Colorado § 5-5-104 - Insecurity and impaired collateral.
Full text of Colorado Colorado Revised Statutes § 5-5-104 — Insecurity and impaired collateral., with citation guidance and answers to common questions.
§ 5-5-104. Insecurity and impaired collateral.
(1) If a creditor takes possession of any collateral because the creditor deems himself or herself insecure or because the creditor feels his or her collateral is impaired, and the creditor fails to prove that, at the time possession was taken, the creditor, in good faith, had reasonable cause to believe that he or she was insecure or that his or her collateral was impaired:
(a) The creditor shall be liable to the consumer for court costs and attorney fees as determined by the court; and
(b) The consumer shall not be liable for any finance charge incurred during the period the consumer is without use of the collateral.
Source: L. 2000: Entire article R&RE, p. 1234, § 1, effective July 1.
Editor's note: This section is similar to former § 5-5-103.5, as it existed prior to 2000.
ANNOTATION
Law reviews. For article, "Secured Transactions — Part II: Default, Foreclosure and Bankruptcy", see 12 Colo. Law. 13 (1983).
Source: official Colorado text · Last verified 2026-08-27
Frequently Asked Questions About Colorado § 5-5-104
What does Colorado Revised Statutes § 5-5-104 cover?
Section 5-5-104 ("Insecurity and impaired collateral.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 5-5-104?
A common citation format is "Colorado Revised Statutes § 5-5-104" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 5-5-104 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.