONSUMER AND LICENSEE INFORMATION AND RECORDS
290		-	REMAIN ACCESSIBLE AND AVAILABLE FOR REGULATORY OVERSIGHT AND
291		-	EXAMINATION
292		-	; AND
293		-	(VI) PROVIDES APPROPRIATE EMPLOYEE TRAINING TO ENSURE
294		-	EMPLOYEES WORKING FROM A REMOTE LOCATION KEEP ALL CONVERSATIONS
295		-	ABOUT AND WITH CONSUMERS THAT ARE CONDUCTED FROM THE REMOTE
296		-	LOCATION CONFIDENTIAL
297		-	, AS IF CONDUCTED FROM A COMMERCIAL
298		-	LOCATION
299		-	, AND TO ENSURE THAT EMPLOYEES WORKING AT A REMOTE
300		-	LOCATION WORK IN AN ENVIRONMENT THAT IS CONDUCIVE AND
301		-	APPROPRIATE TO ENSURING PRIVACY AND CONFIDENTIAL CONVERSATIONS
302		-	.
	334	+	NSURES CONSUMER AND LICENSEE INFORMATION AND
	335	+	14
	336	+	RECORDS REMAIN ACCESSIBLE AND AVAILABLE FOR REGULATORY15
	337	+	OVERSIGHT AND EXAMINATION ; AND16
	338	+	(VI) P
	339	+	ROVIDES APPROPRIATE EMPLOYEE TRAINING TO ENSURE
	340	+	17
	341	+	EMPLOYEES WORKING FROM A REMOTE LOCATION KEEP ALL18
	342	+	CONVERSATIONS ABOUT AND WITH CONSUMERS THAT ARE CONDUCTED19
	343	+	FROM THE REMOTE LOCATION CONFIDENTIAL , AS IF CONDUCTED FROM A20
	344	+	COMMERCIAL LOCATION , AND TO ENSURE THAT EMPLOYEES WORKING AT21
	345	+	A REMOTE LOCATION WORK IN AN ENVIRONMENT THAT IS CONDUCIVE AND22
	346	+	APPROPRIATE TO ENSURING PRIVACY AND CONFIDENTIAL CONVERSATIONS .23
303	347		(c) A
304		-	S USED IN THIS SUBSECTION (6), "REMOTE LOCATION" MEANS A
305		-	PRIVATE RESIDENCE OF AN EMPLOYEE OF A LICENSEE OR ANOTHER LOCATION
306		-	SELECTED BY THE EMPLOYEE AND APPROVED BY THE LICENSEE
307		-	.
308		-	SECTION 10. In Colorado Revised Statutes, 5-16-134, amend (1);
309		-	and add (1.5) as follows:
310		-	5-16-134. Disposition of fees and fines - repeal. (1) (a) All
	348	+	S USED IN THIS SUBSECTION (6), "REMOTE LOCATION" MEANS
	349	+	24
	350	+	A PRIVATE RESIDENCE OF AN EMPLOYEE OF A LICENSEE OR ANOTHER25
	351	+	LOCATION SELECTED BY THE EMPLOYEE AND APPROVED BY THE LICENSEE .26
	352	+	SECTION 10. In Colorado Revised Statutes, 5-16-134 amend27
	353	+	248
	354	+	-10- (1); and add (1.5) as follows:1
	355	+	5-16-134. Disposition of fees and fines - repeal. (1) (a) All2
311	356		revenue, except fines, collected pursuant to this article 16
312		-	BEFORE JULY 1,
313		-	2024, shall be collected by the administrator and transmitted to the state
	357	+	BEFORE JULY3
	358	+	1,
	359	+	2024, shall be collected by the administrator and transmitted to the state4
314	360		treasurer, who shall credit the same
315		-	MONEY to the collection agency ~~cash~~
316		-	fund, which fund is hereby created and referred to in this section as ~~the~~
317		-	"fund". The general assembly shall make annual appropriations from ~~the~~
318		-	fund for the uses and purposes of this article 16. All revenue credited ~~to the~~
319		-	fund, including earned interest, shall be used for the ~~administration and~~
320		-	enforcement of this article 16.
321		-	(b) Notwithstanding any provision of subsection (1)(a) of ~~this~~
322		-	section to the contrary, on March 27, 2002, the state treasurer shall ~~deduct~~
323		-	four hundred sixty-two thousand dollars from the fund and transfer ~~such~~
324		-	sum to the general fund.
325		-	~~PAGE 8-SENATE BILL 23-248~~ (c) Notwithstanding any provision of subsection (1)(a) of ~~this~~
326		-	section to the contrary, on March 5, 2003, the state treasurer shall ~~deduct~~
327		-	one hundred twenty thousand dollars from the fund and transfer such ~~sum~~
328		-	to the general fund.
329		-	(b) ~~ON SEPTEMBER 30, 2024, OR AS SOON AS PRACTICABLE AFTER~~
330		-	~~THAT DATE~~
331		-	, THE STATE TREASURER SHALL TRANSFER THE ~~UNEXPENDED AND~~
332		-	UNENCUMBERED BALANCE OF THE COLLECTION AGENCY CASH ~~FUND TO THE~~
333		-	CONSUMER CREDIT UNIT CASH FUND CREATED IN SECTION
334		-	~~5-2-302~~ (11).
	361	+	MONEY to the collection agency cash5
	362	+	fund, which fund is hereby created and referred to in this section as the6
	363	+	"fund". The general assembly shall make annual appropriations from the7
	364	+	fund for the uses and purposes of this article 16. All revenue credited to8
	365	+	the fund, including earned interest, shall be used for the administration9
	366	+	and enforcement of this article 16.10
	367	+	(b) Notwithstanding any provision of subsection (1)(a) of this11
	368	+	section to the contrary, on March 27, 2002, the state treasurer shall deduct12
	369	+	four hundred sixty-two thousand dollars from the fund and transfer such13
	370	+	sum to the general fund.14
	371	+	(c) Notwithstanding any provision of subsection (1)(a) of this15
	372	+	section to the contrary, on March 5, 2003, the state treasurer shall deduct16
	373	+	one hundred twenty thousand dollars from the fund and transfer such sum17
	374	+	to the general fund.18
	375	+	(b) O
	376	+	N SEPTEMBER 30, 2024, OR AS SOON AS PRACTICABLE AFTER19
	377	+	THAT DATE, THE STATE TREASURER SHALL TRANSFER THE UNEXPENDED20
	378	+	AND UNENCUMBERED BALANCE OF THE COLLECTION AGENCY CASH FUND21
	379	+	TO THE CONSUMER CREDIT UNIT CASH FUND CREATED IN SECTION 5-2-30222
	380	+	(11).23
335	381		(c) T
336		-	HIS SUBSECTION (1) IS REPEALED, EFFECTIVE JULY 1, 2026.
	382	+	HIS SUBSECTION (1) IS REPEALED, EFFECTIVE JULY 1, 2026.24
337	383		(1.5) O
338		-	N AND AFTER JULY 1, 2024, THE STATE TREASURER SHALL
339		-	CREDIT ALL FEES COLLECTED UNDER THIS ARTICLE
340		-	16 TO THE CONSUMER
341		-	CREDIT UNIT CASH FUND CREATED IN SECTION
342		-	5-2-302 (11).
343		-	SECTION 11. In Colorado Revised Statutes, 5-16-127, add (13) as
344		-	follows:
345		-	5-16-127. Complaint - investigations - powers of administrator
	384	+	N AND AFTER JULY 1, 2024, THE STATE TREASURER SHALL25
	385	+	CREDIT ALL FEES COLLECTED UNDER THIS ARTICLE 16 TO THE CONSUMER26
	386	+	CREDIT UNIT CASH FUND CREATED IN SECTION 5-2-302 (11).27
	387	+	248
	388	+	-11- SECTION 11. In Colorado Revised Statutes, 5-16-127, add (13)1
	389	+	as follows:2
	390	+	5-16-127. Complaint - investigations - powers of administrator3
346	391		- sanctions. (13) T
347		-	HE ADMINISTRATOR SHALL NOT MAKE PUBLIC THE NAME
348		-	OR IDENTITY OF A PERSON WHOSE ACTS OR CONDUCT THE ADMINISTRATOR
349		-	INVESTIGATES PURSUANT TO THIS SECTION OR THE FACTS DISCLOSED IN THE
350		-	INVESTIGATION
351		-	. THIS SUBSECTION (13) DOES NOT APPLY TO DISCLOSURES BY
352		-	THE ADMINISTRATOR IN ACTIONS OR ADMINISTRATIVE ENFORCEMENT
353		-	PROCEEDINGS PURSUANT TO THIS ARTICLE
354		-	16.
355		-	SECTION 12. In Colorado Revised Statutes, 5-19-205, amend
356		-	(b)(1) as follows:
357		-	5-19-205. Application for registration - form, fee, and
358		-	accompanying documents - repeal. (b) An application for registration as
359		-	a provider shall be accompanied by:
360		-	(1) The fee established by the administrator. The administrator shall
361		-	transmit the fee to the state treasurer, who shall:
	392	+	HE ADMINISTRATOR SHALL NOT MAKE PUBLIC THE4
	393	+	NAME OR IDENTITY OF A PERSON WHOSE ACTS OR CONDUCT THE5
	394	+	ADMINISTRATOR INVESTIGATES PURSUANT TO THIS SECTION OR THE FACTS6
	395	+	DISCLOSED IN THE INVESTIGATION. THIS SUBSECTION (13) DOES NOT APPLY7
	396	+	TO DISCLOSURES BY THE ADMINISTRATOR IN ACTIONS OR ADMINISTRATIVE8
	397	+	ENFORCEMENT PROCEEDINGS PURSUANT TO THIS ARTICLE 16.9
	398	+	SECTION 12.
	399	+	In Colorado Revised Statutes, 5-19-205, amend10
	400	+	(b)(1) as follows:11
	401	+	5-19-205. Application for registration - form, fee, and12
	402	+	accompanying documents - repeal. (b) An application for registration13
	403	+	as a provider shall be accompanied by:14
	404	+	(1) The fee established by the administrator. The administrator15
	405	+	shall transmit the fee to the state treasurer, who shall:16
362	406		(A) (i) F
363	407		OR FEES COLLECTED PRIOR TO JULY 1, 2024, deposit it
364		-	~~THE~~
365		-	MONEY
366		-	~~in the uniform consumer credit code cash fund created in section~~
367		-	~~5-6-204 (1).~~
368		-	~~PAGE 9-SENATE BILL 23-248 (ii) THIS~~ SUBSECTION (b)(1)(A) IS REPEALED, EFFECTIVE JULY 1,
369		-	2026.
	408	+	THE17
	409	+	MONEY in the uniform consumer credit code cash fund created in section18
	410	+	5-6-204 (1).19
	411	+	(ii) T
	412	+	HIS SUBSECTION (b)(1)(A) IS REPEALED, EFFECTIVE JULY 1,20
	413	+	2026.21
370	414		(B) F
371		-	OR FEES COLLECTED ON AND AFTER JULY 1, 2024, DEPOSIT THE
372		-	MONEY IN THE CONSUMER CREDIT UNIT CASH FUND CREATED IN SECTION
373		-	5-2-302 (11).
