Colorado § 5-5-104 Insecurity and impaired collateral

Colorado Statutes

§ 5-5-104 — Insecurity and impaired collateral

Colorado § 5-5-104

Title 05Consumer

Art.Remedies and Penalties

This text of Colorado § 5-5-104 (Insecurity and impaired collateral) is published on Counsel Stack Legal Research, covering Colorado primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Colo. Rev. Stat. § 5-5-104 (2026).

Text

(1)If a creditor takes possession of any collateral because the creditor deems himself or herself insecure or because the creditor feels his or her collateral is impaired, and the creditor fails to prove that, at the time possession was taken, the creditor, in good faith, had reasonable cause to believe that he or she was insecure or that his or her collateral was impaired:

(a)The creditor shall be liable to the consumer for court costs and attorney fees as determined by the court; and

(b)The consumer shall not be liable for any finance charge incurred during the period the consumer is without use of the collateral.

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(1) If a creditor takes
possession of any collateral because the creditor deems himself or herself insecure
or because the creditor feels his or her collateral is impaired, and the creditor fails
to prove that, at the time possession was taken, the creditor, in good faith, had
reasonable cause to believe that he or she was insecure or that his or her collateral
was impaired:

(a) The creditor shall be liable to the consumer for court costs and attorney
fees as determined by the court; and

(b) The consumer shall not be liable for any finance charge incurred during
the period the consumer is without use of the collateral.