Colorado § 5-20-206 Cosigner rights

Colorado Statutes

§ 5-20-206 — Cosigner rights

Colorado·Title 05 Consumer·Art. Colorado Student Loan Equity

(1)A creditor shall provide a cosigner with access to all documents or records related to the cosigned private education credit obligation that are available to the private education credit borrower.

(2)(a) If a creditor provides electronic access to documents and records for a private education credit borrower, the creditor shall provide equivalent electronic access to the cosigner.

(b)Upon the private education credit borrower's request, the creditor shall redact the private education credit borrower's contact information from documents and records provided to a cosigner.

(3)A creditor shall not include in a private education credit obligation executed after June 29, 2021, a provision that permits the creditor to accelerate payments, in whole or in part, except upon a paym

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(1) A creditor shall provide a cosigner with
access to all documents or records related to the cosigned private education credit
obligation that are available to the private education credit borrower.

(2) (a) If a creditor provides electronic access to documents and records for a
private education credit borrower, the creditor shall provide equivalent electronic
access to the cosigner.

(b) Upon the private education credit borrower's request, the creditor shall
redact the private education credit borrower's contact information from documents
and records provided to a cosigner.

(3) A creditor shall not include in a private education credit obligation
executed after June 29, 2021, a provision that permits the creditor to accelerate
payments, in whole or in part, except upon a payment default. A creditor shall not
place any credit obligation or account into default or accelerate a credit obligation
for any reason other than payment default.

(4) A private education credit obligation executed before June 29, 2021, may
permit the creditor to accelerate payments only if the promissory note or credit
obligation agreement explicitly authorizes an acceleration and only for the reasons
stated in the note or agreement.

Colorado § 5-20-206 (Cosigner rights) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 2021: Entire part added, (SB 21-057), ch. 378, p. 2522, � 5, effective June 29. L. 2023: Entire section amended, (SB 23-248), ch. 360, p. 2160, � 21, effective August 7.