§ 5-19-227 — Periodic reports - retention of records

Colorado § 5-19-227

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

Text

(a) A provider shall
provide the accounting required by subsection (b) of this section:

(1) Upon cancellation or termination of an agreement; and

(2) Before cancellation or termination of any agreement:

(A) At least once each month; and

(B) Within five business days after a request by an individual, but the
provider need not comply with more than one request from an individual in any
calendar month.

(b) A provider, in a record, shall provide each individual for whom it has
established a plan an accounting of the following information:

(1) The amount of money received from the individual since the last report;

(2) The amounts and dates of disbursement made on the individual's behalf,
or by the individual upon the direction of the provider, since the last report to each
creditor listed in the plan;

(3) The amounts deducted from the amount received from the individual;

(4) The amount held in reserve; and

(5) If, since the last report, a creditor has agreed to accept as payment in full
an amount less than the principal amount of the debt owed by the individual:

(A) The total amount and terms of the settlement;

(B) The amount of the debt when the individual assented to the plan;

(C) The amount of the debt when the creditor agreed to the settlement; and

(D) The calculation of a settlement fee.

(c) A provider shall maintain records for each individual for whom it provides
debt-management services for five years after the final payment made by the
individual and produce a copy of them to the individual within a reasonable time
after a request for them. The provider may use electronic or other means of storage
of the records.

Legislative History

Source: L. 2017: Entire article added with relocations, (HB 17-1238), ch. 260, p. 1161, � 4, effective August 9.