374		-	SECTION 13. In Colorado Revised Statutes, add 5-19-206.7 as
375		-	follows:
376		-	5-19-206.7. Remote work authorized - definition. (1) S
377		-	UBJECT TO
378		-	RULES ADOPTED BY THE ADMINISTRATOR
379		-	, NOTHING IN THIS PART 2
380		-	PROHIBITS A REGISTERED PROVIDER FROM PERMITTING ITS EMPLOYEES TO
381		-	WORK FROM A REMOTE LOCATION SO LONG AS THE REGISTERED PROVIDER
382		-	:
	415	+	OR FEES COLLECTED ON AND AFTER JULY 1, 2024, DEPOSIT22
	416	+	THE MONEY IN THE CONSUMER CREDIT UNIT CASH FUND CREATED IN23
	417	+	SECTION 5-2-302 (11).24
	418	+	SECTION 13. In Colorado Revised Statutes, add 5-19-206.5 as
	419	+	25
	420	+	follows:26
	421	+	5-19-206.5 Remote work authorized - definition. (1) S
	422	+	UBJECT
	423	+	27
	424	+	248
	425	+	-12- TO RULES ADOPTED BY THE ADMINISTRATOR , NOTHING IN THIS PART 21
	426	+	PROHIBITS A REGISTERED PROVIDER FROM PERMITTING ITS EMPLOYEES TO2
	427	+	WORK FROM A REMOTE LOCATION SO LONG AS THE REGISTERED PROVIDER :3
383	428		(a) E
384	429		NSURES THAT NO IN-PERSON CUSTOMER INTERACTIONS ARE
385		-	~~CONDUCTED AT THE REMOTE LOCATION AND DOES NOT DESIGNATE THE~~
386		-	REMOTE LOCATION ~~TO CONSUMERS AS A BUSINESS LOCATION~~
387		-	;
	430	+	4
	431	+	CONDUCTED AT THE REMOTE LOCATION AND DOES NOT DESIGNATE THE5
	432	+	REMOTE LOCATION TO CONSUMERS AS A BUSINESS LOCATION ;6
388	433		(b) M
389	434		AINTAINS APPROPRIATE SAFEGUARDS FOR REGISTERED
390		-	PROVIDER AND CONSUMER DATA
391		-	, INFORMATION, AND RECORDS, INCLUDING
392		-	THE USE OF SECURE VIRTUAL PRIVATE NETWORKS
393		-	, ALSO KNOWN AS "VPNS",
394		-	WHERE APPROPRIATE;
	435	+	7
	436	+	PROVIDER AND CONSUMER DATA , INFORMATION, AND RECORDS ,8
	437	+	INCLUDING THE USE OF SECURE VIRTUAL PRIVATE NETWORKS , ALSO9
	438	+	KNOWN AS "VPNS", WHERE APPROPRIATE;10
	439	+	(c)
	440	+	EMPLOYS APPROPRIATE RISK -BASED MONITORING AND
	441	+	11
	442	+	OVERSIGHT PROCESSES OF WORK PERFORMED FROM A REMOTE LOCATION12
	443	+	AND MAINTAINS RECORDS OF THE MONITORING AND OVERSIGHT13
	444	+	PROCESSES;14
	445	+	(d) E
	446	+	NSURES CONSUMER INFORMATION AND RECORDS ARE NOT
	447	+	15
	448	+	MAINTAINED AT A REMOTE LOCATION ;16
	449	+	(e) E
	450	+	NSURES CONSUMER AND REGISTERED PROVIDER INFORMATION
	451	+	17
	452	+	AND RECORDS REMAIN ACCESSIBLE AND AVAILABLE FOR REGULATORY18
	453	+	OVERSIGHT AND EXAMINATION ; AND19
	454	+	(f) P
	455	+	ROVIDES APPROPRIATE EMPLOYEE TRAINING TO ENSURE
	456	+	20
	457	+	EMPLOYEES WORKING FROM A REMOTE LOCATION KEEP ALL21
	458	+	CONVERSATIONS ABOUT AND WITH CONSUMERS THAT ARE CONDUCTED22
	459	+	FROM THE REMOTE LOCATION CONFIDENTIAL , AS IF CONDUCTED FROM A23
	460	+	COMMERCIAL LOCATION , AND TO ENSURE THAT EMPLOYEES WORKING AT24
	461	+	A REMOTE LOCATION WORK IN AN ENVIRONMENT THAT IS CONDUCIVE AND25
	462	+	APPROPRIATE TO ENSURING PRIVACY AND CONFIDENTIAL CONVERSATIONS .26
	463	+	(2) A
	464	+	S USED IN THIS SECTION, "REMOTE LOCATION" MEANS A
	465	+	27
	466	+	248
	467	+	-13- PRIVATE RESIDENCE OF AN EMPLOYEE OF A REGISTERED PROVIDER OR1
	468	+	ANOTHER LOCATION SELECTED BY THE EMPLOYEE AND APPROVED BY THE2
	469	+	REGISTERED PROVIDER.3
	470	+	SECTION 14. In Colorado Revised Statutes, 5-21-106, amend4
	471	+	(2) as follows:5
	472	+	5-21-106. Fees - repeal. (2) The administrator shall transmit the6
	473	+	fees
	474	+	REQUIRED BY SUBSECTION (1) OF THIS SECTION to the state treasurer,7
	475	+	who shall credit them
	476	+	THE FEES COLLECTED:8
	477	+	(a) (I) B
	478	+	EFORE JULY 1, 2024, to the uniform consumer credit code9
	479	+	cash fund created in section 5-6-204 (1).10
	480	+	(II) T
	481	+	HIS SUBSECTION (2)(a) IS REPEALED, EFFECTIVE JULY 1, 2026.11
	482	+	(b) O
	483	+	N AND AFTER JULY 1, 2024, TO THE CONSUMER CREDIT UNIT12
	484	+	CASH FUND CREATED IN SECTION 5-2-302 (11).13
	485	+	SECTION 15.
	486	+	In Colorado Revised Statutes, 5-20-102, amend14
	487	+	(2) as follows:15
	488	+	5-20-102. Scope of article - residence of debtor. (2) Part 2 of16
	489	+	this article 20 applies to private education lenders, creditors and17
	490	+	collection agencies in connection with those student education loans that18
	491	+	are not made, insured, or guaranteed under federal law and that are used19
	492	+	for postsecondary education.20
	493	+	SECTION 16. In Colorado Revised Statutes, 5-20-106, amend21
	494	+	(1)(a), (9), and (10); and add (5)(d) as follows:22
	495	+	5-20-106. Licensure of student loan servicers - definition.23
	496	+	(1) Automatic issuance of license for federal student loan servicing24
	497	+	contractors. (a) A person seeking to act within this state as a student25
	498	+	loan servicer is exempt from the application procedures described in26
	499	+	subsection (2) of this section upon a determination by the administrator27
	500	+	248
	501	+	-14- that the person is a party to a contract awarded by the United States1
	502	+	secretary of education under 20 U.S.C. sec. 1087f 1078, 1087f, OR2
	503	+	1087hh, as amended. The administrator shall prescribe the procedure to3
	504	+	document eligibility for the exemption.4
	505	+	(5) License renewal - annual report. (d) A
	506	+	LONG WITH THE5
	507	+	APPLICATION FOR RENEWAL , EVERY LICENSEE SHALL FILE WITH THE6
	508	+	ADMINISTRATOR, IN THE FORM AND MANNER DETERMINED BY THE7
	509	+	ADMINISTRATOR, AN ANNUAL REPORT CONCERNING LOANS SERVICED BY8
	510	+	THE LICENSEE. INFORMATION INCLUDED IN AN ANNUAL REPORT FILED9
	511	+	PURSUANT TO THIS SUBSECTION (5)(d) IS CONFIDENTIAL AND MAY BE10
	512	+	PUBLISHED ONLY IN AGGREGATE FORM , WITH NO PERSONAL IDENTIFYING11
	513	+	INFORMATION INCLUDED.12
	514	+	(9) Change of license notification. (a) A licensee under this
	515	+	13
	516	+	section shall not act within this state as a student loan servicer under any14
	517	+	name or at any place of business other than those named in the license. A15
	518	+	licensee shall give prior written notice to the administrator of a change of16
	519	+	business location. A licensee shall not operate more than one place of17
	520	+	business under the same license, but the administrator may issue more18
	521	+	than one license to a licensee that complies with this part 1 as to each19
	522	+	license. A license is not transferable or assignable.20
	523	+	(b) (I) S
	524	+	UBJECT TO RULES ADOPTED BY THE ADMINISTRATOR ,
	525	+	21
	526	+	NOTHING IN SUBSECTION (9)(a) OF THIS SECTION PROHIBITS A LICENSEE22
	527	+	FROM PERMITTING ITS EMPLOYEES TO WORK FROM A REMOTE LOCATION SO23
	528	+	LONG AS THE LICENSEE:24
	529	+	(A) E
	530	+	NSURES THAT NO IN-PERSON CUSTOMER INTERACTIONS ARE
	531	+	25
	532	+	CONDUCTED AT THE REMOTE LOCATION AND DOES NOT DESIGNATE THE26
	533	+	REMOTE LOCATION TO CONSUMERS AS A BUSINESS LOCATION ;27
	534	+	248
	535	+	-15- (B) MAINTAINS APPROPRIATE SAFEGUARDS FOR LICENSEE AND1
	536	+	CONSUMER DATA, INFORMATION, AND RECORDS, INCLUDING THE USE OF2
	537	+	SECURE VIRTUAL PRIVATE NETWORKS , ALSO KNOWN AS "VPNS", WHERE3
	538	+	APPROPRIATE;4
395	539		(C) E
396	540		MPLOYS APPROPRIATE RISK -BASED MONITORING AND
397		-	OVERSIGHT PROCESSES OF WORK PERFORMED FROM A REMOTE LOCATION
398		-	AND MAINTAINS RECORDS OF THE MONITORING AND OVERSIGHT PROCESSES
399		-	;
	541	+	5
	542	+	OVERSIGHT PROCESSES OF WORK PERFORMED FROM A REMOTE LOCATION6
	543	+	AND MAINTAINS RECORDS OF THE MONITORING AND OVERSIGHT7
	544	+	PROCESSES;8
400	545		(D) E
401	546		NSURES CONSUMER INFORMATION AND RECORDS ARE NOT
402		-	~~MAINTAINED AT A REMOTE LOCATION~~
403		-	;
	547	+	9
	548	+	MAINTAINED AT A REMOTE LOCATION ;10
404	549		(E) E
405		-	NSURES CONSUMER AND REGISTERED PROVIDER INFORMATION
406		-	AND RECORDS REMAIN ACCESSIBLE AND AVAILABLE FOR REGULATORY
407		-	OVERSIGHT AND EXAMINATION
408		-	; AND
409		-	(f) PROVIDES APPROPRIATE EMPLOYEE TRAINING TO ENSURE
410		-	EMPLOYEES WORKING FROM A REMOTE LOCATION KEEP ALL CONVERSATIONS
411		-	ABOUT AND WITH CONSUMERS THAT ARE CONDUCTED FROM THE REMOTE
412		-	LOCATION CONFIDENTIAL
413		-	, AS IF CONDUCTED FROM A COMMERCIAL
414		-	LOCATION
415		-	, AND TO ENSURE THAT EMPLOYEES WORKING AT A REMOTE
416		-	PAGE 10-SENATE BILL 23-248 LOCATION WORK IN AN ENVIRONMENT THAT IS CONDUCIVE AND
417		-	APPROPRIATE TO ENSURING PRIVACY AND CONFIDENTIAL CONVERSATIONS
418		-	.
419		-	(2) A
420		-	S USED IN THIS SECTION, "REMOTE LOCATION" MEANS A
421		-	PRIVATE RESIDENCE OF AN EMPLOYEE OF A REGISTERED PROVIDER OR
422		-	ANOTHER LOCATION SELECTED BY THE EMPLOYEE AND APPROVED BY THE
423		-	REGISTERED PROVIDER
424		-	.
425		-	SECTION 14. In Colorado Revised Statutes, 5-21-106, amend (2)
426		-	as follows:
427		-	5-21-106. Fees - repeal. (2) The administrator shall transmit the
428		-	fees
429		-	REQUIRED BY SUBSECTION (1) OF THIS SECTION to the state treasurer,
430		-	who shall credit them
431		-	THE FEES COLLECTED:
432		-	(a) (I) B
433		-	EFORE JULY 1, 2024, to the uniform consumer credit code
434		-	cash fund created in section 5-6-204 (1).
435		-	(II) T
436		-	HIS SUBSECTION (2)(a) IS REPEALED, EFFECTIVE JULY 1, 2026.
437		-	(b) O
438		-	N AND AFTER JULY 1, 2024, TO THE CONSUMER CREDIT UNIT
439		-	CASH FUND CREATED IN SECTION
440		-	5-2-302 (11).
441		-	SECTION 15. In Colorado Revised Statutes, 5-20-102, amend (2)
442		-	as follows:
443		-	5-20-102. Scope of article - residence of debtor. (2) Part 2 of this
444		-	article 20 applies to private education lenders,
445		-	creditors and collection
446		-	agencies in connection with those student education loans that are not made,
447		-	insured, or guaranteed under federal law and that are used for postsecondary
448		-	education.
449		-	SECTION 16. In Colorado Revised Statutes, 5-20-106, amend
450		-	(1)(a), (9), and (10); and add (5)(d) as follows:
451		-	5-20-106. Licensure of student loan servicers - definition.
452		-	(1) Automatic issuance of license for federal student loan servicing
453		-	contractors. (a) A person seeking to act within this state as a student loan
454		-	servicer is exempt from the application procedures described in subsection
455		-	(2) of this section upon a determination by the administrator that the person
456		-	PAGE 11-SENATE BILL 23-248 is a party to a contract awarded by the United States secretary of education
457		-	under 20 U.S.C. sec. 1087f 1078, 1087f, OR 1087hh, as amended. The
458		-	administrator shall prescribe the procedure to document eligibility for the
459		-	exemption.
460		-	(5) License renewal - annual report. (d) A
461		-	LONG WITH THE
462		-	APPLICATION FOR RENEWAL
463		-	, EVERY LICENSEE SHALL FILE WITH THE
464		-	ADMINISTRATOR
465		-	, IN THE FORM AND MANNER DETERMINED BY THE
466		-	ADMINISTRATOR
467		-	, AN ANNUAL REPORT CONCERNING L OANS SERVICED BY THE
468		-	LICENSEE
469		-	. INFORMATION INCLUDED IN AN ANNUAL REPORT FILED PURSUANT
470		-	TO THIS SUBSECTION
471		-	(5)(d) IS CONFIDENTIAL AND MAY BE PUBLISHED ONLY
472		-	IN AGGREGATE FORM
473		-	, WITH NO PERSONAL IDENTIFYING INFORMATION
474		-	INCLUDED
475		-	.
476		-	(9) Change of license notification. (a) A licensee under this
477		-	section shall not act within this state as a student loan servicer under any
478		-	name or at any place of business other than those named in the license. A
479		-	licensee shall give prior written notice to the administrator of a change of
480		-	business location. A licensee shall not operate more than one place of
481		-	business under the same license, but the administrator may issue more than
482		-	one license to a licensee that complies with this part 1 as to each license. A
483		-	license is not transferable or assignable.
