1. (1) Unless a person is a supervised financial organization or has first obtained a license from the administrator authorizing the person to make supervised loans, the person shall not engage in the business of:

   1. (a) Making supervised loans or undertaking direct collection of payments from or enforcement of rights against consumers arising from supervised loans he or she has previously made; or
   2. (b) Taking assignments of and undertaking direct collection of payments from or enforcement of rights against consumers arising from supervised loans, including servicing supervised loans; except that a person who is licensed by the administrator as a collection agency pursuant to article 16 of this title 5 or is licensed by the Colorado supreme court to practice law and who takes assignment of supervised loans only after such loans are in default is not required to obtain a supervised lender license to engage in the activities described in this subsection (1)(b).

Source: L. 2000: Entire article R&RE, p. 1206, § 1, effective July 1. L. 2006: (1)(b) amended, p. 530, § 1, effective April 18. L. 2017: (1)(b) amended, (HB 17-1238), ch. 260, p. 1170, § 6, effective August 9. L. 2023: IP(1) and (1)(b) amended, (SB 23-248), ch. 360, p. 2147, § 1, effective August 7.

Editor's note: This section is similar to former § 5-3-502, as it existed prior to 2000.