C.R.S. Section 5-20-109
Prohibited acts of student loan servicers

(1)

A student loan servicer shall not:

(a)

Directly or indirectly employ a scheme, a device, or artifice to defraud or mislead student loan borrowers;

(b)

Engage in an unfair or deceptive practice toward any person or misrepresent or omit any material information in connection with the servicing of a student education loan, including misrepresenting the amount, nature, or terms of any fee or payment due or claimed to be due on a student education loan, the terms and conditions of the loan agreement, or the student loan borrower’s obligations under the loan;

(c)

Obtain property by fraud or misrepresentation;

(d)

Misapply student education loan payments to the outstanding balance of a student education loan;

(e)

Provide inaccurate information to a consumer reporting agency;

(f)

Fail to report both the favorable and unfavorable payment history of a student loan borrower to a consumer reporting agency at least annually if the student loan servicer regularly reports information to a consumer reporting agency;

(g)

Refuse to communicate with an authorized representative of a student loan borrower who provides a written authorization signed by the student loan borrower; except that the student loan servicer may adopt procedures reasonably related to verifying that the representative is in fact authorized to act on behalf of the student loan borrower;

(h)

Make any false statement or omit any material fact in connection with information or reports filed with a governmental agency or in connection with an investigation conducted by the administrator or another governmental agency; or

(i)

Except as otherwise provided in federal law, federal student loan agreements, or a contract between the federal government and a student loan servicer, fail to properly evaluate a student loan borrower for an income-based or other student loan repayment program or for eligibility for a public service loan forgiveness program before placing the student loan borrower in forbearance or default, if an income-based repayment or other program is available to the student loan borrower.

Source: Section 5-20-109 — Prohibited acts of student loan servicers, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-05.­pdf (accessed Oct. 20, 2023).

5‑20‑101
Short title 5‑20‑102
Scope of article - residence of debtor 5‑20‑103
Definitions 5‑20‑104
Student loan ombudsperson - report - fund - rules 5‑20‑105
License required 5‑20‑106
Licensure of student loan servicers - definition 5‑20‑107
License and investigation fees 5‑20‑108
Affirmative acts required of student loan servicers - definitions 5‑20‑109
Prohibited acts of student loan servicers 5‑20‑110
Powers and duties of the administrator - rules 5‑20‑111
Compliance with federal law 5‑20‑112
Civil action 5‑20‑113
Application of administrative procedures - provisions 5‑20‑114
Administrative enforcement orders 5‑20‑115
Assurance of discontinuance 5‑20‑116
Injunctions 5‑20‑117
Civil actions by the administrator 5‑20‑118
Limitations 5‑20‑119
Confidential information 5‑20‑201
Scope of part - construction with other laws - legislative declaration 5‑20‑202
Definitions 5‑20‑203
Registration of private education creditors - penalties - rules 5‑20‑204
Cosigner disclosures 5‑20‑205
Cosigner release 5‑20‑206
Cosigner rights 5‑20‑207
Bankruptcy or death of cosigner 5‑20‑208
Total and permanent disability of the private education credit borrower or cosigner 5‑20‑209
Refinancing - additional disclosures - limitations on default pending approval 5‑20‑210
Prohibited conduct 5‑20‑211
Record retention - confidentiality 5‑20‑212
Collection on debt - prerequisites - documentation 5‑20‑213
Actions - counterclaims 5‑20‑214
Remedies - civil actions - limitations - deceptive trade practice
Green check means up to date. Up to date

Current through Fall 2024

§ 5-20-109’s source at colorado​.gov