Colorado Collection Laws
Many states impose responsibilities, liabilities and penalties upon companies for activities of Colorado debt collectors engaged by them in the collection of debts. You need to know the Colorado collection laws and state debt collections law.
 |
||
 |
||
 |
||
 |
You can be held accountable for what your Colorado collection attorney does or
doesn't do. You must know the Colorado collection laws, and the information here
can reduce your liability by giving you the state debt collections law
information for making informed decisions. Please study the Colorado collections laws listed below
and make sure your Colorado collection lawyer abides by them to the letter.
Debt collections law vary, and knowing the right collection
law for your state and your debtor's state is essential. Here you can read up
on: Colorado Statute of Limitations, Colorado Judgments, Colorado Garnishments,
Colorado Interest Rates, Colorado Bad Check Laws and Colorado Collection Agency
Requirements.
Colorado Revised Statute Title 12, Article 14, Section 101, et seq. (12-14-101)
INTEREST RATE
Legal: 8%
Judgment: 8% (or higher if specified in contract or note)
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 3
Written Contract: 6 (signed promissory note)
Written Contract Goods Services: 3
Domestic Judgment
District Court-20 (renewable every 20)
County Court-6 (renewable every 6)
Foreign Judgment: 6 in CO.
BAD CHECK LAWS (CIVIL PENALTY)
Treble Damages & Reasonable Fees
GENERAL GARNISHMENT EXEMPTIONS
See federal law.
COLLECTION AGENCY BOND & LICENSE
Bond: $12,000 - 20,000
License: Yes
Fee: Determined by collection agency board
Exemption for out-of-state collectors: Out of state collectors are exempt if [1]
collecting only by interstate means (phone, fax, mail); [2] have no Colorado
client; and [3] are regulated and licensed in the state in which they reside.
Get
a FREE Colorado Collection Attorney quote now.