Colorado Code
Part 2 - Uniform Debt-Management Services Act
§ 5-19-217. Prerequisites for Providing Debt-Management Services

(1) Provides the individual with reasonable education about the management of personal finance;
(2) Has prepared a financial analysis; and
(3) If the individual is to make regular, periodic payments:

(1) Provide the individual with a copy of the analysis and plan required by subsection (b) of this section in a record that identifies the provider and that the individual may keep whether or not the individual assents to the agreement;
(2) Inform the individual of the availability, at the individual's option, of assistance by a toll-free communication system or in person to discuss the financial analysis and plan required by subsection (b) of this section; and
(3) With respect to all creditors identified by the individual or otherwise known by the provider to be creditors of the individual, provide the individual with a list of:
(A) Creditors that the provider expects to participate in the plan and grant concessions;
(B) Creditors that the provider expects to participate in the plan but not grant concessions;
(C) Creditors that the provider expects not to participate in the plan; and

(1) Of the name and business address of the provider;
(2) That plans are not suitable for all individuals and the individual may ask the provider about other ways, including bankruptcy, to deal with indebtedness;
(3) That establishment of a plan may adversely affect the individual's credit rating or credit scores;

(1) Debt-management plans are not right for all individuals, and you may ask us to provide information about other ways, including bankruptcy, to deal with your debts.
(2) Using a debt-management plan may hurt your credit rating or credit scores.
(3) We may receive compensation for our services from your creditors.
Name and business address of provider

(1) Debt-management plans are not right for all individuals, and you may ask us to provide information about other ways, including bankruptcy, to deal with your debts.
(2) Using a debt-management plan may hurt your credit rating or credit scores.
Name and business address of provider

(1) Our program is not right for all individuals, and you may ask us to provide information about bankruptcy and other ways to deal with your debts.
(2) Nonpayment of your debts under our program may:
Hurt your credit rating or credit scores;
Lead your creditors to increase finance and other charges; and
Lead your creditors to undertake activity, including lawsuits, to collect the debts.
(3) Reduction of debt under our program may result in taxable income to you, even though you will not actually receive any money.
Name and business address of provider

Set-up fee dollar amount of fee Monthly service fee dollar amount of fee or method of determining amount Settlement fee dollar amount of fee or method of determining amount Goods and services in addition to those provided in connection with a plan: (item) dollar amount or method of determining amount (item) dollar amount or method of determining amount.
IMPORTANT INFORMATION FOR YOU TO CONSIDER
IMPORTANT INFORMATION FOR YOU TO CONSIDER
IMPORTANT INFORMATION FOR YOU TO CONSIDER
Source: L. 2017: Entire article added with relocations, (HB 17-1238), ch. 260, p. 1149, § 4, effective August 9.
Editor's note: This section is similar to former § 12-14.5-217 as it existed prior to 2017.