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Colorado Revised Statutes Title 5. Consumer Credit Code § 5-20-206. Cosigner rights

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

(1) A creditor shall provide a cosigner with access to all documents or records related to the cosigned private education credit obligation that are available to the private education credit borrower.

(2)(a) If a creditor provides electronic access to documents and records for a private education credit borrower, the creditor shall provide equivalent electronic access to the cosigner.

(b) Upon the private education credit borrower's request, the creditor shall redact the private education credit borrower's contact information from documents and records provided to a cosigner.

(3) A creditor shall not include in a private education credit obligation executed after June 29, 2021, a provision that permits the creditor to accelerate payments, in whole or in part, except upon a payment default. A creditor shall not place any credit obligation or account into default or accelerate a credit obligation for any reason other than payment default.

(4) A private education credit obligation executed before June 29, 2021, may permit the creditor to accelerate payments only if the promissory note or credit obligation agreement explicitly authorizes an acceleration and only for the reasons stated in the note or agreement.

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Cite this article: FindLaw.com - Colorado Revised Statutes Title 5. Consumer Credit Code § 5-20-206. Cosigner rights - last updated January 01, 2025 | https://codes.findlaw.com/co/title-5-consumer-credit-code/co-rev-st-sect-5-20-206/

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