484		-	(b) (I) S
485		-	UBJECT TO RULES ADOPTED BY THE ADMINISTRATOR ,
486		-	NOTHING IN SUBSECTION (9)(a) OF THIS SECTION PROHIBITS A LICENSEE FROM
487		-	PERMITTING ITS EMPLOYEES TO WORK FROM A REMOTE LOCATION SO LONG
488		-	AS THE LICENSEE
489		-	:
490		-	(A) E
491		-	NSURES THAT NO IN-PERSON CUSTOMER INTERACTIONS ARE
492		-	CONDUCTED AT THE REMOTE LOCATION AND DOES NOT DESIGNATE THE
493		-	REMOTE LOCATION TO CONSUMERS AS A BUSINESS LOCATION
494		-	;
495		-	(B) M
496		-	AINTAINS APPROPRIATE SAFEGUARDS FOR LICENSEE AND
497		-	CONSUMER DATA
498		-	, INFORMATION, AND RECORDS, INCLUDING THE USE OF
499		-	SECURE VIRTUAL PRIVATE NETWORKS
500		-	, ALSO KNOWN AS "VPNS", WHERE
501		-	APPROPRIATE
502		-	;
503		-	(C) E
504		-	MPLOYS APPROPRIATE RISK -BASED MONITORING AND
505		-	OVERSIGHT PROCESSES OF WORK PERFORMED FROM A REMOTE LOCATION
506		-	AND MAINTAINS RECORDS OF THE MONITORING AND OVERSIGHT PROCESSES
507		-	;
508		-	PAGE 12-SENATE BILL 23-248 (D) ENSURES CONSUMER INFORMATION AND RECORDS ARE NOT
509		-	MAINTAINED AT A REMOTE LOCATION
510		-	;
511		-	(E) E
512		-	NSURES CONSUMER AND LICENSEE INFORMATION AND RECORDS
513		-	REMAIN ACCESSIBLE AND AVAILABLE FOR REGULATORY OVERSIGHT AND
514		-	EXAMINATION
515		-	; AND
516		-	(F) PROVIDES APPROPRIATE EMPLOYEE TRAINING TO ENSURE
517		-	EMPLOYEES WORKING FROM A REMOTE LOCATION KEEP ALL CONVERSATIONS
518		-	ABOUT AND WITH CONSUMERS THAT ARE CONDUCTED FROM THE REMOTE
519		-	LOCATION CONFIDENTIAL
520		-	, AS IF CONDUCTED FROM A COMMERCIAL
521		-	LOCATION
522		-	, AND TO ENSURE THAT EMPLOYEES WORKING AT A REMOTE
523		-	LOCATION WORK IN AN ENVIRONMENT THAT IS CONDUCIVE AND
524		-	APPROPRIATE TO ENSURING PRIVACY AND CONFIDENTIAL CONVERSATIONS
525		-	.
	550	+	NSURES CONSUMER AND LICENSEE INFORMATION AND
	551	+	11
	552	+	RECORDS REMAIN ACCESSIBLE AND AVAILABLE FOR REGULATORY12
	553	+	OVERSIGHT AND EXAMINATION ; AND13
	554	+	(F) P
	555	+	ROVIDES APPROPRIATE EMPLOYEE TRAINING TO ENSURE
	556	+	14
	557	+	EMPLOYEES WORKING FROM A REMOTE LOCATION KEEP ALL15
	558	+	CONVERSATIONS ABOUT AND WITH CONSUMERS THAT ARE CONDUCTED16
	559	+	FROM THE REMOTE LOCATION CONFIDENTIAL , AS IF CONDUCTED FROM A17
	560	+	COMMERCIAL LOCATION , AND TO ENSURE THAT EMPLOYEES WORKING AT18
	561	+	A REMOTE LOCATION WORK IN AN ENVIRONMENT THAT IS CONDUCIVE AND19
	562	+	APPROPRIATE TO ENSURING PRIVACY AND CONFIDENTIAL CONVERSATIONS .20
526	563		(II) A
527	564		S USED IN THIS SUBSECTION (9)(b), "REMOTE LOCATION"
528		-	MEANS A PRIVATE RESIDENCE OF AN EMPLOYEE OF A LICENSEE OR ANOTHER
529		-	LOCATION SELECTED BY THE EMPLOYEE AND APPROVED BY THE LICENSEE
530		-	.
531		-	(10) Records retention - records request. A student loan servicer
532		-	shall maintain adequate records of each student education loan transaction
533		-	AND ALL COMMUNICATIONS IN CONNECTION WITH STUDENT EDUCATION
534		-	LOAN SERVICING
535		-	for not less than two years after the final payment on the
536		-	student education loan or the assignment of the student education loan,
537		-	whichever occurs first, or
538		-	except as otherwise required by federal law, a
539		-	federal student education loan agreement, or a contract between the federal
540		-	government and a licensee. Upon request by the administrator, a student
541		-	loan servicer shall make the records available or shall send the records to
542		-	the administrator by registered or certified mail, return receipt requested, or
543		-	by any express delivery carrier that provides a dated delivery receipt, not
544		-	later than five business days after requested by the administrator. Upon a
545		-	licensee's request, the administrator may grant the licensee additional time
546		-	to make the records available or to send the records to the administrator.
547		-	SECTION 17. In Colorado Revised Statutes, 5-20-202, amend (1),
548		-	(2)(a), (7), and (8); repeal (3) and (6); and add (7.5) and (8.5) as follows:
549		-	5-20-202. Definitions. As used in this part 2, unless the context
550		-	otherwise requires:
551		-	PAGE 13-SENATE BILL 23-248 (1) "Collection agency" means a collection agency, as defined in
552		-	section 5-16-103 (3), that collects or attempts to collect, directly or
553		-	indirectly, a consumer debt resulting from a private education loan
554		-	CREDIT
555		-	OBLIGATION
556		-	. The term includes a debt buyer, as defined in section 5-16-103
557		-	(8.5).
558		-	(2) (a) "Cosigner" means any individual who is liable for the
559		-	obligation of another without compensation, regardless of how the
560		-	individual is designated in the contract or instrument with respect to that
561		-	obligation, including an obligation under a private education loan
562		-	CREDIT
563		-	OBLIGATION
564		-	extended to consolidate a borrower's preexisting student loans.
565		-	The term includes any individual whose signature is requested as a
566		-	condition to grant credit or to forbear on collection.
567		-	(3) "Creditor" means the seller, lessor, lender, or person who makes
568		-	or arranges a private education loan and to whom the loan is initially
569		-	payable, or the assignee of a creditor's right to payment, but use of the term
570		-	does not in itself impose on an assignee any obligation of the assignor.
571		-	"Creditor" does not include a collection agency as defined in section
572		-	5-16-103 (3).
573		-	(6) (a) "Private education lender" or "lender" means:
574		-	(I) Any person engaged in the business of making or extending
575		-	private education loans;
576		-	(II) A holder of a private education loan; or
577		-	(III) A creditor.
578		-	(b) "Private education lender" or "lender" does not include:
579		-	(I) A bank, as defined in 12 U.S.C. sec. 1841 (c);
580		-	(II) A credit union; or
581		-	(III) An industrial bank organized under Title 7, Chapter 8,
582		-	Financial Institutions Act, Utah Code Annotated, as amended.
583		-	(7) (a) "Private education loan CREDIT OBLIGATION" means a student
584		-	PAGE 14-SENATE BILL 23-248 education loan CREDIT OBLIGATION that, UNLESS OTHERWISE EXEMPT :
585		-	(I) Is not made, insured, or guaranteed under Title IV of the
586		-	FEDERAL "Higher Education Act of 1965", 20 U.S.C. sec. 1070 et seq., as
587		-	amended; and
588		-	(II) Is extended to a consumer expressly, in whole or in part, for
	565	+	21
	566	+	MEANS A PRIVATE RESIDENCE OF AN EMPLOYEE OF A LICENSEE OR22
	567	+	ANOTHER LOCATION SELECTED BY THE EMPLOYEE AND APPROVED BY THE23
	568	+	LICENSEE.24
	569	+	(10) Records retention - records request. A student loan25
	570	+	servicer shall maintain adequate records of each student education loan26
	571	+	transaction
	572	+	AND ALL COMMUNICATIONS IN CONNECTION WITH STUDENT27
	573	+	248
	574	+	-16- EDUCATION LOAN SERVICING for not less than two years after the final1
	575	+	payment on the student education loan or the assignment of the student2
	576	+	education loan, whichever occurs first, or except as otherwise required by3
	577	+	federal law, a federal student education loan agreement, or a contract4
	578	+	between the federal government and a licensee. Upon request by the5
	579	+	administrator, a student loan servicer shall make the records available or6
	580	+	shall send the records to the administrator by registered or certified mail,7
	581	+	return receipt requested, or by any express delivery carrier that provides8
	582	+	a dated delivery receipt, not later than five business days after requested9
	583	+	by the administrator. Upon a licensee's request, the administrator may10
	584	+	grant the licensee additional time to make the records available or to send11
	585	+	the records to the administrator.12
	586	+	SECTION 17. In Colorado Revised Statutes, 5-20-202, amend13
	587	+	(1), (2)(a), (7), and (8); repeal (3) and (6); and add (7.5) and (8.5) as14
	588	+	follows:15
	589	+	5-20-202. Definitions. As used in this part 2, unless the context16
	590	+	otherwise requires:17
	591	+	(1) "Collection agency" means a collection agency, as defined in18
	592	+	section 5-16-103 (3), that collects or attempts to collect, directly or19
	593	+	indirectly, a consumer debt resulting from a private education loan20
	594	+	CREDIT OBLIGATION. The term includes a debt buyer, as defined in section21
	595	+	5-16-103 (8.5).22
	596	+	(2) (a) "Cosigner" means any individual who is liable for the23
	597	+	obligation of another without compensation, regardless of how the24
	598	+	individual is designated in the contract or instrument with respect to that25
	599	+	obligation, including an obligation under a private education loan CREDIT26
	600	+	OBLIGATION extended to consolidate a borrower's preexisting student27
	601	+	248
	602	+	-17- loans. The term includes any individual whose signature is requested as1
	603	+	a condition to grant credit or to forbear on collection.2
	604	+	(3) "Creditor" means the seller, lessor, lender, or person who3
	605	+	makes or arranges a private education loan and to whom the loan is4
	606	+	initially payable, or the assignee of a creditor's right to payment, but use5
	607	+	of the term does not in itself impose on an assignee any obligation of the6
	608	+	assignor. "Creditor" does not include a collection agency as defined in7
	609	+	section 5-16-103 (3).8
	610	+	(6) (a) "Private education lender" or "lender" means:9
	611	+	(I) Any person engaged in the business of making or extending10
	612	+	private education loans;11
	613	+	(II) A holder of a private education loan; or12
	614	+	(III) A creditor.13
	615	+	(b) "Private education lender" or "lender" does not include:14
	616	+	(I) A bank, as defined in 12 U.S.C. sec. 1841 (c);15
	617	+	(II) A credit union; or16
	618	+	(III) An industrial bank organized under Title 7, Chapter 8,17
	619	+	Financial Institutions Act, Utah Code Annotated, as amended.18
	620	+	(7) (a) "Private education loan CREDIT OBLIGATION" means a19
	621	+	student education loan CREDIT OBLIGATION that, UNLESS OTHERWISE20
	622	+	EXEMPT:21
	623	+	(I) Is not made, insured, or guaranteed under Title IV of the22
	624	+	FEDERAL "Higher Education Act of 1965", 20 U.S.C. sec. 1070 et seq., as23
	625	+	amended; and24
	626	+	(II) Is extended to a consumer expressly, in whole or in part, for25
589	627		postsecondary educational expenses, regardless of whether the loan
590		-	CREDIT
591		-	OBLIGATION
592		-	is provided by the postsecondary educational institution that
593		-	the student attends,
594		-	INCLUDING A PAYMENT PLAN OR FINANCING .
595		-	(b) "Private education loan
596		-	CREDIT OBLIGATION" does not include:
597		-	(I) A loan that is secured by real property, regardless of the purpose
598		-	of the loan; or
599		-	(II) An extension of credit in which the covered postsecondary
600		-	educational institution is the lender CREDITOR if:
601		-	(A) The term of the extension of credit is ninety days or less; or
602		-	(B) An interest rate is not applied to the credit balance and the term
603		-	of the extension of credit is one year or less, even if the credit is payable in
604		-	more than four installments.
	628	+	26
	629	+	CREDIT OBLIGATION is provided by the postsecondary educational27
	630	+	248
	631	+	-18- institution that the student attends, INCLUDING A PAYMENT PLAN OR1
	632	+	FINANCING.2
	633	+	(b) "Private education loan CREDIT OBLIGATION" does not include:3
	634	+	(I) A loan that is secured by real property, regardless of the4
	635	+	purpose of the loan; or5
	636	+	(II) An extension of credit in which the covered postsecondary6
	637	+	educational institution is the lender CREDITOR if:7
	638	+	(A) The term of the extension of credit is ninety days or less; or8
	639	+	(B) An interest rate is not applied to the credit balance and the9
	640	+	term of the extension of credit is one year or less, even if the credit is10
	641	+	payable in more than four installments.11
605	642		(7.5) (a) "P
606		-	RIVATE EDUCATION CREDITOR" OR "CREDITOR" MEANS:
	643	+	RIVATE EDUCATION CREDITOR" OR "CREDITOR" MEANS:12
607	644		(I) A
608		-	NY PERSON ENGAGED IN THE BUSINESS OF MAKING OR
	645	+	NY PERSON ENGAGED IN THE BUSINESS OF MAKING OR13
609	646		EXTENDING PRIVATE EDUCATION CREDIT OBLIGATION
610		-	;
	647	+	;14
611	648		(II) A
612		-	HOLDER OF A PRIVATE EDUCATION CREDIT OBLIGATION ; OR
613		-	(III) A SELLER, LESSOR, LENDER, OR PERSON THAT MAKES OR
614		-	ARRANGES A PRIVATE EDUCATION CREDIT OBLIGATION AND TO WHOM THE
615		-	PRIVATE EDUCATION CREDIT OBLIGATION IS INITIALLY PAYABLE OR THE
616		-	ASSIGNEE OF A CREDITOR
617		-	'S RIGHT TO PAYMENT.
