§ 5-3.7-101 — Consumer credit solicitation protection - definitions

Colorado § 5-3.7-101

• Jurisdiction: Colorado
• Title 05: Consumer
• Art.: Consumer Credit Solicitation Protection

Text

(1) A
solicitor that makes a firm offer of credit for a lender credit card or a seller credit
card to a consumer by mail solicitation and receives an acceptance of that offer
that lists the address of the consumer accepting the offer as different from the
address to which the offer was sent shall, prior to issuing or directing issuances of
the lender credit card or seller credit card, verify that the consumer accepting the
offer is the same consumer to whom the offer was sent.

(2) As used in this section, unless the context otherwise requires:

(a) Firm offer of credit shall have the same meaning as set forth in 15 U.S.C.
sec. 1681a (l).

(b) Solicitor means the person making the offer by mail solicitation and
does not include a card issuer or other creditor when that creditor or card issuer
relies on an independent third party to provide the services.

(c) Verify means the use of commercially reasonable efforts to ascertain
that the consumer responding to a mail solicitation is the same consumer to whom
the solicitation was directed. For the purposes of this article, a solicitor shall be
deemed to verify that the consumer accepting a mail solicitation is the same
consumer to whom the solicitation was directed if:

(I) A consumer responding at a telephone number appearing in a publicly
available directory or database as the telephone number of the consumer to whom
the solicitation was mailed identifies himself or herself as the consumer to whom
the solicitation was mailed and acknowledges the consumer's acceptance of the
solicitation; or

(II) A consumer presents the solicitor, including presentation by facsimile
transmission or mail, the original or a copy of one or more documents, including a
driver's license, social security card, passport, or any other identification document
issued by a state or federal governmental agency, that, on the face of the
document or documents, appears to confirm such consumer's identity as the
consumer to whom a solicitation was mailed and the consumer acknowledges
acceptance of the solicitation; or

(III) The solicitor verified, by any means adopted in federal regulations, that
the consumer accepting the solicitation is the consumer to whom the solicitation
was directed; or

(IV) The solicitor verified by any other means, that under the standards and
practices of the industry in which the solicitor is engaged would be deemed
sufficient, that the consumer accepting the solicitation is the same consumer to
whom the solicitation was sent.

Legislative History

Source: L. 2004: Entire article added, p. 657, � 1, effective July 1.