KD Alert: New Changes for Letter Disclosures in Colorado

Colorado enacted a new law on June 30, 2020 which requires the following new disclosure in initial written communications with consumers:  “FOR INFORMATION ABOUT THE COLORADO FAIR DEBT COLLECTION PRACTICES ACT, SEE
HTTPS://COAG.GOV/OFFICE-SECTIONS/CONSUMER-PROTECTION/CONSUMER-CREDIT-UNIT/COLLECTION-AGENCY-REGULATION/.”
 
This language is different because it reflects an updated website address for the Collection Agency Regulation section of the Colorado Office of the Attorney General. The new law requires debt collectors to include an updated website address if it is changed by the Office of the Attorney General.  In addition, if this disclosure is included on the back of a letter, a debt collector must include a statement on the front of the letter “notifying the consumer of such fact.”

KD’s Consumer Financial Services Group can assist you with any questions regarding required state disclosures in your collection letters.