Colorado § 38-10-124 Credit agreements - required to be in writing

Colorado Statutes

§ 38-10-124 — Credit agreements - required to be in writing

Colorado·Title 38 Property -·Art. Frauds - Statute of Frauds

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

(a)Credit agreement means:

(I)A contract, promise, undertaking, offer, or commitment to lend, borrow, repay, or forbear repayment of money, to otherwise extend or receive credit, or to make any other financial accommodation;

(II)Any amendment of, cancellation of, waiver of, or substitution for any or all of the terms or provisions of any of the credit agreements defined in subparagraphs (I) and (III) of this paragraph (a); and

(III)Any representations and warranties made or omissions in connection with the negotiation, execution, administration, or performance of, or collection of sums due under, any of the credit agreements defined in subparagraphs (I) and (II) of this paragraph (a).

(b)Creditor means a

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

(a) Credit agreement means:

(I) A contract, promise, undertaking, offer, or commitment to lend, borrow,
repay, or forbear repayment of money, to otherwise extend or receive credit, or to
make any other financial accommodation;

(II) Any amendment of, cancellation of, waiver of, or substitution for any or
all of the terms or provisions of any of the credit agreements defined in
subparagraphs (I) and (III) of this paragraph (a); and

(III) Any representations and warranties made or omissions in connection
with the negotiation, execution, administration, or performance of, or collection of
sums due under, any of the credit agreements defined in subparagraphs (I) and (II)
of this paragraph (a).

(b) Creditor means a financial institution which offers to extend, is asked to
extend, or extends credit under a credit agreement with a debtor.

(c) Debtor means a person who or entity which obtains credit or seeks a
credit agreement with a creditor or who owes money to a creditor.

(d) Financial institution means a bank, savings and loan association,
savings bank, credit union, or mortgage or finance company.

(2) Notwithstanding any statutory or case law to the contrary, including but
not limited to section 38-10-112, no debtor or creditor may file or maintain an action
or a claim relating to a credit agreement involving a principal amount in excess of
twenty-five thousand dollars unless the credit agreement is in writing and is signed
by the party against whom enforcement is sought.

(3) A credit agreement may not be implied under any circumstances,
including, without limitation, from the relationship, fiduciary or otherwise, of the
creditor and the debtor or from performance or partial performance by or on behalf
of the creditor or debtor, or by promissory estoppel.

Colorado § 38-10-124 (Credit agreements - required to be in writing) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 89: Entire section added, p. 1438, � 1, effective March 15. L. 2013: (1)(d) amended, (SB 13-154), ch. 282, p. 1489, � 71, effective July 1.