The Attorney General of Colorado has announced it will be holding a virtual rulemaking meeting on March 23 to discuss amending the state’s Fair Debt Collection Practices Act by making a number of changes to how debt collectors in the state must operate.
Anyone interested in requesting a cost-benefit analysis from the state’s Department of Regulatory Agencies must do so before March 2. As well, anyone interested in submitting comments about the proposed rule changes can do so by emailing the Administrator of the Uniform Consumer Credit Code.
Among the changes being proposed are:
- Shortening the period for which entities that submit incomplete license applications have to resubmit the necessary documents and fees to 60 days, from 90.
- Maintain call recordings of conversations between collectors and consumers for two years.
- Letters of admonition against collection agencies may now be emailed or sent via certified mail.
- Extending the period of time to return accounts to a client when a license is terminated to 35 days, from 30.
- Removing a provision prohibiting licensed agencies from purchasing the right to collect client accounts from other agencies.
- Extending the period from five business days to seven calendar days to provide receipts to consumers when payments are made in cash.
- Extending the period to 14 days from 10 days to provide a written statement of a consumer’s payments when a written request is submitted. Additional statements may be provided for a fee of $10, up from $5.
- Creditors may now provide authorization in electronic form when granting permission for a collection lawsuit to be filed.
- Requiring that the addition of collection costs be included in the contract or instrument creating the debt.
