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2021 Colorado Code
Title 5 - Consumer Credit Code
Article 20 - Colorado Student Loan Servicers
Part 2 - Private Student Education Lenders
§ 5-20-213. Actions - Counterclaims
Universal Citation: CO Code § 5-20-213 (2021)
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- For litigation proceedings commenced on or after June 29, 2021, a court shall not enter a judgment on a private education loan obligation if the collection agency does not comply with the requirements of section 5-20-212.
- For litigation proceedings commenced before June 29, 2021, the court shall not enter a judgment until the collection agency is provided an opportunity to submit proof of compliance with section 5-20-212.
- If a lender or collection agency fails to comply with the requirements of this part 2, a private education loan borrower may bring an action, including a counterclaim, against the lender or collection agency to recover or obtain:
- An order setting aside or vacating any default judgment entered against the private education loan borrower;
- A judgment in favor of the private education loan borrower;
- Actual damages or five hundred dollars, whichever is greater;
- Restitution of all money taken from or paid by the private education loan borrower after a judgment was obtained by a creditor;
- Punitive damages;
- Injunctive relief;
- Correction of the private education loan borrower's credit report;
- Attorney fees and court costs; and
- Any other relief that the court deems proper.
History. Source: L. 2021: Entire part added,(SB 21-057), ch. 378, p. 2529, § 5, effective June 29.
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