Sunset Continue Fair Debt Collections Act
Concerning continuation of the regulation of collection agencies under the "Colorado Fair Debt Collection Practices Act", and, in connection therewith, implementing the recommendations of the 2016 sunset report of the department of regulatory agencies and making an appropriation.
2017 Regular Session
Financial Services & Commerce
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 a 'debt buyer' as a person who engages in the business of purchasing debt for collection purposes;
- Creating requirements for debt collectors and collection agencies that bring legal actions on debts owned;
- Defining what is expected of a collection agency that purchases, sells, or attempts to collect on a purchased debt;
- Clarifying that the statute of limitations for private actions and actions by the administrator of the Act is 2 years;
- Repealing the collection agency board; and
- Requiring the administrator of the 'Uniform Consumer Credit Code' to prepare a report concerning the Act.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)