2021 Colorado Code
Title 5 - Consumer Credit Code
Article 20 - Colorado Student Loan Servicers
Part 2 - Private Student Education Lenders
§ 5-20-203. Registration of Private Education Lenders - Penalties - Rules

1. On or after September 1, 2021, a person shall not offer or make a private education loan to a resident of Colorado without first registering with the administrator as provided in this section.
2. A private education lender shall:
   1. Register with the administrator pursuant to any registration procedures set forth by the administrator and pay the fee set by the administrator by rule; and
   2. Provide the administrator, at the time of registration and not less than once per year thereafter, as established by the administrator by rule, and at other times upon the administrator's request, with the following documents and information:
      1. A list of all schools at which the private education lender has provided private education loans to a private education loan borrower;
      2. The volume of private education loans made annually to private education loan borrowers;
      3. The volume of private education loans made annually at each school identified under subsection (2)(b)(I) of this section;
      4. The default rate for private education loan borrowers obtaining private education loans from the private education lender, including the default rate for private education loans made to private education loan borrowers at each school listed pursuant to subsection (2)(b)(I) of this section;
      5. A copy of each model promissory note, agreement, contract, or other instrument used by the private education lender during the previous year to substantiate that a private education loan has been extended to a private education loan borrower or that a private education loan borrower owes a debt to the lender; and
      6. The name and address of the private education lender and any officer, director, partner, or owner of a controlling interest of the lender.

3. The administrator shall create a publicly accessible website that includes the following information about private education lenders registered in Colorado:
   1. The name, address, telephone number, and website for all registered private education lenders;
   2. A summary of the information required under subsections (2)(b)(I) to (2)(b)(VI) of this section; and
   3. Copies of all model promissory notes, agreements, contracts, and other instruments provided to the administrator under subsection (2)(b)(V) of this section.

4. The administrator may impose civil penalties on private education lenders and collection agencies in the same amounts, in substantially the same manner, and on substantially the same grounds as provided in sections 5-20-114 to 5-20-117 for the imposition of civil penalties on student loan servicers.
5. The administrator may order that any person who has been found to have violated any provision of this part 2, or of the rules issued pursuant to this part 2, and has thereby caused financial harm to a consumer be barred for a term not exceeding ten years from acting as a private education lender or a stockholder, officer, director, partner or other owner, or employee of a private education lender.
6. The administrator may prescribe an alternative registration process and fee structure for public and private nonprofit postsecondary educational institutions.
7. An entity that is required to file a notification with the administrator pursuant to section 5-6-202 or required to hold a license pursuant to section 5-2-301, 5-16-118, or 5-20-106 is exempt from registration under this section but is subject to all other requirements of this part 2.

History. Source: L. 2021: Entire part added,(SB 21-057), ch. 378, p. 2519, § 5, effective June 29.