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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.
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
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
Fee: Determined by collection agency board
Exemption for out-of-state collectors: Out of state collectors are exempt if  collecting only by interstate means (phone, fax, mail);  have no Colorado client; and  are regulated and licensed in the state in which they reside.
Where do you get a license?
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.