SB 17-216

Senate Bill 17-216, which has been signed into law, extends and updates Colorado's Fair Debt Collection Practices Act until 2028. It defines a "debt buyer" as someone who buys debts for the purpose of collecting them and sets new rules for debt collectors and agencies that sue over purchased debts. The bill also clarifies that people have two years to take legal action if their rights under this act are violated, removes an old board overseeing collection agencies, and requires regular reports on how the law is working. This affects anyone dealing with debt collectors in Colorado.

Official Summary

Sunset Process - Senate Judiciary Committee. The bill implements the recommendations of the sunset review and report on the continuation of the 'Colorado Fair Debt Collection Practices Act' (Act) by: 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.(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

Votes