§ 5-3-104 — Receipts - statements of account - evidence of payment

Colorado § 5-3-104

• Jurisdiction: Colorado
• Title 05: Consumer
• Art.: Regulation of Agreements and Practices

Text

(1) The
creditor shall deliver or mail to the consumer, without request, a written receipt for
each payment by coin or currency on an obligation pursuant to a consumer credit
transaction. A periodic statement showing a payment received by the creditor
complies with this subsection (1).

(2) Upon written request of a consumer, the creditor of a consumer credit
transaction, other than one pursuant to a revolving credit account, shall provide a
written statement of the dates and amounts of payments made within the twelve
months preceding the month in which the request is received and the total amount
unpaid as of the end of the period covered by the statement. The statement shall be
provided without charge twice during each year of the term of the obligation. If
additional statements are requested, the creditor may charge not more than ten
dollars for each additional statement.

(3) Within thirty days after a consumer has fulfilled all obligations with
respect to a consumer credit transaction, other than one pursuant to a revolving
credit account, the creditor shall deliver or mail to the consumer written evidence
acknowledging payment in full of all obligations with respect to the transaction and
written evidence of release of any security interest and termination of any financing
statement held, retained, or acquired.

Legislative History

Source: L. 2000: Entire R&RE, p. 1216, � 1, effective July 1.