C.R.S. Section 5-20-110
Powers and duties of the administrator

  • rules


The administrator may conduct investigations and examinations as follows:


For purposes of initial licensing, license renewal, license suspension, license revocation or termination, or general or specific inquiry or investigation to determine compliance with this article 20, the administrator may access, receive, and use any records or information belonging to a licensee or person under examination, including criminal, civil, and administrative history information; personal history and experience information, including independent credit reports obtained from a consumer reporting agency described in section 603 (p) of the federal “Fair Credit Reporting Act”, 15 U.S.C. sec. 1681a, as amended; and any other records or information the administrator considers relevant to the inquiry or investigation regardless of the location, possession, control, or custody of the records or information.


For the purposes of investigating violations or complaints arising under this article 20 or for the purposes of examination, the administrator may review, investigate, or examine any licensee or person subject to this article 20 as often as necessary in order to carry out the purposes of this article 20. The administrator may direct, subpoena, or order the attendance of and examine under oath any person whose testimony may be required about the student education loan or the business or subject matter of an examination or investigation and may direct, subpoena, or order the person to produce records the administrator considers relevant to the inquiry.


Intentionally left blank —Ed.


In making an examination or investigation authorized by this section, the administrator may control access to any records of the licensee or person under examination or investigation. The administrator may take possession of the records or place a person in exclusive charge of the records in the place where they are usually kept.


During the period of administrator control pursuant to this subsection (1)(c), a person may not remove or attempt to remove any of the records except pursuant to a court order or with the consent of the administrator. Unless the administrator has reasonable grounds to believe that the records of the licensee or person have been, or are at risk of being, altered or destroyed for purposes of concealing a violation of this article 20, the licensee or owner of the records may have access to the records as necessary to conduct its ordinary business affairs.


In order to carry out the purposes of this section, the administrator may:


Retain attorneys, accountants, or other professionals and specialists as examiners, auditors, or investigators to conduct or assist in the conduct of examinations or investigations;


Enter into agreements or relationships with other government officials or regulatory associations in order to improve efficiencies and reduce regulatory burden by sharing resources, standardized or uniform methods or procedures, and records or information obtained under this section;


Use, hire, contract for, or employ publicly or privately available analytical systems, methods, or software to examine or investigate the licensee or person subject to this article 20;


Accept and rely on examination or investigation reports made by other government officials within or outside this state; and


Accept audit reports made by an independent certified public accountant of the licensee or person subject to this article 20 in the course of that part of the examination covering the same general subject matter as the audit and may incorporate the audit report in a report of examination, report of investigation, or other writing of the administrator.


A person subject to investigation or examination under this section shall not knowingly withhold, abstract, remove, mutilate, or destroy any records or other information relating to information regulated under this article 20.


Whenever it appears to the administrator that a person has violated, is violating, or is about to violate a provision of this article 20 or a rule adopted pursuant to this article 20 or that a licensee or an owner, director, officer, member, partner, shareholder, trustee, employee, or agent of the licensee has committed fraud, engaged in dishonest activities, or made a misrepresentation, the administrator may take action against the person or licensee in accordance with this article 20.


The administrator shall adopt rules as necessary to implement this article 20.

Source: Section 5-20-110 — Powers and duties of the administrator - rules, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-05.­pdf (accessed Oct. 20, 2023).

Short title
Scope of article - residence of debtor
Student loan ombudsperson - report - fund - rules
License required
Licensure of student loan servicers - definition
License and investigation fees
Affirmative acts required of student loan servicers - definitions
Prohibited acts of student loan servicers
Powers and duties of the administrator - rules
Compliance with federal law
Civil action
Application of administrative procedures - provisions
Administrative enforcement orders
Assurance of discontinuance
Civil actions by the administrator
Confidential information
Scope of part - construction with other laws - legislative declaration
Registration of private education creditors - penalties - rules
Cosigner disclosures
Cosigner release
Cosigner rights
Bankruptcy or death of cosigner
Total and permanent disability of the private education credit borrower or cosigner
Refinancing - additional disclosures - limitations on default pending approval
Prohibited conduct
Record retention - confidentiality
Collection on debt - prerequisites - documentation
Actions - counterclaims
Remedies - civil actions - limitations - deceptive trade practice
Green check means up to date. Up to date

Current through Fall 2024

§ 5-20-110’s source at colorado​.gov