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2021 Colorado Code
Title 5 - Consumer Credit Code
Article 20 - Colorado Student Loan Servicers
Part 1 - Colorado Student Loans
§ 5-20-114. Administrative Enforcement Orders
Universal Citation: CO Code § 5-20-114 (2021)
- After notice and hearing, the administrator may order a student loan servicer or a person acting in the student loan servicer's behalf to cease and desist from engaging in violations of this part 1 or any rule lawfully adopted or order lawfully issued pursuant to this part 1. The order issued by the administrator may also require the student loan servicer or person to make refunds to persons of unlawful charges under this part 1 and an administrative penalty of up to one thousand five hundred dollars per violation, all or part of which may be specifically designated for consumer and creditor educational purposes.
- A respondent aggrieved by an order of the administrator may obtain judicial review of the order in the Colorado court of appeals. The administrator may obtain an order of the court for enforcement of the administrator's order in the district court under section 24-4-106. All proceedings under this section are governed by sections 24-4-105 and 24-4-106.
History. Source: L. 2019: Entire article added,(SB 19-002), ch. 157, p. 1871, § 2, effective August 2. L. 2021: (1) amended,(SB 21-057), ch. 378, p. 2533, § 12, effective June 29.
Editor's note:
Section 19 of chapter 378 (SB 21-057), Session Laws of Colorado 2021, provides that the act changing this section applies to conduct occurring on or after June 29, 2021, including collection of debts arising out of loans issued before June 29, 2021.
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