Colorado § 5-5-104 Insecurity and impaired collateral

Colorado Statutes

§ 5-5-104 — Insecurity and impaired collateral

Colorado·Title 05 Consumer·Art. Remedies and Penalties

(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.

Colorado § 5-5-104 (Insecurity and impaired collateral) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.