Colorado § 5-5-110 Notice of right to cure

Colorado Statutes

§ 5-5-110 — Notice of right to cure

Colorado § 5-5-110

Title 05Consumer

Art.Remedies and Penalties

This text of Colorado § 5-5-110 (Notice of right to cure) 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. § 5-5-110 (2026).

Text

(1)With respect to a consumer credit transaction, after a consumer has been in default for ten days for failure to make a required payment and has not voluntarily surrendered possession of goods or the mobile home that are collateral, a creditor may give the consumer the notice described in this section. A creditor gives notice to the consumer pursuant to this section when the creditor delivers the notice to the consumer or mails the notice to the consumer at the consumer's residence, as defined in section 5-1-201 (6).

(2)Except as provided in subsection (3) of this section, the notice shall be in writing and conspicuously state: The name, address, and telephone number of the creditor to which payment is to be made, a brief identification of the credit transaction, the right to

Free access — add to your briefcase to read the full text and ask questions with AI

(1) With respect to a consumer credit
transaction, after a consumer has been in default for ten days for failure to make a
required payment and has not voluntarily surrendered possession of goods or the
mobile home that are collateral, a creditor may give the consumer the notice
described in this section. A creditor gives notice to the consumer pursuant to this
section when the creditor delivers the notice to the consumer or mails the notice to
the consumer at the consumer's residence, as defined in section 5-1-201 (6).

(2) Except as provided in subsection (3) of this section, the notice shall be in
writing and conspicuously state: The name, address, and telephone number of the
creditor to which payment is to be made, a brief identification of the credit
transaction, the right to cure the default, and the amount of payment and date by
which payment must be made to cure the default. A notice in substantially the
following form complies with this subsection (2):

(Name, address, and telephone number of creditor)

(Account number, if any)

(Brief identification of credit transaction)

(Date) is the LAST DATE FOR PAYMENT.

(Amount) is the AMOUNT NOW DUE.

You are late in making your payment(s). If you pay the AMOUNT NOW DUE (above)
by the LAST DAY FOR PAYMENT (above), you may continue with the contract as
though you were not late. If you do not pay by this date, we may exercise our rights
under the law.

If you are late again in making your payments, we may exercise our rights without
sending you another notice like this one. If you have questions, write or telephone
the creditor promptly.

(3) If the consumer credit transaction is a consumer insurance premium loan,
the notice shall conform to the requirements of subsection (2) of this section, and a
notice in substantially the form specified in subsection (2) of this section shall be
deemed compliance with this subsection (3) except for the following:

(a) In lieu of a brief identification of the credit transaction, the notice shall
identify the transaction as a consumer insurance premium loan and shall identify
each policy or contract that may be canceled;

(b) In lieu of the statement in the form of notice specified in subsection (2) of
this section that the creditor may exercise its rights under law, a statement shall be
included that each policy or contract identified in the notice may be canceled; and

(c) The last paragraph of the form of notice specified in subsection (2) of this
section shall be omitted.

(4) A notice of right to cure delivered or mailed to a cosigner pursuant to this
section shall be modified to state that the consumer is late in making his or her
payment, include the consumer's name, and that if the amount now due is not paid
by the last date for payment, the creditor may exercise its rights against the
consumer, cosigner, or both.