February 23, 2007, Newsletter Issue #77: Colorado Collection Agency Laws

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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