Colorado Code
Part 6 - Default
§ 4-9-616. Explanation of Calculation of Surplus or Deficiency - Definitions

(A) Authenticated by a debtor or consumer obligor;
(B) Requesting that the recipient provide an explanation; and
(C) Sent after disposition of the collateral under section 4-9-610.

(1) Send an explanation to the debtor or consumer obligor, as applicable, after the disposition and:
(A) Before or when the secured party accounts to the debtor and pays any surplus or first makes written demand on the consumer obligor after the disposition for payment of the deficiency; and
(B) Within fourteen days after receipt of a request; or
(2) In the case of a consumer obligor who is liable for a deficiency, within fourteen days after receipt of a request, send to the consumer obligor a record waiving the secured party's right to a deficiency.

(1) The aggregate amount of obligations secured by the security interest under which the disposition was made, and, if the amount reflects a rebate of unearned interest or credit service charge, an indication of that fact, calculated as of a specified date:
(A) If the secured party takes or receives possession of the collateral after default, not more than thirty-five days before the secured party takes or receives possession; or
(B) If the secured party takes or receives possession of the collateral before default or does not take possession of the collateral, not more than thirty-five days before the disposition;
(2) The amount of proceeds of the disposition;

Source: L. 2001: Entire article R&RE, p. 1410, § 1, effective July 1.
Editor's note - Colorado legislative change: Colorado substituted the word "and" for "or" in subsection (a)(1)(D), twice added the word "reasonable" to subsection (c)(4), substituted the phrase "do not cause damages to a person who relies on the information" for the phrase "are not seriously misleading" in subsection (d), and substituted the phrase "three responses" for "one response" and reduced the charge from $25 to $15 in subsection (e).

A debtor or secondary obligor need not wait until the secured party commences written collection efforts in order to receive an explanation of how a deficiency or surplus was calculated. Subsection (b)(1)(B) obliges the secured party to send an explanation within 14 days after it receives a "request" (defined in subsection (a)(2)).