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Colorado Commercial Collection Agency

Colorado’s statute of limitation and debt collection laws were developed to regulate how creditors and debt collectors file lawsuits, collect debt, and other consumer protection factors. This page is meant to provide you with informative economic data and collection laws in Colorado, including: state debt, state spending, statute of limitations, interest rates, collection agency bond/license data, and more.

State spending in 2015 was $33 billion, with state funds at $24 billion, federal funds of $8.7 billion, and per capita spending at more than $6,000 (BallotPedia.org). According to SmartAsset.com, Colorado debt per capita in 2016-2017 has been $62,200. Almost 7% of the total debt is automobile debt, which is the second-highest rate in the top 10 U.S. states. This makes the debt-to-income ration 1.96. Based on this data, it’s understandable that the state credit rating has been an AA for the past 7 years (AAA is the highest and BBB is the lowest). (BallotPedia.org)

The Fair Debt Collection Act works in favor of Colorado debtors, like it does in many other locations in the United States. Colorado has also developed a Uniform Consumer Credit Code, which prohibits extortionate and unconscionable debt collection practices by credits. If creditors happen to violate Colorado’s Uniform Consumer Credit Code, the state’s attorney general’s office can bring a civil action against the creditor to stop the creditor’s debt collection practices (Nolo.com). If a debt collection lawsuit makes it to court, attorneys are not required to receive a collection agency license, but will have to comply with provisions set in place by the Colorado Fair Debt Collection Practices Act.

SUMMARY OF COLORADO COLLECTION LAWS*

INTEREST RATE
Legal: 8% – Judgment 8% (or higher if specified in contract or note)

STATUTE OF LIMITATIONS (IN YEARS)
Open Acct: 6 – Written Contract 6 (signed promissory note) – Written Contract Goods Services: 3 – Domestic Judgment District
Court 20 (renewable every 20) County Court – 6 (renewable every 6) – Foreign Judgment 6 in CO

BAD CHECK LAWS (CIVIL PENALTY)
Treble Damages & Reasonable Fees

GENERAL GARNISHMENT EXEMPTIONS
See federal law.

COLLECTION AGENCY BOND & LICENSE
Bond: $10,000 – 20,000 – License: Yes – Fee: Determined by collection agency board

* These are not comprehensive statutes and therefore PSICollect.com and Prestige Services, Inc. disclaims any liability resulting from reliance by any party upon the legality and accuracy of the contents thereof.

Below is a list of the states in the US that we cover.
We are a nationwide operation and service all states, as well as Canada & Mexico.

Alabama
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Washington
West Virginia
Wisconsin
Wyoming
Puerto Rico

We are an international collection agency and service the entire U.S. as well as foreign countries. In addition, we represent clients from any country outside the U.S. Let us know how we can help you today! Contact us here »