§ 5-19-107 — Written contracts required

Colorado § 5-19-107

• Jurisdiction: Colorado
• Title 05: Consumer
• Art.: Debt-management Services

Text

(1) Each contract between the buyer
and a credit services organization for the purchase of the services of the credit
services organization shall be in writing, dated, signed by the buyer, and include the
following:

(a) A conspicuous statement in bold-faced type, in immediate proximity to
the space reserved for the signature of the buyer, as follows: You, the buyer, may
cancel this contract at any time prior to midnight of the fifth working day after the
date of the transaction. See the attached notice of cancellation form for an
explanation of this right.

(b) The terms and conditions of payment, including the total of all payments
to be made by the buyer, whether to the credit services organization or to some
other person;

(c) A full and detailed description of the services to be performed by the
credit services organization for the buyer, including:

(I) All guarantees and all promises of full or partial refunds;

(II) The estimated date by which the services are to be performed, or the
estimated length of time for performing the services;

(III) A list of the adverse information appearing on the buyer's credit report
that is to be modified and a description of the precise nature of each modification. A
copy of the consumer's current credit report issued by a consumer credit reporting
agency shall be annexed to the contract with the adverse entries and proposed
modifications clearly marked.

(d) The credit services organization's principal business address which shall
be the actual office location of the organization and the name and address of its
agent in the state authorized to receive service of process.

(2) The contract shall be accompanied by a completed form in duplicate,
captioned Notice of Cancellation, that shall be attached to the contract, be easily
detachable, and contain in bold-faced type the following statement written in the
same language as used in the contract:

Notice of Cancellation

You may cancel this contract, without any penalty or obligation, within five
(5) working days from the date the contract is signed.

If you cancel any payment made by you under this contract, it will be
returned within ten (10) days following receipt by the seller of your cancellation
notice.

To cancel this contract, mail or deliver a signed, dated copy of this
cancellation notice, or any other written notice to (name of seller) at (address of seller) (place of business) not later than midnight (date) .

I hereby cancel this transaction,

(date)

(purchaser's signature) .

(3) The credit services organization shall give to the buyer a copy of the
completed contract and all other documents the credit services organization
requires the buyer to sign at the time they are signed.

Legislative History

Source: L. 2017: Entire article added with relocations, (HB 17-1238), ch. 260, p. 1134, � 4, effective August 9.