Colo. Rev. Stat. § 5-20-112
Civil action.
Effective Jun 29, 2021L. 2019: Entire article added, (SB 19-002), ch. 157, p. 1870, § 2, effective August 2. L. 2021: (1), IP(2), and (2)(b) amended, (SB 21-057), ch. 378, p. 2533, § 10, effective June 29.
- (1) A violation of this part 1 is a deceptive trade practice within the meaning of section 6-1-105.
(2) A student loan servicer who fails to comply with any requirement imposed under this part 1 with respect to a student loan borrower is liable in an amount equal to the sum of:
- (a) Any actual damages sustained by the student loan borrower as a result of the failure;
- (b) A monetary award equal to three times the total amount the student loan servicer collected from the student loan borrower in violation of this part 1;
- (c) Punitive damages as the court may allow; and
- (d) In the case of any successful action by a student loan borrower to enforce the liability set out in this section, the costs of the action, together with reasonable attorney fees as determined by the court.
- (3) The remedies provided in this section are not the exclusive remedies available to a student loan borrower.
Source: L. 2019: Entire article added, (SB 19-002), ch. 157, p. 1870, § 2, effective August 2. L. 2021: (1), IP(2), and (2)(b) amended, (SB 21-057), ch. 378, p. 2533, § 10, effective June 29.