	649	+	HOLDER OF A PRIVATE EDUCATION CREDIT OBLIGATION
	650	+	; OR15
	651	+	(III) A
	652	+	SELLER, LESSOR, LENDER, OR PERSON THAT MAKES OR16
	653	+	ARRANGES A PRIVATE EDUCATION CREDIT OBLIGATION
	654	+	AND TO WHOM THE17
	655	+	PRIVATE EDUCATION CREDIT OBLIGATION IS INITIALLY PAYABLE OR THE18
	656	+	ASSIGNEE OF A CREDITOR'S RIGHT TO PAYMENT.19
618	657		(b) "P
619		-	RIVATE EDUCATION CREDITOR " OR "CREDITOR" DOES ~~NOT~~
620		-	INCLUDE
621		-	:
622		-	~~PAGE 15-SENATE BILL 23-248 (I) A~~ BANK, AS DEFINED IN 12 U.S.C. SEC. 1841 (c);
	658	+	RIVATE EDUCATION CREDITOR " OR "CREDITOR" DOES NOT20
	659	+	INCLUDE:21
	660	+	(I) A
	661	+	BANK, AS DEFINED IN 12 U.S.C. SEC. 1841 (c);22
623	662		(II) A
624		-	CREDIT UNION;
	663	+	CREDIT UNION;23
625	664		(III) A
626		-	N INDUSTRIAL BANK ORGANIZED UNDER TITLE 7, CHAPTER 8,
627		-	"F
628		-	INANCIAL INSTITUTIONS ACT", UTAH CODE ANNOTATED, AS AMENDED;
629		-	OR
630		-	(IV) A COLLECTION AGENCY, AS DEFINED IN SECTION 5-16-103 (3).
631		-	(8) "Private education loan
632		-	CREDIT borrower" means any resident of
633		-	Colorado, including a student loan borrower, who has received or agreed to
634		-	pay a private education loan
635		-	CREDIT OBLIGATION for the resident's own
636		-	postsecondary education expenses
637		-	OR ANY RESIDENT OF COLORADO WHO
638		-	COSIGNS FOR A PRIVATE EDUCATION CREDIT OBLIGATION
639		-	.
	665	+	N INDUSTRIAL BANK ORGANIZED UNDER TITLE 7, CHAPTER24
	666	+	8,
	667	+	"FINANCIAL INSTITUTIONS ACT", UTAH CODE ANNOTATED, AS25
	668	+	AMENDED; OR26
	669	+	(IV) A
	670	+	COLLECTION AGENCY, AS DEFINED IN SECTION 5-16-103 (3).27
	671	+	248
	672	+	-19- (8) "Private education loan CREDIT borrower" means any resident1
	673	+	of Colorado, including a student loan borrower, who has received or2
	674	+	agreed to pay a private education loan CREDIT OBLIGATION for the3
	675	+	resident's own postsecondary education expenses
	676	+	OR ANY RESIDENT OF4
	677	+	C
	678	+	OLORADO WHO COSIGNS FOR A PRIVATE EDUCATION CREDIT OBLIGATION
	679	+	.5
640	680		(8.5) "R
641		-	EFINANCED" MEANS AN EXISTING PRIVATE EDUCATION
642		-	CREDIT OBLIGATION IS SATISFIED AND REPLACED BY A NEW PRIVATE
643		-	EDUCATION CREDIT OBLIGATION UNDERTAKEN BY THE SAME CONSUMER
644		-	.
645		-	SECTION 18. In Colorado Revised Statutes, 5-20-203, amend (2)
646		-	introductory portion, (2)(b)(I), (2)(b)(III), and (2)(b)(IV) as follows:
647		-	5-20-203. Registration of private education creditors - penalties
648		-	- rules. (2) A private education lender
649		-	CREDITOR shall:
650		-	(b) Provide the administrator, at the time of registration and not less
651		-	than once per year thereafter, as established by the administrator by rule,
652		-	and at other times upon the administrator's request, with the following
653		-	documents and information:
654		-	(I) A list of all schools at which the private education lender
655		-	CREDITOR has provided A private education loans CREDIT OBLIGATION to a
656		-	private education loan CREDIT borrower; EXCEPT THAT THIS REQUIREMENT
657		-	DOES NOT APPLY TO A PRIVATE EDUCATION CREDIT OBLIGATION THAT IS
658		-	REFINANCED
659		-	;
660		-	(III) The volume of private education loans CREDIT OBLIGATIONS
661		-	made annually at each school identified under subsection (2)(b)(I) of this
	681	+	EFINANCED" MEANS AN EXISTING PRIVATE EDUCATION6
	682	+	CREDIT OBLIGATION
	683	+	IS SATISFIED AND REPLACED BY A NEW PRIVATE7
	684	+	EDUCATION CREDIT OBLIGATION UNDERTAKEN BY THE SAME CONSUMER .8
	685	+	SECTION 18. In Colorado Revised Statutes, 5-20-203, amend9
	686	+	(2) introductory portion, (2)(b)(I), (2)(b)(III), and (2)(b)(IV) as follows:10
	687	+	5-20-203. Registration of private education creditors -11
	688	+	penalties - rules. (2) A private education lender CREDITOR shall:12
	689	+	(b) Provide the administrator, at the time of registration and not13
	690	+	less than once per year thereafter, as established by the administrator by14
	691	+	rule, and at other times upon the administrator's request, with the15
	692	+	following documents and information:16
	693	+	(I) A list of all schools at which the private education lender17
	694	+	CREDITOR has provided A private education loans CREDIT OBLIGATION to18
	695	+	a private education loan CREDIT borrower; EXCEPT THAT THIS19
	696	+	REQUIREMENT DOES NOT APPLY TO A PRIVATE EDUCATION CREDIT20
	697	+	OBLIGATION THAT IS REFINANCED;21
	698	+	(III) The volume of private education loans CREDIT OBLIGATIONS22
	699	+	made annually at each school identified under subsection (2)(b)(I) of this23
662	700		section;
663		-	EXCEPT THAT THIS REQUIREMENT DOES NOT APPLY TO A PRIVATE
664		-	PAGE 16-SENATE BILL 23-248 EDUCATION CREDIT OBLIGATION THAT IS REFINANCED ;
665		-	(IV) The default rate for private education loan CREDIT borrowers
666		-	obtaining private education loans CREDIT OBLIGATIONS from the private
667		-	education lender CREDITOR, including the default rate for private education
668		-	loans CREDIT OBLIGATIONS made to private education loan CREDIT
669		-	borrowers at each school listed pursuant to subsection (2)(b)(I) of this section;
670		-	EXCEPT THAT THIS REQUIREMENT DOES NOT APPLY TO A PRIVATE
671		-	EDUCATION CREDIT OBLIGATION THAT IS REFINANCED
672		-	;
673		-	SECTION 19. In Colorado Revised Statutes, amend 5-20-204 as
674		-	follows:
675		-	5-20-204. Cosigner disclosures. (1) Before extending a private
676		-	education loan
677		-	CREDIT OBLIGATION that requires a cosigner, a private
678		-	education lender CREDITOR shall disclose to the cosigner:
679		-	(a) How the private education loan CREDIT obligation will appear on
680		-	the cosigner's credit;
681		-	(b) How the cosigner will be notified if the private education loan
682		-	CREDIT OBLIGATION becomes delinquent, including how the cosigner can
683		-	cure the delinquency in order to avoid negative credit furnishing and loss
684		-	of cosigner release eligibility; and
685		-	(c) Eligibility for release of the cosigner's obligation on the private
686		-	education loan
687		-	CREDIT OBLIGATION, including the number of on-time
688		-	payments and any other criteria required to approve the release of the
689		-	cosigner from the loan
690		-	CREDIT obligation.
691		-	(2) For any private education loan CREDIT OBLIGATION that obligates
692		-	a cosigner, a lender CREDITOR shall provide the private education loan
693		-	CREDIT borrower and the cosigner an annual written notice containing
694		-	information about cosigner release, including the administrative, objective
695		-	criteria the lender
696		-	CREDITOR requires to approve the release of the cosigner
697		-	from the loan CREDIT obligation and the process for applying for cosigner
698		-	release. If the private education loan CREDIT borrower has met the
699		-	applicable payment requirement to be eligible for cosigner release, the
700		-	lender
701		-	CREDITOR shall send the private education loan CREDIT borrower and
702		-	the cosigner a written notification by mail, and by electronic mail if a
703		-	PAGE 17-SENATE BILL 23-248 private education loan CREDIT borrower or cosigner has elected to receive
704		-	electronic communications from the lender CREDITOR, informing the private
705		-	education loan CREDIT borrower and cosigner that the payments requirement
706		-	to be eligible for cosigner release has been met. The notification must also
707		-	include information about any additional criteria to qualify for cosigner
708		-	release and the procedure to apply for cosigner release.
709		-	(3) A lender
710		-	CREDITOR shall provide written notice to a private
711		-	education loan CREDIT borrower who applies for cosigner release but whose
712		-	application is incomplete. The written notice must include a description of
713		-	the information needed to consider the application complete and the date by
714		-	which the applicant must furnish the missing information in order to
715		-	complete the application.
716		-	(4) Within thirty days after a private education loan
717		-	CREDIT
718		-	borrower submits a completed application for cosigner release, the lender
719		-	CREDITOR shall send the private education loan CREDIT borrower and
720		-	cosigner a written notice that informs the private education loan CREDIT
721		-	borrower and cosigner whether the lender CREDITOR has approved or denied
722		-	the cosigner release application. If the lender CREDITOR denies a request for
723		-	cosigner release, the private education loan CREDIT borrower may request
724		-	copies of any documents or information used in the determination,
725		-	including the credit score threshold used by the lender
726		-	CREDITOR, the
727		-	private education loan CREDIT borrower's consumer report, the private
728		-	education loan CREDIT borrower's credit score, and any other documents or
729		-	information specific to the private education loan CREDIT borrower. The
730		-	lender CREDITOR shall also provide any adverse action notices required
731		-	under applicable federal law if the denial is based in whole or in part on any
732		-	information contained in a consumer report.
733		-	(5) In response to a written or oral request by the private education
734		-	loan
735		-	CREDIT borrower for cosigner release, a lender CREDITOR shall provide
736		-	to the private education loan CREDIT borrower the information described in
737		-	subsection (2) of this section.
738		-	SECTION 20. In Colorado Revised Statutes, amend 5-20-205 as
739		-	follows:
740		-	5-20-205. Cosigner release. (1) A lender CREDITOR shall not
741		-	impose any restriction that permanently bars a private education loan
742		-	PAGE 18-SENATE BILL 23-248 CREDIT borrower from qualifying for cosigner release, including restricting
743		-	the number of times a private education loan CREDIT borrower may apply
744		-	for cosigner release.
745		-	(2) A lender CREDITOR shall not impose any negative consequences
746		-	on a private education loan CREDIT borrower or cosigner during the sixty
747		-	days following the issuance of the notice required pursuant to section
748		-	5-20-204 (3) or until the lender
749		-	CREDITOR makes a final determination about
750		-	a private education loan CREDIT borrower's cosigner release application,
751		-	whichever occurs later. As used in this subsection (2), "negative
752		-	consequences" includes the imposition of additional eligibility criteria,
753		-	negative credit reporting, lost eligibility for cosigner release, late fees,
754		-	interest capitalization, or other financial injury.
755		-	(3) For any private education loan
756		-	CREDIT OBLIGATION issued on or
757		-	after June 29, 2021, a lender CREDITOR shall not require proof of more than
758		-	twelve consecutive, on-time payments as part of the criteria for cosigner
759		-	release. A private education loan
760		-	CREDIT borrower who has paid the
761		-	equivalent of twelve months of principal and interest payments within any
762		-	twelve-month period is deemed to have satisfied the consecutive, on-time
763		-	payment requirement even if the private education loan
764		-	CREDIT borrower
765		-	has not made payments monthly during the twelve-month period. If a
766		-	private education loan
767		-	CREDIT borrower or cosigner requests a change in
768		-	terms that restarts the count of consecutive, on-time payments required for
769		-	cosigner release, the lender
770		-	CREDITOR shall notify the private education loan
771		-	CREDIT borrower and cosigner in writing of the impact of the change and
772		-	provide the private education loan CREDIT borrower or cosigner the right to
773		-	withdraw or reverse the request to avoid that impact.
774		-	(4) A private education loan CREDIT borrower may request an appeal
775		-	of a lender's CREDITOR'S determination to deny a request for cosigner
776		-	release, and the lender CREDITOR shall permit the private education loan
777		-	CREDIT borrower to submit additional documentation evidencing the private
778		-	education loan CREDIT borrower's ability, willingness, and stability to meet
779		-	the payment obligations. The private education loan CREDIT borrower may
780		-	request that another employee of the lender CREDITOR review the cosigner
781		-	release determination.
782		-	(5) A lender CREDITOR shall establish and maintain a comprehensive
783		-	record management system reasonably designed to ensure the accuracy,
784		-	PAGE 19-SENATE BILL 23-248 integrity, and completeness of information about cosigner release
785		-	applications and to ensure compliance with applicable state and federal
786		-	laws, including the
787		-	FEDERAL "Equal Credit Opportunity Act", 15 U.S.C. sec.
