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2021 Colorado Code
Title 5 - Consumer Credit Code
Article 20 - Colorado Student Loan Servicers
Part 2 - Private Student Education Lenders
§ 5-20-210. Prohibited Conduct

Universal Citation: CO Code § 5-20-210 (2021)
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  1. A private education lender shall not:
    1. Offer any private education loan that is not in conformity with this part 2 or rules or orders of the administrator under this part 2 or that violates any other state or federal law;

    2. Engage in any unfair, deceptive, or abusive act or practice;

      1. Take an assignment of earnings of the borrower or cosigner for payment or as a security for payment of a debt arising out of a private education loan. An assignment of earnings in violation of this section is unenforceable by the assignee of the earnings and revocable by the borrower or cosigner. (c) (I) Take an assignment of earnings of the borrower or cosigner for payment or as a security for payment of a debt arising out of a private education loan. An assignment of earnings in violation of this section is unenforceable by the assignee of the earnings and revocable by the borrower or cosigner.

      2. A sale of unpaid earnings made in consideration of the payment of money to or for the account of the seller of the earnings is deemed to be a loan to the seller, secured by an assignment of earnings.

    4. Make, advertise, print, display, publish, distribute, electronically transmit, telecast, or broadcast, in any manner, any statement or representation that is false, misleading, or deceptive.


History. Source: L. 2021: Entire part added,(SB 21-057), ch. 378, p. 2525, § 5, effective June 29.


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