Sunset Continue Fair Debt Collections Act

Sunset Process - Senate Judiciary Committee. The bill implements the recommendations of the sunset review and report on the continuation of the 'Colorado Fair Debt Collection Practices Act' (Act) by: Continuing the Act through 2028; Defining a 'debt buyer' as a person who engages in the business of purchasing debt for collection purposes; Creating requirements for debt collectors and collection agencies that bring legal actions on debts owned; Defining what is expected of a collection agency that purchases, sells, or attempts to collect on a purchased debt; Clarifying that the statute of limitations for private actions and actions by the administrator of the Act is 2 years; Repealing the collection agency board; and Requiring the administrator of the 'Uniform Consumer Credit Code' to prepare a report concerning the Act.(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)