2020 Colorado Revised Statutes
Title 6 - Consumer And Commercial Affairs
Article 1. Colorado Consumer Protection Act
Section 6-1-1107. Prohibited acts.
(1) A foreclosure consultant may not:
Claim, demand, charge, collect, or receive any compensation until after the foreclosure consultant has fully performed each and every service the foreclosure consultant contracted to perform or represented that the foreclosure consultant would perform;
Claim, demand, charge, collect, or receive any interest or any other compensation fora loan that the foreclosure consultant makes to the home owner that exceeds the prime rate published by the federal reserve at the time of any loan plus two percentage points, with the total interest rate not to exceed eight percent per year;
Take a wage assignment, lien of any type on real or personal property, or other security to secure the payment of compensation;
Receive any consideration from a third party in connection with foreclosure consulting services provided to a home owner unless the consideration is first fully disclosed in writing to the home owner;
Acquire an interest, directly, indirectly, or through an associate, in the real or personal property of a home owner with whom the foreclosure consultant has contracted;
Obtain a power of attorney from a home owner for any purpose other than to inspectdocuments as provided by law; or
Induce or attempt to induce a home owner to enter into a foreclosure consultingcontract that does not comply in all respects with this subpart 2.
Source: L. 2006: Entire part added, p. 1337, § 1, effective May 30.
