C.R.S. Section 5-19-107
Written contracts required

(1)

Each contract between the buyer and a credit services organization for the purchase of the services of the credit services organization shall be in writing, dated, signed by the buyer, and include the following:

(a)

A conspicuous statement in bold-faced type, in immediate proximity to the space reserved for the signature of the buyer, as follows: “You, the buyer, may cancel this contract at any time prior to midnight of the fifth working day after the date of the transaction. See the attached notice of cancellation form for an explanation of this right.”

(b)

The terms and conditions of payment, including the total of all payments to be made by the buyer, whether to the credit services organization or to some other person;

(c)

A full and detailed description of the services to be performed by the credit services organization for the buyer, including:

(I)

All guarantees and all promises of full or partial refunds;

(II)

The estimated date by which the services are to be performed, or the estimated length of time for performing the services;

(III)

A list of the adverse information appearing on the buyer’s credit report that is to be modified and a description of the precise nature of each modification. A copy of the consumer’s current credit report issued by a consumer credit reporting agency shall be annexed to the contract with the adverse entries and proposed modifications clearly marked.

(d)

The credit services organization’s principal business address which shall be the actual office location of the organization and the name and address of its agent in the state authorized to receive service of process.

(2)

The contract shall be accompanied by a completed form in duplicate, captioned “Notice of Cancellation”, that shall be attached to the contract, be easily detachable, and contain in bold-faced type the following statement written in the same language as used in the contract:
Notice of Cancellation
You may cancel this contract, without any penalty or obligation, within five (5) working days from the date the contract is signed.
If you cancel any payment made by you under this contract, it will be returned within ten (10) days following receipt by the seller of your cancellation notice.
To cancel this contract, mail or deliver a signed, dated copy of this cancellation notice, or any other written notice to

(name of seller)

at

(address of seller)

Intentionally left blank —Ed.

(place of business)

not later than midnight

(date)

.
I hereby cancel this transaction,

(date)

Intentionally left blank —Ed.

(purchaser’s signature)

.

(3)

The credit services organization shall give to the buyer a copy of the completed contract and all other documents the credit services organization requires the buyer to sign at the time they are signed.

Source: Section 5-19-107 — Written contracts required, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-05.­pdf (accessed Oct. 20, 2023).

5‑19‑101
Short title 5‑19‑102
Legislative declaration 5‑19‑103
Definitions 5‑19‑104
Prohibited acts 5‑19‑105
Written disclosure required 5‑19‑106
Content of written disclosure 5‑19‑107
Written contracts required 5‑19‑108
Waivers and exemptions 5‑19‑109
Criminal penalties and injunctive relief 5‑19‑110
Powers of administrator of the uniform consumer credit code and district attorney - subpoenas - hearings 5‑19‑111
Damages 5‑19‑112
Aiding or assisting violation 5‑19‑113
Remedies cumulative 5‑19‑114
Relation between parts of article 5‑19‑201
Short title 5‑19‑202
Definitions 5‑19‑203
Exempt agreements and persons 5‑19‑204
Registration required 5‑19‑205
Application for registration - form, fee, and accompanying documents - repeal 5‑19‑206
Application for registration - required information 5‑19‑206.5
Name-based judicial record check 5‑19‑206.7
Remote work authorized - definition 5‑19‑207
Application for registration - obligation to update information 5‑19‑208
Application for registration - public information 5‑19‑209
Certificate of registration - issuance or denial 5‑19‑210
Certificate of registration - timing 5‑19‑211
Renewal of registration 5‑19‑212
Registration in another state 5‑19‑213
Bond required 5‑19‑214
Bond required - substitute 5‑19‑215
Good faith requirement 5‑19‑216
Customer service 5‑19‑217
Prerequisites for providing debt-management services 5‑19‑218
Communication by electronic or other means - definitions 5‑19‑219
Form and contents of agreement 5‑19‑220
Cancellation of agreement - waiver 5‑19‑221
Required language 5‑19‑222
Trust account 5‑19‑223
Fees and other charges 5‑19‑224
Voluntary contributions 5‑19‑225
Voidable agreements 5‑19‑226
Termination of agreements 5‑19‑227
Periodic reports - retention of records 5‑19‑228
Prohibited acts and practices 5‑19‑229
Notice of litigation 5‑19‑230
Advertising 5‑19‑231
Liability for the conduct of other persons 5‑19‑232
Powers of administrator - rules 5‑19‑233
Administrative and legal remedies 5‑19‑234
Suspension, revocation, or nonrenewal of registration - definitions 5‑19‑235
Private enforcement 5‑19‑236
Violation of unfair or deceptive practices statute 5‑19‑237
Statute of limitations 5‑19‑238
Uniformity of application and construction 5‑19‑239
Relation to federal “Electronic Signatures in Global and National Commerce Act” 5‑19‑240
Transitional provisions - application to existing transactions 5‑19‑241
Severability 5‑19‑242
Repeal of part
Green check means up to date. Up to date

Current through Fall 2024

§ 5-19-107’s source at colorado​.gov