NEW DISCLOSURE REQUIREMENTS UNDER THE COLORADO FAIR DEBT COLLECTION PRACTICE ACT
The Colorado legislature recently amended the Colorado Fair Debt Collection Practice Act’s disclosure requirements with respect to initial written communications with consumers. Effective July 1, 2008, “collection agencies” (as defined by the statute to include non-exempt creditors and debt buyers) will be required to provide a revised statement regarding how a consumer can obtain information about the Act via the Internet. In addition, collection agencies will be required to provide a statement regarding a consumer’s right to request in writing that a collection agency cease further communication with the consumer. Finally, collection agencies will be required to provide toll-free telephone contact numbers.
These new requirements will be reflected in the next update to our Debt Collection Digest for Chapter 4, Part 3 (Required Disclosures: Other Disclosures).
- Mike Tomkies and Charles Gall