As we reported back in April, Colorado has been in the processing of putting its Fair Debt Collections Practices Act through a regular "sunset review." Colorado puts all laws and acts through sunset reviews every 11 years.
The full text of the Act can be found here: Colorado Senate Bill 17-216
Here are the changes made to Colorado's FDCPA per the review:
- Continuing the Act through 2028;
- Defining a 'debt buyer' as a person who engages in the business of purchasing debt for collection purposes;
- Creating requirements for debt collectors and collection agencies that bring legal actions on debts owned;
- Defining what is expected of a collection agency that purchases, sells, or attempts to collect on a purchased debt;
- Clarifying that the statute of limitations for private actions and actions by the administrator of the Act is 2 years;
- Repealing the collection agency board; and
- Requiring the administrator of the 'Uniform Consumer Credit Code' to prepare a report concerning the Act.