Colorado § 30-20-615 - Penalty for default - payment of balance.
Full text of Colorado Colorado Revised Statutes § 30-20-615 — Penalty for default - payment of balance., with citation guidance and answers to common questions.
§ 30-20-615. Penalty for default - payment of balance.
Failure to pay any installment, whether of principal or interest, when due shall cause the whole of the unpaid principal to become due and collectible immediately, and the whole amount of the unpaid principal and accrued interest shall thereafter draw interest at the rate established pursuant to section 5-12-106 (2) and (3), C.R.S., until the day of sale; but, at any time prior to the day of sale, the owner may pay the amount of all unpaid installments, with interest at the penalty rate set by the assessing resolution, and all costs of collection accrued and shall thereupon be restored to the right thereafter to pay in installments in the same manner as if default had not been suffered. The owner of any property not in default as to any installment or payment may, at any time, pay the whole of the unpaid principal with the interest accruing to the maturity of the next installment of interest or principal; except that any owner who pays the whole of the unpaid balance pursuant to this section may be assessed a prepayment premium not to exceed three percent of the unpaid principal, the amount of which premium shall be specified in the resolution imposing the assessment.
Source: L. 73: p. 488, § 1. C.R.S. 1963: § 36-30-14. L. 85: Entire section amended, p. 1074, § 6, effective May 24. L. 86: Entire section amended, p. 1056, § 21, effective July 1. L. 2002: Entire section amended, p. 269, § 8, effective August 7.
Editor's note: This section was originally numbered as § 30-20-614 in C.R.S. 1973 but was renumbered on revision in the 1977 replacement volume for ease of location.
ANNOTATION
Law reviews. For article, "Survey of Colorado Tax Liens", see 14 Colo. Law. 1765 (1985).
Applied in Resolution Trust Corp. v. Shipley, 809 P.2d 1073 (Colo. App. 1990).
Source: official Colorado text · Last verified 2026-08-27
Frequently Asked Questions About Colorado § 30-20-615
What does Colorado Revised Statutes § 30-20-615 cover?
Section 30-20-615 ("Penalty for default - payment of balance.") 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 § 30-20-615?
A common citation format is "Colorado Revised Statutes § 30-20-615" (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 § 30-20-615 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.