C.R.S. Section 5-3-303
Assignee subject to claims and defenses


(1)

With respect to a consumer credit sale or consumer lease, an assignee of the rights of the seller or lessor is subject to all claims and defenses of the buyer against the seller or lessor arising from the sale or lease of goods or services, notwithstanding that the assignee is a holder in due course of a negotiable instrument issued in connection with the consumer credit sale or consumer lease.

(2)

A claim or defense of a consumer specified in subsection (1) of this section may be asserted against the assignee under this section only to the extent of the amount owing to the assignee with respect to the sale or lease of the goods or services as to which the claim or defense arose at the time the assignee has written notice of the claim or defense.

(3)

For the purpose of determining the amount owing to the assignee with respect to the sale or lease:

(a)

Payments received by the assignee after the consolidation of two or more consumer credit sales, except pursuant to a revolving credit account, are deemed to have been first applied to the payment of the sales first made; if the sales consolidated arose from sales made on the same day, payments are deemed to have been first applied to the smallest sale; and

(b)

Payments received upon a revolving credit account are deemed to have been first applied to the payment of finance charges in the order of their entry to the account and then to the payment of debts in the order in which the entries of the debts are made to the account.

(4)

An agreement may not limit or waive the claims or defenses of a consumer under this section.

Source: Section 5-3-303 — Assignee subject to claims and defenses, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-05.­pdf (accessed Oct. 20, 2023).

5‑3‑101
Applicability - information required
5‑3‑102
Notice of assignment
5‑3‑103
Change in terms of revolving credit accounts
5‑3‑104
Receipts - statements of account - evidence of payment
5‑3‑105
Notice to cosigners and similar parties
5‑3‑106
Disclosures for real estate secured consumer credit transactions
5‑3‑107
Disclosures for consumer credit sale secured by a motor vehicle
5‑3‑108
Written agreement required
5‑3‑109
Records
5‑3‑110
Advertising
5‑3‑111
Use of credit scores
5‑3‑201
Security in sales or leases
5‑3‑202
Cross-collateral
5‑3‑203
Debt secured by cross-collateral
5‑3‑204
Restrictions on interest in land as security
5‑3‑205
Use of multiple agreements
5‑3‑206
No assignment of earnings
5‑3‑207
Authorization to confess judgment prohibited
5‑3‑208
Balloon payments
5‑3‑209
Referral sales
5‑3‑210
Discrimination prohibited - exemption
5‑3‑301
Restriction on liability in consumer lease
5‑3‑302
Limitation on default charges
5‑3‑303
Assignee subject to claims and defenses
5‑3‑304
Use of account - constructive assent to terms
5‑3‑305
Advance payment to reserve lodging and motor vehicle rental services - notice to consumer required
5‑3‑401
Definitions - “home solicitation sale”
5‑3‑402
Buyer’s right to cancel
5‑3‑403
Form of agreement or offer - statement of buyer’s rights
5‑3‑404
Restoration of down payment
5‑3‑405
Duty of buyer - no compensation for services prior to cancellation
5‑3‑501
Scope
5‑3‑502
Form of insurance premium loan agreement
5‑3‑503
Notice of cancellation
Green check means up to date. Up to date

Current through Fall 2024

§ 5-3-303’s source at colorado​.gov