Consumer Credit Unit
The Consumer Credit Unit regulates (through licensure/registration programs) companies and individuals involved in consumer lending, debt collection, and debt management and enforces a variety of statutes governing those and related practices. The Unit regulates supervised lenders, credit sellers, credit counseling and debt settlement companies, and collection agencies. It enforces a variety of state laws related to those industries.
The Administrator for the Colorado Fair Debt Collection Practices Act (CFDCPA) hosted a meeting for licensees, industry groups, client groups and other interested parties on July 30, 2018. View the transcript from the meeting.
Senate Bill 17-216 was recently enacted and contains some substantive changes to the Colorado Fair Debt Collection Practices Act (CFDCPA). This memo from the Administrator of the CFDCPA outlines the changes.
The Consumer Credit Unit is comprised of three main programs:
- Uniform Consumer Credit Code (UCCC)The UCCC program enforces the Colorado Uniform Consumer Credit Code - a state law that regulates the terms and conditions of consumer credit in the State of Colorado. UCCC licenses non-bank lenders (such as finance companies, payday lenders, and second mortgage companies), investigates complaints about lenders and creditors, and takes appropriate disciplinary action when a creditor violates the law.
- Collection Agency Regulation (CAR)
The CAR program enforces the Colorado Fair Debt Collection Practices Act (CFDCPA) which regulates consumer debt collection as well as the Colorado Child Support Collection Consumer Protection Act. CAR licenses debt collectors, investigates complaints about collection agencies, and takes appropriate disciplinary action when a collection agency violates the law.
- Debt Management (DM)
The DM program enforces the Colorado Uniform Debt-Management Services Act (DMSA) which regulates companies that offer and provide debt management services to Colorado residents. DM oversees the registration of non-profit and for-profit credit counseling and debt settlement companies, investigates complaints about providers, and takes appropriate disciplinary action when a debt management services provider violates the law.