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February 23, 2007, Newsletter Issue #77: Colorado Collection Agency Laws
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Tip of the Week
Following is some important information on Colorado debt recovery laws including: Colorado Statute of Limitations, Colorado Judgments, Colorado Garnishments, Colorado Interest Rates, Colorado Bad Check Laws and Colorado Collection Agency Requirements.
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.
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