Colorado § 6-1-1107 - Prohibited acts.
Full text of Colorado Colorado Revised Statutes § 6-1-1107 — Prohibited acts., with citation guidance and answers to common questions.
§ 6-1-1107. Prohibited acts.
(1) A foreclosure consultant may not:
(a) Claim, demand, charge, collect, or receive any compensation until after the foreclosure consultant has fully performed each and every service the foreclosure consultant contracted to perform or represented that the foreclosure consultant would perform;
(b) Claim, demand, charge, collect, or receive any interest or any other compensation for a loan that the foreclosure consultant makes to the home owner that exceeds the prime rate published by the federal reserve at the time of any loan plus two percentage points, with the total interest rate not to exceed eight percent per year;
(c) Take a wage assignment, lien of any type on real or personal property, or other security to secure the payment of compensation;
(d) Receive any consideration from a third party in connection with foreclosure consulting services provided to a home owner unless the consideration is first fully disclosed in writing to the home owner;
(e) Acquire an interest, directly, indirectly, or through an associate, in the real or personal property of a home owner with whom the foreclosure consultant has contracted;
(f) Obtain a power of attorney from a home owner for any purpose other than to inspect documents as provided by law; or
(g) Induce or attempt to induce a home owner to enter into a foreclosure consulting contract that does not comply in all respects with this subpart 2.
Source: L. 2006: Entire part added, p. 1337, § 1, effective May 30.
Frequently Asked Questions About Colorado § 6-1-1107
What does Colorado Revised Statutes § 6-1-1107 cover?
Section 6-1-1107 ("Prohibited acts.") 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 § 6-1-1107?
A common citation format is "Colorado Revised Statutes § 6-1-1107" (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 § 6-1-1107 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.