Commercial Debt Collection in Colorado Springs
Located in the middle section of Colorado is Colorado Springs, the second-most populated city in the state. It is considered to be a home rule municipality; home rule is a form or structure of governing defined by the citizens of a municipality that allows for more control over matters of local significance.
Colorado Springs has an elevation of 6,035 ft and sits at the eastern foot of the Rocky Mountains and the glacier-carved Pikes Peak. As of 2020, the city had a population of 478,961 residents, an increase of more than 15 percent since 2010.
Colorado Springs History
The first inhabitants of the Colorado Springs area were people of the Ute, Arapaho and Cheyenne Native American tribes. In the 1800s, the Colorado Springs territory was passed around in value, ownership, and with annexations. In 1803, part of the territory was included in the United States Louisiana Purchase. In the 1860s, the area served as the capital of the Colorado Territory.
In the 1900s, Colorado Springs was established with a large military presence, with installment of Camp Carson (now Fort Carson base), Peterson Field, Ent Air Force Base, and other establishments. In the later part of the 20th century, University of Colorado Springs, Pikes Peak State College, and other universities were established in the city.
Commercial Debt Collection Laws
In Colorado Springs, there are several commercial debt collection laws in place to regulate how commercial debt collectors can recovery outstanding debt from businesses. Under the laws in this Colorado city, the creditors, debtors and commercial debt collectors have defined rights.
The interest rate for both legal cases and judgments is 8 percent or higher if specified in a contract. If a business in debt decides to use a bad check, the civil penalty laws include treble damages and reasonable fees.
The Statute of Limitations for Colorado Springs include:
- Open Accounts: 6 years
- Written Contracts: 6 years
- Written Contract Goods & Services: 3 years
- Domestic Judgment District Court: 20 years (renewable)
- Domestic Judgment County Court: 6 years (renewable)
- Foreign Judgment: 6 years
For more information on commercial debt collection laws in Colorado Springs or the state of Colorado as a whole, visit our Summary of Colorado Collection Laws page.
If you are a creditor looking to recover outstanding debt from a business, contact Prestige Services, Inc., to request a quote or to begin using our recovery services. Contact us via phone, email, or contact form!