788		-	1691 et seq., as amended, and the
789		-	FEDERAL "Fair Credit Reporting Act", 15
790		-	U.S.C. sec. 1681 et seq., as amended. This system must include the number
791		-	of cosigner release applications received, the approval and denial rate, and
792		-	the primary reasons for any denial.
793		-	SECTION 21. In Colorado Revised Statutes, amend 5-20-206 as
794		-	follows:
795		-	5-20-206. Cosigner rights. (1) A lender
796		-	CREDITOR shall provide a
797		-	cosigner with access to all documents or records related to the cosigned
798		-	private education loan
799		-	CREDIT OBLIGATION that are available to the private
800		-	education loan CREDIT borrower.
801		-	(2) (a) If a lender CREDITOR provides electronic access to documents
802		-	and records for a private education loan CREDIT borrower, it THE CREDITOR
803		-	shall provide equivalent electronic access to the cosigner.
804		-	(b) Upon the private education loan CREDIT borrower's request, the
805		-	lender CREDITOR shall redact the private education loan CREDIT borrower's
806		-	contact information from documents and records provided to a cosigner.
807		-	(3) A lender CREDITOR shall not include in a private education loan
808		-	CREDIT OBLIGATION executed after June 29, 2021, a provision that permits
809		-	the lender CREDITOR to accelerate payments, in whole or in part, except
810		-	upon a payment default. A lender CREDITOR shall not place any loan CREDIT
811		-	OBLIGATION
812		-	or account into default or accelerate a loan
813		-	CREDIT OBLIGATION
814		-	for any reason other than payment default.
815		-	(4) A private education loan CREDIT OBLIGATION executed before
816		-	June 29, 2021, may permit the lender CREDITOR to accelerate payments only
817		-	if the promissory note or loan CREDIT OBLIGATION agreement explicitly
818		-	authorizes an acceleration and only for the reasons stated in the note or
819		-	agreement.
820		-	SECTION 22. In Colorado Revised Statutes, amend 5-20-207 as
821		-	follows:
822		-	PAGE 20-SENATE BILL 23-248 5-20-207. Bankruptcy or death of cosigner. (1) If a cosigner dies,
823		-	the lender CREDITOR shall not attempt to collect against the cosigner's estate
824		-	other than for payment default.
825		-	(2) With regard to the death or bankruptcy of a cosigner, if a private
826		-	education loan CREDITOR is not more than sixty days delinquent at the time
827		-	the lender CREDITOR is notified of the cosigner's death or bankruptcy, the
828		-	lender CREDITOR shall not change any terms or benefits under the
829		-	promissory note, repayment schedule, repayment terms, or monthly payment
830		-	amount or any other provision associated with the loan
831		-	CREDIT OBLIGATION.
832		-	SECTION 23. In Colorado Revised Statutes, amend 5-20-208 as
833		-	follows:
834		-	5-20-208. Total and permanent disability of the private
835		-	education credit borrower or cosigner. (1) For any private education
836		-	loan CREDIT OBLIGATION issued on or after June 29, 2021, a private
837		-	education lender CREDITOR, when notified of the total and permanent
838		-	disability of a private education loan CREDIT borrower or cosigner, shall
839		-	release any cosigner from the obligations of the cosigner under a private
840		-	education loan
841		-	CREDIT OBLIGATION. The lender CREDITOR shall not attempt
842		-	to collect a payment from a cosigner following a notification of total and
843		-	permanent disability of the private education loan
844		-	CREDIT borrower or
845		-	cosigner.
846		-	(2) A lender CREDITOR shall, when notified of the total and
847		-	permanent disability of a private education loan CREDIT borrower, discharge
848		-	the liability of the private education loan CREDIT borrower and cosigner on
849		-	the loan CREDIT OBLIGATION.
850		-	(3) After receiving a notification described in subsection (2) of this
851		-	section, the lender CREDITOR shall not:
852		-	(a) Attempt to collect on the outstanding liability of the private
853		-	education loan CREDIT borrower or cosigner; or
854		-	(b) Monitor the disability status of the private education loan CREDIT
855		-	borrower at any point after the date of discharge.
856		-	(4) A lender CREDITOR shall, within thirty days after the release of
857		-	PAGE 21-SENATE BILL 23-248 either a cosigner or private education loan CREDIT borrower from the
858		-	obligations of a private education loan CREDIT OBLIGATION pursuant to
859		-	subsection (1) or (2) of this section, notify both the private education loan
860		-	CREDIT borrower and cosigner of the release.
861		-	(5) A lender CREDITOR shall, within thirty days after receiving notice
862		-	of the total and permanent disability of a private education loan CREDIT
863		-	borrower pursuant to subsection (1) of this section, provide the private education loan
864		-	CREDIT borrower an option to designate an individual to
865		-	have the legal authority to act on behalf of the private education loan
866		-	CREDIT borrower.
867		-	(6) If a cosigner is released from the obligations of a private
868		-	education loan CREDIT OBLIGATION pursuant to subsection (1) of this
869		-	section, the lender CREDITOR shall not require the private education loan
870		-	CREDIT borrower to obtain another cosigner on the loan CREDIT obligation.
871		-	(7) A lender CREDITOR shall not declare a default or accelerate the
872		-	debt against the private education loan CREDIT borrower on the sole basis
873		-	of the release of the cosigner from the loan CREDIT obligation due to total
874		-	and permanent disability pursuant to subsection (1) of this section.
875		-	SECTION 24. In Colorado Revised Statutes, amend 5-20-209 as
876		-	follows:
877		-	5-20-209. Refinancing - additional disclosures - limitations on
878		-	default pending approval. (1) Before offering a person a private
879		-	education loan CREDIT OBLIGATION that is being used to refinance an
880		-	existing education loan CREDIT OBLIGATION, a private education lender
881		-	CREDITOR shall provide the person a disclosure explaining that benefits and
882		-	protections applicable to the existing loan CREDIT OBLIGATION may be lost
883		-	due to the refinancing. The disclosure must be provided on a one-page
884		-	information sheet in at least twelve-point type and must be written in
885		-	simple, clear, understandable, and easily readable language.
886		-	(2) If a private education lender
887		-	CREDITOR offers any private
888		-	education loan CREDIT borrower modified or flexible repayment options in
889		-	connection with a private education loan CREDIT OBLIGATION, the lender
890		-	CREDITOR shall offer those modified or flexible repayment options to all of
891		-	its THE CREDITOR'S private education loan CREDIT borrowers. In addition,
892		-	PAGE 22-SENATE BILL 23-248 the lender CREDITOR shall:
893		-	(a) Provide on its website a description of any modified or flexible
894		-	repayment options offered by the lender CREDITOR for private education
895		-	loans CREDIT OBLIGATIONS;
896		-	(b) Establish policies and procedures and implement modified or
897		-	flexible repayment options consistently in order to facilitate the evaluation
898		-	of private education loan
899		-	CREDIT OBLIGATION modified or flexible
900		-	repayment option requests, including providing accurate information
901		-	regarding any such options that may be available to the private education
902		-	loan
903		-	CREDIT borrower through the promissory note or that may have been
904		-	marketed to the private education loan CREDIT borrower through marketing
905		-	materials; and
906		-	(c) Consistently present and offer private education loan CREDIT
907		-	OBLIGATION
908		-	modified or flexible repayment options to private education
909		-	loan
910		-	CREDIT borrowers with similar financial circumstances, if the lender
911		-	CREDITOR offers such repayment options.
912		-	(3) A private education lender CREDITOR shall not place a loan
913		-	CREDIT OBLIGATION or account into default or accelerate a loan CREDIT
914		-	OBLIGATION
915		-	while a private education loan
916		-	CREDIT borrower is seeking a
917		-	loan CREDIT OBLIGATION modification or enrollment in a modified or
918		-	flexible repayment plan; except that a lender CREDITOR may place a loan
919		-	CREDIT OBLIGATION or account into default or accelerate a loan CREDIT
920		-	OBLIGATION
921		-	for payment default ninety days after the private education loanCREDIT borrower's default.
922		-	SECTION 25. In Colorado Revised Statutes, 5-20-210, amend (1)
923		-	introductory portion, (1)(a), and (1)(c) as follows:
924		-	5-20-210. Prohibited conduct. (1) A private education lender
925		-	CREDITOR shall not:
926		-	(a) Offer any private education loan CREDIT OBLIGATION that is DOES
927		-	not in conformity COMPLY with this part 2 or WITH rules or orders of the
928		-	administrator
929		-	THAT ARE ISSUED under this part 2 or that violates any other
930		-	state or federal law;
931		-	PAGE 23-SENATE BILL 23-248 (c) (I) Take an assignment of earnings of the PRIVATE EDUCATION
932		-	CREDIT
933		-	borrower or cosigner for payment or as a security for payment of a
934		-	debt arising out of a private education loan
935		-	CREDIT OBLIGATION. An
936		-	assignment of earnings in violation of this section is unenforceable by the
937		-	assignee of the earnings and revocable by the borrower or cosigner.
938		-	(II) A sale of unpaid earnings made in consideration of the payment
939		-	of money to or for the account of the seller of the earnings is deemed to be
940		-	a loan
941		-	CREDIT OBLIGATION to the seller, secured by an assignment of
942		-	earnings.
943		-	SECTION 26. In Colorado Revised Statutes, 5-20-211, amend (1)
944		-	as follows:
945		-	5-20-211. Record retention - confidentiality. (1) A private
946		-	education lender CREDITOR shall establish and maintain records and permit
947		-	the administrator to access and copy any records or records systems required
948		-	to be maintained pursuant to this part 2 or rules of the administrator adopted
949		-	to implement this part 2. The lender
950		-	CREDITOR shall retain loan files,
951		-	including any records specified for retention under rules of the
952		-	administrator, for not less than six years after the termination of the loan
953		-	CREDIT OBLIGATION account.
954		-	SECTION 27. In Colorado Revised Statutes, 5-20-212, amend (1),
955		-	(1.5)(a), (2), (3), (4)(a), (5), (6) introductory portion, (6)(b), and (6)(d) as
956		-	follows:
957		-	5-20-212. Collection on debt - prerequisites - documentation.
958		-	(1) Unless the private education loan
959		-	CREDIT borrower has invoked his or
960		-	her THE BORROWER'S right to cease communication with the collection
961		-	agency, a collection agency attempting to collect a private education loan
962		-	CREDIT OBLIGATION shall provide the following information, in addition to
963		-	any other information required under applicable federal or state law, to the
964		-	private education loan
965		-	CREDIT borrower in the debt collection
966		-	communication immediately following the communication confirming the
967		-	correct identity of the private education loan
968		-	CREDIT borrower and at any
969		-	other time the private education loan CREDIT borrower so requests:
970		-	(a) For private education loans CREDIT OBLIGATIONS referred to
971		-	collections on or after June 29, 2021, the name of the owner of the private
972		-	PAGE 24-SENATE BILL 23-248 education loan CREDIT OBLIGATION debt;
973		-	(b) The name of the true original lender CREDITOR and every
974		-	subsequent loan CREDIT OBLIGATION holder, if applicable;
975		-	(c) The true original lender's CREDITOR'S account number used to
976		-	identify the private education loan CREDIT OBLIGATION debt at the time of
977		-	default, if the true original lender CREDITOR used an account number to
978		-	identify the private education loan debt CREDIT OBLIGATION at the time of
979		-	default. The collection agency may rely on account numbers provided by
980		-	the lender
981		-	CREDITOR.
982		-	(d) The amount due when the private education loan CREDIT
983		-	OBLIGATION
984		-	was referred to collections;
985		-	(e) For private education loans
986		-	CREDIT OBLIGATIONS referred to
987		-	collections on or after June 29, 2021, a log of all payments made on the
988		-	student loan
989		-	CREDIT OBLIGATION account;
990		-	(f) A copy of all pages of the contract, application, or other
991		-	documents evidencing the private education loan CREDIT borrower's liability
992		-	for the private education loan CREDIT OBLIGATION, stating all terms and
993		-	conditions applicable to the loan CREDIT OBLIGATION; and
994		-	(g) A clear and conspicuous statement disclosing that the private
995		-	education loan CREDIT borrower has a right to request all nonprivileged
996		-	information possessed by the lender CREDITOR or collection agency related
997		-	to the defaulted private education loan CREDIT OBLIGATION debt, including
998		-	the required information described in subsection (2) of this section, and that
999		-	failure to provide that information within thirty days after such a request
1000		-	precludes the collection agency from collecting or attempting to collect the
1001		-	debt
1002		-	CREDIT OBLIGATION.
1003		-	(1.5) (a) From the information listed in subsection (1) of this
1004		-	section, the collection agency may redact the private education loan CREDIT
1005		-	borrower's social security number, all but the last four digits of the private education loan
1006		-	CREDIT borrower's account number, and any other personal
1007		-	identifying information. A collection agency that, in good faith, attempts to
1008		-	validate the identity of the borrower and sends the information required by
1009		-	this section in conjunction with the notice required by 15 U.S.C. sec. 1692g
1010		-	PAGE 25-SENATE BILL 23-248 (a) is deemed to have verified the identity of the borrower for purposes of
1011		-	this section.
