Colorado § 38-35-124.5 Effect of written payoff statement

Colorado Statutes

§ 38-35-124.5 — Effect of written payoff statement

Colorado § 38-35-124.5

Title 38Property -

Art.Conveyancing and Recording

This text of Colorado § 38-35-124.5 (Effect of written payoff statement) 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. § 38-35-124.5 (2026).

Text

(1)Any person or entity providing closing and settlement services for a real estate transaction and to whom a payoff statement is addressed shall be entitled to reasonably rely on the amounts that are set forth in such payoff statement for the time frame set forth therein and shall not be liable to the creditor or holder of the indebtedness or its agent for any omitted amounts, unless a written amendment is received by such person or entity prior to the closing of the transaction. Upon payment to the creditor or holder of the amounts stated in the written payoff statement, as may be amended, such creditor or holder shall be required to comply with the release provisions of section 38-35-124.

(2)Any creditor or holder of the indebtedness who fails to comply with the release prov

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(1) Any person or entity
providing closing and settlement services for a real estate transaction and to whom
a payoff statement is addressed shall be entitled to reasonably rely on the amounts
that are set forth in such payoff statement for the time frame set forth therein and
shall not be liable to the creditor or holder of the indebtedness or its agent for any
omitted amounts, unless a written amendment is received by such person or entity
prior to the closing of the transaction. Upon payment to the creditor or holder of the
amounts stated in the written payoff statement, as may be amended, such creditor
or holder shall be required to comply with the release provisions of section 38-35-124.

(2) Any creditor or holder of the indebtedness who fails to comply with the
release provisions of section 38-35-124 as required by subsection (1) of this section
shall be liable to those persons or entities to whom the written payoff statement
was addressed for any actual economic loss suffered by such persons or entities,
including reasonable attorney fees and costs in enforcing the provisions of this
section.

(3) Notwithstanding the provisions of this section, in the event of an error in
the written payoff statement provided by a creditor or holder of the indebtedness
or its agent, the creditor shall retain any remedies, legal or equitable, to collect
directly against the obligor any unsecured additional amounts determined to be
outstanding.