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2021 Colorado Code
Title 5 - Consumer Credit Code
Article 20 - Colorado Student Loan Servicers
Part 2 - Private Student Education Lenders
§ 5-20-206. Cosigner Rights
Universal Citation: CO Code § 5-20-206 (2021)
- A lender shall provide a cosigner with access to all documents or records related to the cosigned private education loan that are available to the private education loan borrower.
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- If a lender provides electronic access to documents and records for a private education loan borrower, it shall provide equivalent electronic access to the cosigner.
- Upon the private education loan borrower's request, the lender shall redact the private education loan borrower's contact information from documents and records provided to a cosigner.
- A lender shall not include in a private education loan executed after June 29, 2021, a provision that permits the lender to accelerate payments, in whole or in part, except upon a payment default. A lender shall not place any loan or account into default or accelerate a loan for any reason other than payment default.
- A private education loan executed before June 29, 2021, may permit the lender to accelerate payments only if the promissory note or loan agreement explicitly authorizes an acceleration and only for the reasons stated in the note or agreement.
History. Source: L. 2021: Entire part added,(SB 21-057), ch. 378, p. 2522, § 5, effective June 29.
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