1012		-	(2) A collection agency shall not collect or attempt to collect a
1013		-	private education loan CREDIT OBLIGATION debt unless the collection agency
1014		-	possesses, and furnishes the following information to the private education
1015		-	loan
1016		-	CREDIT borrower upon request within thirty days after the request; and,
1017		-	for loans CREDIT OBLIGATIONS referred to collections before June 29, 2021,
1018		-	the collection agency shall have thirty days to acquire the information from
1019		-	the private education lender
1020		-	CREDITOR:
1021		-	(a) The name of the owner of the private education loan CREDIT
1022		-	OBLIGATION
1023		-	;
1024		-	(b) The name of the true original lender
1025		-	CREDITOR and every
1026		-	subsequent loan CREDIT OBLIGATION holder, if applicable;
1027		-	(c) The true original lender's CREDITOR'S account number used to
1028		-	identify the private education loan CREDIT OBLIGATION at the time of
1029		-	default, if the true original lender CREDITOR used an account number to
1030		-	identify the loan CREDIT OBLIGATION at the time of default, and the account
1031		-	number assigned to the loan CREDIT OBLIGATION by each subsequent loan
1032		-	CREDIT OBLIGATION holder, if known;
1033		-	(d) The amount due when the private education loan CREDIT
1034		-	OBLIGATION
1035		-	was referred to collections;
1036		-	(e) An itemization of interest and fees, if any, claimed to be owed
1037		-	and whether those were imposed by the true original lender
1038		-	CREDITOR or
1039		-	any subsequent owners of the private education loan CREDITOR. The
1040		-	collection agency may rely on information provided by the lender
1041		-	CREDITOR.
1042		-	(f) The date that the private education loan CREDIT OBLIGATION was
1043		-	incurred;
1044		-	(g) A billing statement or other account record indicating the date
1045		-	of the last payment made on the private education loan CREDIT OBLIGATION,
1046		-	if applicable;
1047		-	PAGE 26-SENATE BILL 23-248 (h) (I) A log of all collection attempts made by the collection agency
1048		-	in the immediately preceding twelve months, including the date and time of
1049		-	all calls and letters; and
1050		-	(II) For private education loans
1051		-	CREDIT OBLIGATIONS referred to
1052		-	collections on or after June 29, 2021, copies of all settlement letters or, in
1053		-	the alternative, a statement that the collection agency has not attempted to
1054		-	settle or otherwise renegotiate the debt
1055		-	CREDIT OBLIGATION;
1056		-	(i) A copy of all pages of the contract, application, or other
1057		-	documents evidencing the private education loan CREDIT borrower's liability
1058		-	for the private education loan CREDIT OBLIGATION, stating all terms and
1059		-	conditions applicable to the loan CREDIT OBLIGATION; and
1060		-	(j) Documentation establishing that the collection agency is the
1061		-	owner, or acting on behalf of the owner, of the specific, individual private
1062		-	education loan
1063		-	CREDIT OBLIGATION at issue. If the private education loan
1064		-	CREDIT borrower disputes the ownership or assignment of the loan CREDIT
1065		-	OBLIGATION
1066		-	, the collection agency shall bear
1067		-	HAS the burden of establishing
1068		-	the unbroken chain of ownership, beginning with the true original lender
1069		-	CREDITOR to the first subsequent loan CREDIT OBLIGATION holder and each
1070		-	additional loan CREDIT OBLIGATION holder.
1071		-	(3) Upon a private education loan CREDIT borrower's default in
1072		-	payment on a private education loan CREDIT OBLIGATION, and before a
1073		-	lender CREDITOR may accelerate the maturity of the loan CREDIT
1074		-	OBLIGATION
1075		-	or commence a legal action against the private education loanCREDIT borrower, the lender CREDITOR shall provide to the private education
1076		-	loan CREDIT borrower a notice of intention to accelerate the loan CREDIT
1077		-	OBLIGATION
1078		-	. The lender
1079		-	CREDITOR shall provide the notice at least thirty
1080		-	days, but not more than one hundred days, in advance of the action.
1081		-	(4) (a) A lender CREDITOR or debt buyer that intends to collect or
1082		-	attempt to collect a private education loan debt CREDIT OBLIGATION shall
1083		-	provide written notice of that intention to the private education loan CREDIT
1084		-	borrower by registered or certified mail, return receipt requested, at the private education loan
1085		-	CREDIT borrower's last-known address.
1086		-	(5) An action to enter a judgment against a private education loan
1087		-	CREDIT borrower must be commenced within six years of the date the
1088		-	PAGE 27-SENATE BILL 23-248 private education loan CREDIT borrower failed to make a payment.
1089		-	(6) A lender CREDITOR or collection agency that, on or after June 29,
1090		-	2021, commences a legal action against a private education loan CREDIT
1091		-	borrower shall attach the following documentation and information to the complaint filed in a court of competent jurisdiction:
1092		-	(b) The date of the partial or missed payment that led to the referral
1093		-	of the private education loan
1094		-	CREDIT OBLIGATION to collections;
1095		-	(d) A statement as to whether the lender CREDITOR or collection
1096		-	agency is willing to renegotiate the terms of the debt CREDIT OBLIGATION;
1097		-	SECTION 28. In Colorado Revised Statutes, 5-20-213, amend
1098		-	(1)(a), (2) introductory portion, (2)(a), (2)(b), (2)(d), and (2)(g) as follows:
1099		-	5-20-213. Actions - counterclaims. (1) (a) For litigation
1100		-	proceedings commenced on or after June 29, 2021, a court shall not enter
1101		-	a judgment on a private education loan
1102		-	CREDIT obligation if the collection
1103		-	agency does not comply with the requirements of section 5-20-212.
1104		-	(2) If a lender CREDITOR or collection agency fails to comply with
1105		-	the requirements of this part 2, a private education loan CREDIT borrower
1106		-	may bring an action, including a counterclaim, against the lender CREDITOR
1107		-	or collection agency to recover or obtain:
1108		-	(a) An order setting aside or vacating any default judgment entered
1109		-	against the private education loan CREDIT borrower;
1110		-	(b) A judgment in favor of the private education loan CREDIT
1111		-	borrower;
1112		-	(d) Restitution of all money taken from or paid by the private
1113		-	education loan CREDIT borrower after a judgment was obtained by a
1114		-	creditor;
1115		-	(g) Correction of the private education loan CREDIT borrower's credit
1116		-	report;
1117		-	SECTION 29. In Colorado Revised Statutes, 5-20-114, amend (1)
1118		-	PAGE 28-SENATE BILL 23-248 introductory portion, (2) introductory portion, (2)(b), (4), and (5) as follows:
1119		-	5-20-214. Remedies - civil actions - limitations - deceptive trade
1120		-	practice. (1) In addition to any other remedies provided by this part 2 or
1121		-	otherwise provided by law, whenever it is proven by a preponderance of the
1122		-	evidence that a lender
1123		-	CREDITOR or collection agency has filed with a court
1124		-	or provided to the private education loan CREDIT borrower information
1125		-	required under this part 2 that is false, the court shall award to the private
1126		-	education loan
1127		-	CREDIT borrower the greater of:
1128		-	(2) A private education loan CREDIT borrower or cosigner who
1129		-	suffers damage as a result of a violation of this part 2 may bring an action
1130		-	in a court of competent jurisdiction to recover:
1131		-	(b) An order requiring the lender
1132		-	CREDITOR or collection agency to
1133		-	take all actions necessary to correct the private education loan borrower's
1134		-	credit report;
1135		-	(4) A violation of this part 2 is a deceptive trade practice as
1136		-	specified in section 6-1-105. A private education lender
1137		-	CREDITOR or
1138		-	collection agency that fails to comply with any requirement imposed under
1139		-	this part 2 with respect to a private education loan
1140		-	CREDIT borrower or
1141		-	cosigner is liable in an amount equal to the sum of:
1142		-	(a) Any actual damages sustained by the private education loan
1143		-	CREDIT borrower or cosigner as a result of the failure;
1144		-	(b) A monetary award equal to three times the total amount the
1145		-	private education lender CREDITOR or collection agency collected from the
1146		-	private education loan CREDIT borrower or cosigner in violation of this part
1147		-	2;
1148		-	(c) Punitive damages as the court may allow; and
1149		-	(d) In the case of any successful action by a private education loan
1150		-	CREDIT borrower to enforce the liability set out in this section, the costs of
1151		-	the action, together with reasonable attorney fees as determined by the
1152		-	court.
1153		-	(5) The remedies provided in this section are not the exclusive
1154		-	PAGE 29-SENATE BILL 23-248 remedies available to a private education loan CREDIT borrower or cosigner.
1155		-	SECTION 30. Act subject to petition - effective date. This act
1156		-	takes effect at 12:01 a.m. on the day following the expiration of the
1157		-	ninety-day period after final adjournment of the general assembly; except
1158		-	that, if a referendum petition is filed pursuant to section 1 (3) of article V
1159		-	of the state constitution against this act or an item, section, or part of this act
1160		-	within such period, then the act, item, section, or part will not take effect
1161		-	PAGE 30-SENATE BILL 23-248 unless approved by the people at the general election to be held in
1162		-	November 2024 and, in such case, will take effect on the date of the official
1163		-	declaration of the vote thereon by the governor.
1164		-	____________________________ ____________________________
1165		-	Steve Fenberg Julie McCluskie
1166		-	PRESIDENT OF SPEAKER OF THE HOUSE
1167		-	THE SENATE OF REPRESENTATIVES
1168		-	____________________________ ____________________________
1169		-	Cindi L. Markwell Robin Jones
1170		-	SECRETARY OF CHIEF CLERK OF THE HOUSE
1171		-	THE SENATE OF REPRESENTATIVES
1172		-	APPROVED________________________________________
1173		-	(Date and Time)
1174		-	_________________________________________
1175		-	Jared S. Polis
1176		-	GOVERNOR OF THE STATE OF COLORADO
1177		-	PAGE 31-SENATE BILL 23-248
	701	+	EXCEPT THAT THIS REQUIREMENT DOES NOT APPLY TO A PRIVATE24
	702	+	EDUCATION CREDIT OBLIGATION
	703	+	THAT IS REFINANCED;25
	704	+	(IV) The default rate for private education loan CREDIT borrowers26
	705	+	obtaining private education loans CREDIT OBLIGATIONS from the private27
	706	+	248
	707	+	-20- education lender CREDITOR, including the default rate for private1
	708	+	education loans CREDIT OBLIGATIONS made to private education loan2
	709	+	CREDIT borrowers at each school listed pursuant to subsection (2)(b)(I) of3
	710	+	this section;
	711	+	EXCEPT THAT THIS REQUIREMENT DOES NOT APPLY TO A4
	712	+	PRIVATE EDUCATION CREDIT OBLIGATION
	713	+	THAT IS REFINANCED;5
	714	+	SECTION 19. In Colorado Revised Statutes, amend 5-20-204 as6
	715	+	follows:7
	716	+	5-20-204. Cosigner disclosures. (1) Before extending a private8
	717	+	education loan CREDIT OBLIGATION that requires a cosigner, a private9
	718	+	education lender CREDITOR shall disclose to the cosigner:10
	719	+	(a) How the private education loan CREDIT obligation will appear11
	720	+	on the cosigner's credit;12
	721	+	(b) How the cosigner will be notified if the private education loan13
	722	+	CREDIT OBLIGATION becomes delinquent, including how the cosigner can14
	723	+	cure the delinquency in order to avoid negative credit furnishing and loss15
	724	+	of cosigner release eligibility; and16
	725	+	(c) Eligibility for release of the cosigner's obligation on the private17
	726	+	education loan CREDIT OBLIGATION, including the number of on-time18
	727	+	payments and any other criteria required to approve the release of the19
	728	+	cosigner from the loan CREDIT obligation.20
	729	+	(2) For any private education loan CREDIT OBLIGATION that21
	730	+	obligates a cosigner, a lender CREDITOR shall provide the private22
	731	+	education loan CREDIT borrower and the cosigner an annual written notice23
	732	+	containing information about cosigner release, including the24
	733	+	administrative, objective criteria the lender CREDITOR requires to approve25
	734	+	the release of the cosigner from the loan CREDIT obligation and the26
	735	+	process for applying for cosigner release. If the private education loan27
	736	+	248
	737	+	-21- CREDIT borrower has met the applicable payment requirement to be1
	738	+	eligible for cosigner release, the lender CREDITOR shall send the private2
	739	+	education loan CREDIT borrower and the cosigner a written notification by3
	740	+	mail, and by electronic mail if a private education loan CREDIT borrower4
	741	+	or cosigner has elected to receive electronic communications from the5
	742	+	lender CREDITOR, informing the private education loan CREDIT borrower6
	743	+	and cosigner that the payments requirement to be eligible for cosigner7
	744	+	release has been met. The notification must also include information8
	745	+	about any additional criteria to qualify for cosigner release and the9
	746	+	procedure to apply for cosigner release.10
	747	+	(3) A lender CREDITOR shall provide written notice to a private11
	748	+	education loan CREDIT borrower who applies for cosigner release but12
	749	+	whose application is incomplete. The written notice must include a13
	750	+	description of the information needed to consider the application14
	751	+	complete and the date by which the applicant must furnish the missing15
	752	+	information in order to complete the application.16
	753	+	(4) Within thirty days after a private education loan CREDIT17
	754	+	borrower submits a completed application for cosigner release, the lender18
	755	+	CREDITOR shall send the private education loan CREDIT borrower and19
	756	+	cosigner a written notice that informs the private education loan CREDIT20
	757	+	borrower and cosigner whether the lender CREDITOR has approved or21
