Colorado Collection Agency Laws

Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about About State by State Debt Recovery and other Collection Agency topics.

What are Colorado's state debt collection laws?

Colorado Collection Agency Laws

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.

   

Comments

8/22/2006 9:20:21 PM
Shara said:

Where do you get a license?


8/7/2009 2:12:58 PM
Doris said:

Affiliated Credit Services (Fort Morgan, CO) charges 8% interest PER month.
You would think the 8% allowed by law would be a one time charge. Being charged court fees, attorney fees, & then 8% monthly on top of those (& other fee's) should be illegal. But I can't seem to find it defined in the Colorado Laws as whether it is one time 8% or 8% monthly.




Name:


URL: (optional)


Comment:


Not finding the advice and tips you need on this Collection Agency Tip Site? Request a Tip Now!


Guru Spotlight
Sherril Steele-Carlin