SB 21-002 - Extends Limitations on Debt Collection Actions - Colorado Key Vote

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Title: Extends Limitations on Debt Collection Actions

Vote Smart's Synopsis:

Vote to pass a bill that extends limitations on debt collection actions.

Highlights:

 

  • Prohibits a judgment creditor from initiating or maintaining a new extraordinary collection action during the COVID-19 pandemic (Sec. 1-2).

  • Requires the judgment creditor to provide a written notice to the judgment debtor. The notice must be sent to the judgment debtor at least ten days, but not more than sixty days, prior to the execution or service of a writ or legal process intended to affect the extraordinary collection action (Sec. 1-4).

  • Specifies if the judgment debtor did not respond to the notice and the judgment creditor did not execute or serve a writ or legal process intended to affect the extraordinary collection action, the judgment creditor shall provide a new notice prior to the execution or service of a writ or legal process (Sec. 1-II).

  • Exempts up to $4,000 cumulative in a depository account or accounts in the name of the debtor (Sec. 2.w.I).

Title: Extends Limitations on Debt Collection Actions

Title: Extends Limitations on Debt Collection Actions

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