Statute text
(1) With respect to a consumer credit transaction, the agreement may provide for the payment by the consumer of reasonable attorney fees not in excess of fifteen percent of the unpaid debt after default and referral to an attorney not a salaried employee of the creditor or such additional fee as may be directed by the court. A provision in violation of this section is unenforceable.
(2) This section does not authorize the imposition of attorney fees for preparation of a notice of right to cure if the consumer cures the default pursuant to sections 5-5-110 and 5-5-111.
History
Source: L. 2000: Entire article R&RE, p. 1240, 1, effective July 1.
Annotations
Editor's note: This section is similar to former 5-2-413, 5-3-404, and 5-3-514, as they existed prior to 2000.
Annotations
ANNOTATION
Annotations
Law reviews. For article, "State Variations of the Uniform Consumer Credit Code: The Case for Legislative Restraint", see 48 Den. L.J. 239 (1971).
Where litigation involved an installment sale contract entered into prior to October 1, 1971, this section did not apply. John Deere Co. v. Catalano, 186 Colo. 101, 525 P.2d 1153 (1974) (decided under law in effect prior to the 2000 repeal and reenactment).
Applied in Nat'l City Bank of Denver v. Sather, 677 P.2d 432 (Colo. App. 1983) (decided under law in effect prior to the 2000 repeal and reenactment).