Colorado § 44-20-431 Drafts or checks not honored for payment - penalties

Colorado Statutes

§ 44-20-431 — Drafts or checks not honored for payment - penalties

Colorado·Title 44 Revenue -·Art. Sale of Self-propelled Vehicles

(1)If a wholesaler, powersports vehicle dealer, or used powersports vehicle dealer issues a draft or check to a wholesaler, powersports vehicle dealer, or used powersports vehicle dealer and fails to honor the draft or check, then the license of the licensee shall be subject to suspension pursuant to section 44-20-420. The license suspension shall be effective upon the date of a final decision against the licensee. A licensee whose license has been suspended pursuant to this subsection (1) shall not be eligible for reinstatement of the license and shall not be eligible to apply for another license issued under this part 4 unless it is demonstrated to the board that the unpaid draft or check has been paid in full and that any fine imposed on the licensee pursuant to subsection (2

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(1) If a
wholesaler, powersports vehicle dealer, or used powersports vehicle dealer issues a
draft or check to a wholesaler, powersports vehicle dealer, or used powersports
vehicle dealer and fails to honor the draft or check, then the license of the licensee
shall be subject to suspension pursuant to section 44-20-420. The license
suspension shall be effective upon the date of a final decision against the licensee.
A licensee whose license has been suspended pursuant to this subsection (1) shall
not be eligible for reinstatement of the license and shall not be eligible to apply for
another license issued under this part 4 unless it is demonstrated to the board that
the unpaid draft or check has been paid in full and that any fine imposed on the
licensee pursuant to subsection (2) of this section has been paid in full.

(2) A wholesaler, powersports vehicle dealer, or used powersports vehicle
dealer that issues a draft or check to a wholesaler, powersports vehicle dealer, or
used powersports vehicle dealer and who fails to honor the draft or check, causing
loss to a third party, commits a misdemeanor and shall be punished by a fine of two
thousand five hundred dollars. Any fine collected for a violation of this subsection
(2) shall be awarded to the law enforcement agency that investigated and issued
the citation for the violation.

Colorado § 44-20-431 (Drafts or checks not honored for payment - penalties) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.