	758	+	denied the cosigner release application. If the lender CREDITOR denies a22
	759	+	request for cosigner release, the private education loan CREDIT borrower23
	760	+	may request copies of any documents or information used in the24
	761	+	determination, including the credit score threshold used by the lender25
	762	+	CREDITOR, the private education loan CREDIT borrower's consumer report,26
	763	+	the private education loan CREDIT borrower's credit score, and any other27
	764	+	248
	765	+	-22- documents or information specific to the private education loan CREDIT1
	766	+	borrower. The lender CREDITOR shall also provide any adverse action2
	767	+	notices required under applicable federal law if the denial is based in3
	768	+	whole or in part on any information contained in a consumer report.4
	769	+	(5) In response to a written or oral request by the private education5
	770	+	loan CREDIT borrower for cosigner release, a lender CREDITOR shall6
	771	+	provide to the private education loan CREDIT borrower the information7
	772	+	described in subsection (2) of this section.8
	773	+	SECTION 20. In Colorado Revised Statutes, amend 5-20-205 as9
	774	+	follows:10
	775	+	5-20-205. Cosigner release. (1) A lender CREDITOR shall not11
	776	+	impose any restriction that permanently bars a private education loan12
	777	+	CREDIT borrower from qualifying for cosigner release, including13
	778	+	restricting the number of times a private education loan CREDIT borrower14
	779	+	may apply for cosigner release.15
	780	+	(2) A lender CREDITOR shall not impose any negative16
	781	+	consequences on a private education loan CREDIT borrower or cosigner17
	782	+	during the sixty days following the issuance of the notice required18
	783	+	pursuant to section 5-20-204 (3) or until the lender CREDITOR makes a19
	784	+	final determination about a private education loan CREDIT borrower's20
	785	+	cosigner release application, whichever occurs later. As used in this21
	786	+	subsection (2), "negative consequences" includes the imposition of22
	787	+	additional eligibility criteria, negative credit reporting, lost eligibility for23
	788	+	cosigner release, late fees, interest capitalization, or other financial injury.24
	789	+	(3) For any private education loan CREDIT OBLIGATION issued on25
	790	+	or after June 29, 2021, a lender CREDITOR shall not require proof of more26
	791	+	than twelve consecutive, on-time payments as part of the criteria for27
	792	+	248
	793	+	-23- cosigner release. A private education loan CREDIT borrower who has paid1
	794	+	the equivalent of twelve months of principal and interest payments within2
	795	+	any twelve-month period is deemed to have satisfied the consecutive,3
	796	+	on-time payment requirement even if the private education loan CREDIT4
	797	+	borrower has not made payments monthly during the twelve-month5
	798	+	period. If a private education loan CREDIT borrower or cosigner requests6
	799	+	a change in terms that restarts the count of consecutive, on-time payments7
	800	+	required for cosigner release, the lender CREDITOR shall notify the private8
	801	+	education loan CREDIT borrower and cosigner in writing of the impact of9
	802	+	the change and provide the private education loan CREDIT borrower or10
	803	+	cosigner the right to withdraw or reverse the request to avoid that impact.11
	804	+	(4) A private education loan CREDIT borrower may request an12
	805	+	appeal of a lender's CREDITOR'S determination to deny a request for13
	806	+	cosigner release, and the lender CREDITOR shall permit the private14
	807	+	education loan CREDIT borrower to submit additional documentation15
	808	+	evidencing the private education loan CREDIT borrower's ability,16
	809	+	willingness, and stability to meet the payment obligations. The private17
	810	+	education loan CREDIT borrower may request that another employee of the18
	811	+	lender CREDITOR review the cosigner release determination.19
	812	+	(5) A lender CREDITOR shall establish and maintain a20
	813	+	comprehensive record management system reasonably designed to ensure21
	814	+	the accuracy, integrity, and completeness of information about cosigner22
	815	+	release applications and to ensure compliance with applicable state and23
	816	+	federal laws, including the
	817	+	FEDERAL "Equal Credit Opportunity Act", 1524
	818	+	U.S.C. sec. 1691 et seq., as amended, and the
	819	+	FEDERAL "Fair Credit25
	820	+	Reporting Act", 15 U.S.C. sec. 1681 et seq., as amended. This system26
	821	+	must include the number of cosigner release applications received, the27
	822	+	248
	823	+	-24- approval and denial rate, and the primary reasons for any denial. 1
	824	+	SECTION 21. In Colorado Revised Statutes, amend 5-20-206 as2
	825	+	follows:3
	826	+	5-20-206. Cosigner rights. (1) A lender CREDITOR shall provide4
	827	+	a cosigner with access to all documents or records related to the cosigned5
	828	+	private education loan CREDIT OBLIGATION that are available to the private6
	829	+	education loan CREDIT borrower.7
	830	+	(2) (a) If a lender CREDITOR provides electronic access to8
	831	+	documents and records for a private education loan CREDIT borrower, it9
	832	+	THE CREDITOR shall provide equivalent electronic access to the cosigner.10
	833	+	(b) Upon the private education loan CREDIT borrower's request,11
	834	+	the lender CREDITOR shall redact the private education loan CREDIT12
	835	+	borrower's contact information from documents and records provided to13
	836	+	a cosigner.14
	837	+	(3) A lender CREDITOR shall not include in a private education15
	838	+	loan CREDIT OBLIGATION executed after June 29, 2021, a provision that16
	839	+	permits the lender CREDITOR to accelerate payments, in whole or in part,17
	840	+	except upon a payment default. A lender CREDITOR shall not place any18
	841	+	loan CREDIT OBLIGATION or account into default or accelerate a loan19
	842	+	CREDIT OBLIGATION for any reason other than payment default.20
	843	+	(4) A private education loan CREDIT OBLIGATION executed before21
	844	+	June 29, 2021, may permit the lender CREDITOR to accelerate payments22
	845	+	only if the promissory note or loan CREDIT OBLIGATION agreement23
	846	+	explicitly authorizes an acceleration and only for the reasons stated in the24
	847	+	note or agreement.25
	848	+	SECTION 22. In Colorado Revised Statutes, amend 5-20-207 as26
	849	+	follows:27
	850	+	248
	851	+	-25- 5-20-207. Bankruptcy or death of cosigner. (1) If a cosigner1
	852	+	dies, the lender CREDITOR shall not attempt to collect against the2
	853	+	cosigner's estate other than for payment default.3
	854	+	(2) With regard to the death or bankruptcy of a cosigner, if a4
	855	+	private education loan CREDITOR is not more than sixty days delinquent5
	856	+	at the time the lender CREDITOR is notified of the cosigner's death or6
	857	+	bankruptcy, the lender CREDITOR shall not change any terms or benefits7
	858	+	under the promissory note, repayment schedule, repayment terms, or8
	859	+	monthly payment amount or any other provision associated with the loan9
	860	+	CREDIT OBLIGATION.10
	861	+	SECTION 23. In Colorado Revised Statutes, amend 5-20-208 as11
	862	+	follows:12
	863	+	5-20-208. Total and permanent disability of the private13
	864	+	education credit borrower or cosigner. (1) For any private education14
	865	+	loan CREDIT OBLIGATION issued on or after June 29, 2021, a private15
	866	+	education lender CREDITOR, when notified of the total and permanent16
	867	+	disability of a private education loan CREDIT borrower or cosigner, shall17
	868	+	release any cosigner from the obligations of the cosigner under a private18
	869	+	education loan CREDIT OBLIGATION. The lender CREDITOR shall not19
	870	+	attempt to collect a payment from a cosigner following a notification of20
	871	+	total and permanent disability of the private education loan CREDIT21
	872	+	borrower or cosigner. 22
	873	+	(2) A lender CREDITOR shall, when notified of the total and23
	874	+	permanent disability of a private education loan CREDIT borrower,24
	875	+	discharge the liability of the private education loan CREDIT borrower and25
	876	+	cosigner on the loan CREDIT OBLIGATION.26
	877	+	(3) After receiving a notification described in subsection (2) of27
	878	+	248
	879	+	-26- this section, the lender CREDITOR shall not:1
	880	+	(a) Attempt to collect on the outstanding liability of the private2
	881	+	education loan CREDIT borrower or cosigner; or3
	882	+	(b) Monitor the disability status of the private education loan4
	883	+	CREDIT borrower at any point after the date of discharge.5
	884	+	(4) A lender CREDITOR shall, within thirty days after the release6
	885	+	of either a cosigner or private education loan CREDIT borrower from the7
	886	+	obligations of a private education loan CREDIT OBLIGATION pursuant to8
	887	+	subsection (1) or (2) of this section, notify both the private education loan9
	888	+	CREDIT borrower and cosigner of the release.10
	889	+	(5) A lender CREDITOR shall, within thirty days after receiving11
	890	+	notice of the total and permanent disability of a private education loan12
	891	+	CREDIT borrower pursuant to subsection (1) of this section, provide the13
	892	+	private education loan CREDIT borrower an option to designate an14
	893	+	individual to have the legal authority to act on behalf of the private15
	894	+	education loan CREDIT borrower.16
	895	+	(6) If a cosigner is released from the obligations of a private17
	896	+	education loan CREDIT OBLIGATION pursuant to subsection (1) of this18
	897	+	section, the lender CREDITOR shall not require the private education loan19
	898	+	CREDIT borrower to obtain another cosigner on the loan CREDIT20
	899	+	obligation.21
	900	+	(7) A lender CREDITOR shall not declare a default or accelerate the22
	901	+	debt against the private education loan CREDIT borrower on the sole basis23
	902	+	of the release of the cosigner from the loan CREDIT obligation due to total24
	903	+	and permanent disability pursuant to subsection (1) of this section.25
	904	+	SECTION 24. In Colorado Revised Statutes, amend 5-20-209 as26
	905	+	follows:27
	906	+	248
	907	+	-27- 5-20-209. Refinancing - additional disclosures - limitations on1
	908	+	default pending approval. (1) Before offering a person a private2
	909	+	education loan CREDIT OBLIGATION that is being used to refinance an3
	910	+	existing education loan CREDIT OBLIGATION, a private education lender4
	911	+	CREDITOR shall provide the person a disclosure explaining that benefits5
	912	+	and protections applicable to the existing loan CREDIT OBLIGATION may6
	913	+	be lost due to the refinancing. The disclosure must be provided on a7
	914	+	one-page information sheet in at least twelve-point type and must be8
	915	+	written in simple, clear, understandable, and easily readable language.9
	916	+	(2) If a private education lender CREDITOR offers any private10
	917	+	education loan CREDIT borrower modified or flexible repayment options11
	918	+	in connection with a private education loan CREDIT OBLIGATION, the12
	919	+	lender CREDITOR shall offer those modified or flexible repayment options13
	920	+	to all of its THE CREDITOR'S private education loan CREDIT borrowers. In14
	921	+	addition, the lender CREDITOR shall:15
	922	+	(a) Provide on its website a description of any modified or flexible16
	923	+	repayment options offered by the lender CREDITOR for private education17
	924	+	loans CREDIT OBLIGATIONS;18
	925	+	(b) Establish policies and procedures and implement modified or19
	926	+	flexible repayment options consistently in order to facilitate the20
	927	+	evaluation of private education loan CREDIT OBLIGATION modified or21
	928	+	flexible repayment option requests, including providing accurate22
	929	+	information regarding any such options that may be available to the23
	930	+	private education loan CREDIT borrower through the promissory note or24
	931	+	that may have been marketed to the private education loan CREDIT25
	932	+	borrower through marketing materials; and26
	933	+	(c) Consistently present and offer private education loan CREDIT27
	934	+	248
	935	+	-28- OBLIGATION modified or flexible repayment options to private education1
	936	+	loan CREDIT borrowers with similar financial circumstances, if the lender2
	937	+	CREDITOR offers such repayment options.3
	938	+	(3) A private education lender CREDITOR shall not place a loan4
	939	+	CREDIT OBLIGATION or account into default or accelerate a loan CREDIT5
	940	+	OBLIGATION while a private education loan CREDIT borrower is seeking6
	941	+	a loan CREDIT OBLIGATION modification or enrollment in a modified or7
	942	+	flexible repayment plan; except that a lender CREDITOR may place a loan8
	943	+	CREDIT OBLIGATION or account into default or accelerate a loan CREDIT9
	944	+	OBLIGATION for payment default ninety days after the private education10
	945	+	loan CREDIT borrower's default.11
	946	+	SECTION 25. In Colorado Revised Statutes, 5-20-210, amend12
	947	+	(1) introductory portion, (1)(a), and (1)(c) as follows:13
	948	+	5-20-210. Prohibited conduct. (1) A private education lender14
	949	+	CREDITOR shall not:15
	950	+	(a) Offer any private education loan CREDIT OBLIGATION that is16
	951	+	DOES not in conformity COMPLY with this part 2 or WITH rules or orders17
	952	+	of the administrator
	953	+	THAT ARE ISSUED under this part 2 or that violates any18
	954	+	other state or federal law;19
	955	+	(c) (I) Take an assignment of earnings of the
	956	+	PRIVATE EDUCATION20
	957	+	CREDIT borrower or cosigner for payment or as a security for payment of21
	958	+	a debt arising out of a private education loan
	959	+	CREDIT OBLIGATION. An22
	960	+	assignment of earnings in violation of this section is unenforceable by the23
	961	+	assignee of the earnings and revocable by the borrower or cosigner.24
	962	+	(II) A sale of unpaid earnings made in consideration of the25
	963	+	payment of money to or for the account of the seller of the earnings is26
	964	+	deemed to be a loan CREDIT OBLIGATION to the seller, secured by an27
	965	+	248
	966	+	-29- assignment of earnings.1
	967	+	SECTION 26. In Colorado Revised Statutes, 5-20-211, amend2
