Sunset Process - Senate Judiciary Committee. The bill implements the recommendations of the sunset review and report on the continuation of the 'Colorado Fair Debt Collection Practices Act' (Act) by:
- Continuing the Act through 2028;
- Defining what is expected of a collection agency that purchases, sells, or attempts to collect on a purchased debt;
- Clarifying that when a collection agency attempts to collect on a debt, the Act applies, by removing language from the definition of 'debt';
- Clarifying that the statute of limitations for private actions and actions by the administrator of the Act is 4 years;
- Repealing the collection agency board; and
- Allowing consumers who have monetary judgments against a collection agency to access surety bond funds.
(Note: This summary applies to this bill as introduced.)