Colorado Revised Statutes Title 5. Consumer Credit Code § 5-20-209. Refinancing--additional disclosures--limitations on default pending approval

(1) Before offering a person a private education credit obligation that is being used to refinance an existing education credit obligation, a private education creditor shall provide the person a disclosure explaining that benefits and protections applicable to the existing credit obligation may be lost due to the refinancing. The disclosure must be provided on a one-page information sheet in at least twelve-point type and must be written in simple, clear, understandable, and easily readable language.

(2) If a private education creditor offers any private education credit borrower modified or flexible repayment options in connection with a private education credit obligation, the creditor shall offer those modified or flexible repayment options to all of the creditor's private education credit borrowers. In addition, the creditor shall:

(3) A private education creditor shall not place a credit obligation or account into default or accelerate a credit obligation while a private education credit borrower is seeking a credit obligation modification or enrollment in a modified or flexible repayment plan; except that a creditor may place a credit obligation or account into default or accelerate a credit obligation for payment default ninety days after the private education credit borrower's default.