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Colorado Revised Statutes Title 5. Consumer Credit Code § 5-20-202. Definitions

Current as of January 01, 2025 | Updated by Findlaw Staff

As used in this part 2, unless the context otherwise requires:

(1) “Collection agency” means a collection agency, as defined in section 5-16-103(3), that collects or attempts to collect, directly or indirectly, a consumer debt resulting from a private education credit obligation. The term includes a debt buyer, as defined in section 5-16-103(8.5).

(2)(a) “Cosigner” means any individual who is liable for the obligation of another without compensation, regardless of how the individual is designated in the contract or instrument with respect to that obligation, including an obligation under a private education credit obligation extended to consolidate a borrower's preexisting student loans. The term includes any individual whose signature is requested as a condition to grant credit or to forbear on collection.

(b) “Cosigner” does not include a spouse of an individual described in subsection (2)(a) of this section if the spouse's signature is needed solely to perfect the security interest in a loan.

(3) Repealed by Laws 2023, Ch. 360 (S.B. 23-248), § 17, eff. Aug. 7, 2023.

(4) “Postsecondary educational institution” means an institution that provides postsecondary instruction, as defined in section 23-60-103(3), including an employer that provides education and training to a worker where the expense of the education and training is recoverable pursuant to section 8-2-113(3)(a).

(5) “Postsecondary education expense” means any expense associated with a student's enrollment in, or attendance at, a postsecondary educational institution, including an employer's recoverable expense of educating and training a worker pursuant to section 8-2-113(3)(a).

(6) Repealed by Laws 2023, Ch. 360 (S.B. 23-248), § 17, eff. Aug. 7, 2023.

(7)(a) “Private education credit obligation” means a student education credit obligation that, unless otherwise exempt:

(I) Is not made, insured, or guaranteed under Title IV of the federal “Higher Education Act of 1965”, 20 U.S.C. sec. 1070 et seq., as amended; and

(II) Is extended to a consumer expressly, in whole or in part, for postsecondary educational expenses, regardless of whether the credit obligation is provided by the postsecondary educational institution that the student attends, including a payment plan or financing.

(b) “Private education credit obligation” does not include:

(I) A loan that is secured by real property, regardless of the purpose of the loan; or

(II) An extension of credit in which the covered postsecondary educational institution is the creditor if:

(A) The term of the extension of credit is ninety days or less; or

(B) An interest rate is not applied to the credit balance and the term of the extension of credit is one year or less, even if the credit is payable in more than four installments.

(7.5)(a) “Private education creditor” or “creditor” means:

(I) Any person engaged in the business of making or extending private education credit obligation;

(II) A holder of a private education credit obligation; or

(III) A seller, lessor, lender, or person that makes or arranges a private education credit obligation and to whom the private education credit obligation is initially payable or the assignee of a creditor's right to payment.

(b) “Private education creditor” or “creditor” does not include:

(I) A bank, as defined in 12 U.S.C. sec. 1841 (c);

(II) A credit union;

(III) An industrial bank organized under Title 7, Chapter 8, “Financial Institutions Act”, Utah Code Annotated, as amended; or

(IV) A collection agency, as defined in section 5-16-103(3).

(8) “Private education credit borrower” means any resident of Colorado, including a student loan borrower, who has received or agreed to pay a private education credit obligation for the resident's own postsecondary education expenses or any resident of Colorado who cosigns for a private education credit obligation.

(8.5) “Refinanced” means an existing private education credit obligation is satisfied and replaced by a new private education credit obligation undertaken by the same consumer.

(9)(a) “Total and permanent disability” means, except as otherwise provided in subsection (9)(b) of this section, the condition of an individual who:

(I) Has been determined by the United States secretary of veterans affairs to be unemployable due to a service-connected disability; or

(II) Is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death, has lasted for a continuous period of not less than twelve months, or can be expected to last for a continuous period of not less than twelve months.

(b) “Total and permanent disability” does not include a condition that has not progressed or been exacerbated, or that the individual did not acquire, until after the closing of the loan agreement.

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Cite this article: FindLaw.com - Colorado Revised Statutes Title 5. Consumer Credit Code § 5-20-202. Definitions - last updated January 01, 2025 | https://codes.findlaw.com/co/title-5-consumer-credit-code/co-rev-st-sect-5-20-202/

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