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Current as of January 01, 2025 | Updated by Findlaw Staff
(1) If a creditor takes possession of any collateral because the creditor deems himself or herself insecure or because the creditor feels his or her collateral is impaired, and the creditor fails to prove that, at the time possession was taken, the creditor, in good faith, had reasonable cause to believe that he or she was insecure or that his or her collateral was impaired:
(a) The creditor shall be liable to the consumer for court costs and attorney fees as determined by the court; and
(b) The consumer shall not be liable for any finance charge incurred during the period the consumer is without use of the collateral.
Cite this article: FindLaw.com - Colorado Revised Statutes Title 5. Consumer Credit Code § 5-5-104. Insecurity and impaired collateral - last updated January 01, 2025 | https://codes.findlaw.com/co/title-5-consumer-credit-code/co-rev-st-sect-5-5-104/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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