	968	+	(1) as follows:3
	969	+	5-20-211. Record retention - confidentiality. (1) A private4
	970	+	education lender CREDITOR shall establish and maintain records and5
	971	+	permit the administrator to access and copy any records or records6
	972	+	systems required to be maintained pursuant to this part 2 or rules of the7
	973	+	administrator adopted to implement this part 2. The lender CREDITOR shall8
	974	+	retain loan files, including any records specified for retention under rules9
	975	+	of the administrator, for not less than six years after the termination of the10
	976	+	loan CREDIT OBLIGATION account.11
	977	+	SECTION 27. In Colorado Revised Statutes, 5-20-212, amend12
	978	+	(1), (1.5)(a), (2), (3), (4)(a), (5), (6) introductory portion, (6)(b), and13
	979	+	(6)(d) as follows:14
	980	+	5-20-212. Collection on debt - prerequisites - documentation.15
	981	+	(1) Unless the private education loan CREDIT borrower has invoked his16
	982	+	or her THE BORROWER'S right to cease communication with the collection17
	983	+	agency, a collection agency attempting to collect a private education loan18
	984	+	CREDIT OBLIGATION shall provide the following information, in addition19
	985	+	to any other information required under applicable federal or state law, to20
	986	+	the private education loan CREDIT borrower in the debt collection21
	987	+	communication immediately following the communication confirming the22
	988	+	correct identity of the private education loan CREDIT borrower and at any23
	989	+	other time the private education loan CREDIT borrower so requests:24
	990	+	(a) For private education loans CREDIT OBLIGATIONS referred to25
	991	+	collections on or after June 29, 2021, the name of the owner of the private26
	992	+	education loan CREDIT OBLIGATION debt;27
	993	+	248
	994	+	-30- (b) The name of the true original lender CREDITOR and every1
	995	+	subsequent loan CREDIT OBLIGATION holder, if applicable;2
	996	+	(c) The true original lender's CREDITOR'S account number used to3
	997	+	identify the private education loan CREDIT OBLIGATION debt at the time of4
	998	+	default, if the true original lender CREDITOR used an account number to5
	999	+	identify the private education loan debt CREDIT OBLIGATION at the time of6
	1000	+	default. The collection agency may rely on account numbers provided by7
	1001	+	the lender CREDITOR.8
	1002	+	(d) The amount due when the private education loan CREDIT9
	1003	+	OBLIGATION was referred to collections;10
	1004	+	(e) For private education loans CREDIT OBLIGATIONS referred to11
	1005	+	collections on or after June 29, 2021, a log of all payments made on the12
	1006	+	student loan CREDIT OBLIGATION account;13
	1007	+	(f) A copy of all pages of the contract, application, or other14
	1008	+	documents evidencing the private education loan CREDIT borrower's15
	1009	+	liability for the private education loan CREDIT OBLIGATION, stating all16
	1010	+	terms and conditions applicable to the loan CREDIT OBLIGATION; and17
	1011	+	(g) A clear and conspicuous statement disclosing that the private18
	1012	+	education loan CREDIT borrower has a right to request all nonprivileged19
	1013	+	information possessed by the lender CREDITOR or collection agency20
	1014	+	related to the defaulted private education loan CREDIT OBLIGATION debt,21
	1015	+	including the required information described in subsection (2) of this22
	1016	+	section, and that failure to provide that information within thirty days23
	1017	+	after such a request precludes the collection agency from collecting or24
	1018	+	attempting to collect the debt CREDIT OBLIGATION.25
	1019	+	(1.5) (a) From the information listed in subsection (1) of this26
	1020	+	section, the collection agency may redact the private education loan27
	1021	+	248
	1022	+	-31- CREDIT borrower's social security number, all but the last four digits of the1
	1023	+	private education loan CREDIT borrower's account number, and any other2
	1024	+	personal identifying information. A collection agency that, in good faith,3
	1025	+	attempts to validate the identity of the borrower and sends the information4
	1026	+	required by this section in conjunction with the notice required by 155
	1027	+	U.S.C. sec. 1692g (a) is deemed to have verified the identity of the6
	1028	+	borrower for purposes of this section.7
	1029	+	(2) A collection agency shall not collect or attempt to collect a8
	1030	+	private education loan CREDIT OBLIGATION debt unless the collection9
	1031	+	agency possesses, and furnishes the following information to the private10
	1032	+	education loan CREDIT borrower upon request within thirty days after the11
	1033	+	request; and, for loans CREDIT OBLIGATIONS referred to collections before12
	1034	+	June 29, 2021, the collection agency shall have thirty days to acquire the13
	1035	+	information from the private education lender CREDITOR:14
	1036	+	(a) The name of the owner of the private education loan CREDIT15
	1037	+	OBLIGATION;16
	1038	+	(b) The name of the true original lender CREDITOR and every17
	1039	+	subsequent loan CREDIT OBLIGATION holder, if applicable;18
	1040	+	(c) The true original lender's CREDITOR'S account number used to19
	1041	+	identify the private education loan CREDIT OBLIGATION at the time of20
	1042	+	default, if the true original lender CREDITOR used an account number to21
	1043	+	identify the loan CREDIT OBLIGATION at the time of default, and the22
	1044	+	account number assigned to the loan CREDIT OBLIGATION by each23
	1045	+	subsequent loan CREDIT OBLIGATION holder, if known;24
	1046	+	(d) The amount due when the private education loan CREDIT25
	1047	+	OBLIGATION was referred to collections;26
	1048	+	(e) An itemization of interest and fees, if any, claimed to be owed27
	1049	+	248
	1050	+	-32- and whether those were imposed by the true original lender CREDITOR or1
	1051	+	any subsequent owners of the private education loan CREDITOR. The2
	1052	+	collection agency may rely on information provided by the lender3
	1053	+	CREDITOR.4
	1054	+	(f) The date that the private education loan CREDIT OBLIGATION5
	1055	+	was incurred;6
	1056	+	(g) A billing statement or other account record indicating the date7
	1057	+	of the last payment made on the private education loan CREDIT8
	1058	+	OBLIGATION, if applicable;9
	1059	+	(h) (I) A log of all collection attempts made by the collection10
	1060	+	agency in the immediately preceding twelve months, including the date11
	1061	+	and time of all calls and letters; and12
	1062	+	(II) For private education loans CREDIT OBLIGATIONS referred to13
	1063	+	collections on or after June 29, 2021, copies of all settlement letters or,14
	1064	+	in the alternative, a statement that the collection agency has not attempted15
	1065	+	to settle or otherwise renegotiate the debt CREDIT OBLIGATION;16
	1066	+	(i) A copy of all pages of the contract, application, or other17
	1067	+	documents evidencing the private education loan CREDIT borrower's18
	1068	+	liability for the private education loan CREDIT OBLIGATION, stating all19
	1069	+	terms and conditions applicable to the loan CREDIT OBLIGATION; and20
	1070	+	(j) Documentation establishing that the collection agency is the21
	1071	+	owner, or acting on behalf of the owner, of the specific, individual private22
	1072	+	education loan CREDIT OBLIGATION at issue. If the private education loan23
	1073	+	CREDIT borrower disputes the ownership or assignment of the loan CREDIT24
	1074	+	OBLIGATION, the collection agency shall bear HAS the burden of25
	1075	+	establishing the unbroken chain of ownership, beginning with the true26
	1076	+	original lender CREDITOR to the first subsequent loan CREDIT OBLIGATION27
	1077	+	248
	1078	+	-33- holder and each additional loan CREDIT OBLIGATION holder.1
	1079	+	(3) Upon a private education loan CREDIT borrower's default in2
	1080	+	payment on a private education loan CREDIT OBLIGATION, and before a3
	1081	+	lender CREDITOR may accelerate the maturity of the loan CREDIT4
	1082	+	OBLIGATION or commence a legal action against the private education5
	1083	+	loan CREDIT borrower, the lender CREDITOR shall provide to the private6
	1084	+	education loan CREDIT borrower a notice of intention to accelerate the7
	1085	+	loan CREDIT OBLIGATION. The lender CREDITOR shall provide the notice8
	1086	+	at least thirty days, but not more than one hundred days, in advance of the9
	1087	+	action.10
	1088	+	(4) (a) A lender CREDITOR or debt buyer that intends to collect or11
	1089	+	attempt to collect a private education loan debt CREDIT OBLIGATION shall12
	1090	+	provide written notice of that intention to the private education loan13
	1091	+	CREDIT borrower by registered or certified mail, return receipt requested,14
	1092	+	at the private education loan CREDIT borrower's last-known address.15
	1093	+	(5) An action to enter a judgment against a private education loan16
	1094	+	CREDIT borrower must be commenced within six years of the date the17
	1095	+	private education loan CREDIT borrower failed to make a payment.18
	1096	+	(6) A lender CREDITOR or collection agency that, on or after June19
	1097	+	29, 2021, commences a legal action against a private education loan20
	1098	+	CREDIT borrower shall attach the following documentation and21
	1099	+	information to the complaint filed in a court of competent jurisdiction:22
	1100	+	(b) The date of the partial or missed payment that led to the23
	1101	+	referral of the private education loan CREDIT OBLIGATION to collections;24
	1102	+	(d) A statement as to whether the lender CREDITOR or collection25
	1103	+	agency is willing to renegotiate the terms of the debt CREDIT OBLIGATION;26
	1104	+	SECTION 28. In Colorado Revised Statutes, 5-20-213, amend27
	1105	+	248
	1106	+	-34- (1)(a), (2) introductory portion, (2)(a), (2)(b), (2)(d), and (2)(g) as1
	1107	+	follows:2
	1108	+	5-20-213. Actions - counterclaims. (1) (a) For litigation3
	1109	+	proceedings commenced on or after June 29, 2021, a court shall not enter4
	1110	+	a judgment on a private education loan CREDIT obligation if the collection5
	1111	+	agency does not comply with the requirements of section 5-20-212.6
	1112	+	(2) If a lender CREDITOR or collection agency fails to comply with7
	1113	+	the requirements of this part 2, a private education loan CREDIT borrower8
	1114	+	may bring an action, including a counterclaim, against the lender9
	1115	+	CREDITOR or collection agency to recover or obtain:10
	1116	+	(a) An order setting aside or vacating any default judgment11
	1117	+	entered against the private education loan CREDIT borrower;12
	1118	+	(b) A judgment in favor of the private education loan CREDIT13
	1119	+	borrower;14
	1120	+	(d) Restitution of all money taken from or paid by the private15
	1121	+	education loan CREDIT borrower after a judgment was obtained by a16
	1122	+	creditor;17
	1123	+	(g) Correction of the private education loan CREDIT borrower's18
	1124	+	credit report;19
	1125	+	SECTION 29. In Colorado Revised Statutes, 5-20-114, amend20
	1126	+	(1) introductory portion, (2) introductory portion, (2)(b), (4), and (5) as21
	1127	+	follows:22
	1128	+	5-20-214. Remedies - civil actions - limitations - deceptive23
	1129	+	trade practice. (1) In addition to any other remedies provided by this24
	1130	+	part 2 or otherwise provided by law, whenever it is proven by a25
	1131	+	preponderance of the evidence that a lender CREDITOR or collection26
	1132	+	agency has filed with a court or provided to the private education loan27
	1133	+	248
	1134	+	-35- CREDIT borrower information required under this part 2 that is false, the1
	1135	+	court shall award to the private education loan CREDIT borrower the2
	1136	+	greater of:3
	1137	+	(2) A private education loan CREDIT borrower or cosigner who4
	1138	+	suffers damage as a result of a violation of this part 2 may bring an action5
	1139	+	in a court of competent jurisdiction to recover:6
	1140	+	(b) An order requiring the lender CREDITOR or collection agency7
	1141	+	to take all actions necessary to correct the private education loan8
	1142	+	borrower's credit report;9
	1143	+	(4) A violation of this part 2 is a deceptive trade practice as10
	1144	+	specified in section 6-1-105. A private education lender CREDITOR or11
	1145	+	collection agency that fails to comply with any requirement imposed12
	1146	+	under this part 2 with respect to a private education loan CREDIT borrower13
	1147	+	or cosigner is liable in an amount equal to the sum of:14
	1148	+	(a) Any actual damages sustained by the private education loan15
	1149	+	CREDIT borrower or cosigner as a result of the failure;16
	1150	+	(b) A monetary award equal to three times the total amount the17
	1151	+	private education lender CREDITOR or collection agency collected from18
	1152	+	the private education loan CREDIT borrower or cosigner in violation of19
	1153	+	this part 2;20
	1154	+	(c) Punitive damages as the court may allow; and21
	1155	+	(d) In the case of any successful action by a private education loan22
	1156	+	CREDIT borrower to enforce the liability set out in this section, the costs23
	1157	+	of the action, together with reasonable attorney fees as determined by the24
	1158	+	court.25
	1159	+	(5) The remedies provided in this section are not the exclusive26
	1160	+	remedies available to a private education loan CREDIT borrower or27
	1161	+	248
	1162	+	-36- cosigner.1
	1163	+	SECTION 30. Act subject to petition - effective date. This act2
	1164	+	takes effect at 12:01 a.m. on the day following the expiration of the3
	1165	+	ninety-day period after final adjournment of the general assembly; except4
	1166	+	that, if a referendum petition is filed pursuant to section 1 (3) of article V5
	1167	+	of the state constitution against this act or an item, section, or part of this6
	1168	+	act within such period, then the act, item, section, or part will not take7
	1169	+	effect unless approved by the people at the general election to be held in8
	1170	+	November 2024 and, in such case, will take effect on the date of the9
	1171	+	official declaration of the vote thereon by the governor.10
	1172	+	248
	1173	+	-37-