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Financial Services Law Insights and Observations


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  • Colorado expands student loan servicer provisions

    On June 29, the Colorado governor signed SB21-057, which expands the Colorado Student Loan Servicers Act by adding new provisions covering private lenders, creditors, and collection agencies connected to postsecondary non-federal student loans. The act adds “Part 2” to the Colorado Revised Statutes, which, among other things, provides new definitions and stipulates that on or after September 1, lenders may not offer or make a private education loan to a state resident without first registering with the administrator and then annually providing specific loan data and contact information. Additionally, the act (i) outlines cosigner disclosure requirements and specifies that private education lenders are required to grant a release to cosigners provided certain conditions are met; (ii) provides that if a cosigner dies, the lender will not attempt to collect against the cosigner’s estate except for payment default; (iii) expands disability discharge requirements so that a borrower or cosigner may be released from payment obligations if permanently disabled; (iv) requires lenders to provide additional disclosures related to loans that will be used to refinance an existing loan; (v) outlines prohibited conduct concerning unfair, deceptive, or abusive acts or practices, such as placing a loan into default or accelerating a loan while a borrower is seeking a loan modification or enrolling in a flexible repayment plan; (vi) discusses debt collection prerequisites; and (vii) allows borrowers to bring a private right of action, including a counterclaim, against a lender or collection agency to recover or obtain actual damages or $500 (whichever is greater), restitution, punitive damages, injunctive relief, credit report corrections, attorney fees and costs, among others. Additionally, if it is proven that a lender or a collection agency has provided false information, the court will award the borrower the greater of treble damages or $1,500. Moreover, a violation of Part 2 is defined as a deceptive trade practice. Lenders or collection agencies that fail to comply with the outlined provisions will be liable for, among other things, actual damages sustained by a borrower or cosigner, as well as a monetary award equal to three times the total amount collected from the borrower in violation of Part 2. The act takes effect immediately.

    Licensing State Issues State Legislation Student Lending Student Loan Servicer Colorado

  • Colorado limits credit and debit card surcharges

    State Issues

    On July 7, the Colorado governor signed SB 91, which, among other things, repeals a prior ban on surcharges for credit or debit card transactions. The bill limits the maximum surcharge amount per transaction to 2 percent of the payment amount or the actual fee. Merchants are required to display a specified notice regarding the surcharge on their premises or, for online purchases, before a customer’s completion of the transaction. The act becomes effective July 1, 2022.

    State Issues Colorado Credit Cards State Legislation Fees

  • Special Alert: Colorado enacts comprehensive consumer privacy law

    Privacy, Cyber Risk & Data Security

    On July 7, the Colorado governor signed SB 21-190 to create the Colorado Privacy Act (CPA) and establish a framework for personal data privacy rights. Colorado now joins Virginia and California as the third state in the nation to enact comprehensive consumer privacy laws. In 2018, California became the first state to put in place significant consumer data privacy measures under the California Consumer Privacy Act (covered by a Buckley Special Alert), and earlier this year in March, Virginia enacted the Consumer Data Protection Act (covered by InfoBytes here).

    Highlights of the CPA include:

    Privacy/Cyber Risk & Data Security State Issues State Legislation Colorado Consumer Protection Special Alerts

  • Colorado amends executive order regarding eviction protections

    State Issues

    On June 1, the Colorado governor issued Executive Order 2021 110, which amends Executive Order 2021 088, as extended by Executive Order 2021 105. The amendment provides that an individual is prohibited from filing or initiating actions for forcible entry and detainer (i.e., eviction), including any demand for rent, unless the individual has notified the tenant in writing of the resources available to tenants and landlords, including a copy of the Department of Local Affairs resources. The Executive Order also directs the Executive Officer of the Department of Local Affairs to continue working with landlords to implement the model rent repayment agreements, to assist individuals who are unable to pay rent. Executive Order 2021 110 is set to expire on June 30. Previous coverage relating to Colorado’s eviction orders can be found herehere, here, and here.

    State Issues Covid-19 Colorado Mortgages Evictions

  • Colorado extends prohibition against assessing rental late fees

    State Issues

    On March 28, Colorado Governor Jared Polis issued Executive Order D 2021 073 extending the prohibition against assessing a late fee to a residential or commercial tenant for untimely payment of rent by an additional 30 days, expiring on April 30.

    State Issues Covid-19 Colorado Mortgages

  • Colorado suspends certain deadlines to allow for continued use of CARES Act funds

    State Issues

    On March 27, Colorado Governor Jared Polis issued Executive Order D 2021 072 extending the period during which eligible state and local government expenditures can be reimbursed by CARES Act funds. This allows eligible expenditures to be funded by the CARES Act Coronavirus Relief Fund dollars through April 26.

    State Issues Covid-19 Colorado CARES Act

  • Colorado governor extends suspension of regulatory statutes

    State Issues

    On March 15, the Colorado governor issued an executive order extending numerous previous executive orders for 30 days. Among other things, the previous orders suspended certain aspects of Colorado statutes concerning foreign entity qualifications to conduct business in Colorado.

    State Issues Colorado Covid-19

  • Colorado amends and extends executive order setting forth tenant protections

    State Issues

    On January 29 , the Colorado governor issued Executive Order 2021-029 amending and extending Executive Order 2020-307, which set forth certain tenant protections. Executive Order 2020-307 prohibits a landlord, mobile home park owner, property management entity, and others from charging a fee or penalty against a tenant or mobile home owner for failure to timely pay rent. Executive Order 2021-029 extends the moratorium on late fees until 30 days after January 29, 2021, unless extended further by executive order.

    State Issues Colorado Covid-19 Tenant Rights Mortgages

  • Colorado enacts bill modifying limits on certain debt collection activity

    State Issues

    On January 21, the Colorado governor signed SB 21-002, which modifies certain limitations on debt collection activity enacted in SB 20-211 (previously discussed here). Among other things, the bill extends, through June 1, 2021, the prohibition on a judgment creditor from initiating a new extraordinary collection action (i.e., a garnishment, attachment, levy, or execution to collect or enforce a judgment on a debt) unless and until specified requirements are met. These requirements include providing at least 10 days advance written notice to the debtor of their right to temporarily suspend the collection action if they are facing financial hardship due to the Covid-19 emergency.

    State Issues Covid-19 Colorado Debt Collection

  • Colorado further extends license expirations

    State Issues

    On January 11, the Colorado governor extended previous executive orders permitting numerous state regulatory agencies to issue emergency rules for extending the expiration of certificates and licenses (previous coverage here). Among other things, the extension permits the Division of Banking to extend the expiration date of licenses issued to money transmitters, and the Division of Real Estate to extend licenses issued to real estate brokers, for an addition 30 days.

    State Issues Covid-19 Colorado Licensing Money Service / Money Transmitters Real Estate Mortgages


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