§ 5-19-241. Severability
If any provision of this part 2 or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this part 2 that can be given effect without the invalid provision or application, and to this end the provisions of this part 2 are severable. Source: […]
§ 5-20-115. Assurance of Discontinuance
If it is claimed that a person has violated this part 1, the administrator may accept an assurance in writing that the person will not engage in the conduct in the future. The assurance may also require the person to make refunds to persons of unlawful charges under this part 1, pay a penalty authorized […]
§ 5-19-242. Repeal of Part
This part 2 is repealed, effective September 1, 2024. Prior to repeal, the department of regulatory agencies shall review the functions of the administrator pursuant to this part 2 and the registration of providers as provided for in section 24-34-104. Source: L. 2017: Entire article added with relocations, (HB 17-1238), ch. 260, p. 1169, § […]
§ 5-20-101. Short Title
The short title of this article 20 is the “Colorado Student Loan Equity Act”. Source: L. 2019: Entire article added, (SB 19-002), ch. 157, p. 1856, § 2, effective August 2. L. 2021: Entire section amended, (SB 21-057), ch. 378, p. 2515, § 2, effective June 29. Editor’s note: Section 19 of chapter 378 (SB […]
§ 5-20-102. Scope of Article – Residence of Debtor
This part 1 applies to any person engaged in servicing a student education loan owed by an individual who is a resident of this state. For the purposes of this article 20, the residence of an individual is the address given by the individual as the individual’s residence to the creditor or to the student […]
§ 5-20-103. Definitions
As used in this article 20, unless the context otherwise requires: “Administrator” means the administrator designated in section 5-6-103. “Consumer reporting agency” has the meaning established in section 5-18-103 (4). “Education expenses” means any expense related, in whole or in part, expressly to financing postsecondary education, regardless of whether the debt incurred by a student […]
§ 5-20-104. Student Loan Ombudsperson – Report – Fund – Rules – Repeal
The administrator shall designate, support, and maintain a student loan ombudsperson to provide timely assistance to student loan borrowers. The student loan ombudsperson, in consultation with the administrator, shall: Complaints. Receive, review, and attempt to resolve complaints from student loan borrowers, including in collaboration with institutions of higher education, student loan servicers, and any other […]
§ 5-20-105. License Required
On or after January 31, 2020, a person shall not act as a student loan servicer, directly or indirectly, without first obtaining a student loan servicing license from the administrator pursuant to this part 1. Source: L. 2019: Entire article added, (SB 19-002), ch. 157, p. 1860, § 2, effective August 2. L. 2021: Entire […]
§ 5-20-106. Licensure of Student Loan Servicers
Automatic issuance of license for federal student loan servicing contractors. A person seeking to act within this state as a student loan servicer is exempt from the application procedures described in subsection (2) of this section upon a determination by the administrator that the person is a party to a contract awarded by the United […]
§ 5-20-107. License and Investigation Fees
A person applying for licensure under section 5-20-106 (1) or (2) shall pay the following nonrefundable fees established by the administrator: Initial license fee of at least one thousand dollars; Annual renewal fee of at least one thousand dollars; and Investigation fee. The administrator shall determine the amount of the fees required in this section […]