Colorado § 5-16-120 - License - issuance - grounds for denial - appeal - contents.
Full text of Colorado Colorado Revised Statutes § 5-16-120 — License - issuance - grounds for denial - appeal - contents., with citation guidance and answers to common questions.
§ 5-16-120. License - issuance - grounds for denial - appeal - contents.
(1) Upon the approval of the license application by the administrator and the satisfaction of all application requirements, the administrator shall issue the applicant a license to operate as a collection agency.
(2) The administrator may deny any application for a license or its renewal if any grounds exist that would justify disciplinary action under section 5-16-127, for failure to meet the requirements of section 5-16-119, or if the applicant, the applicant's principals, or the applicant's collections manager have fraudulently obtained or attempted to obtain a license.
(3) If any application for a license or its renewal is denied, the applicant may appeal the decision pursuant to section 24-4-104.
(4) The license shall state the name of the licensee, location by street and number or office building and room number, city, county, and state where the licensee has his or her principal place of business, together with the number and date of the license and the date of expiration of the license, and shall further state that it is issued pursuant to this article 16 and that the licensee is duly authorized under this article 16.
(5) The administrator may deny any application for a license or its renewal if the collection agency has failed to perform the duties enumerated in section 5-16-123.
(6) The administrator may deny any application for a license or its renewal if the collection agency does not have a positive net worth.
Source: L. 2017: Entire article added with relocations, (HB 17-1238), ch. 260, p. 1095, § 1, effective August 9.
Editor's note: This section is similar to former § 12-14-120 as it existed prior to 2017.
Source: official Colorado text · Last verified 2026-08-27
Frequently Asked Questions About Colorado § 5-16-120
What does Colorado Revised Statutes § 5-16-120 cover?
Section 5-16-120 ("License - issuance - grounds for denial - appeal - contents.") 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 § 5-16-120?
A common citation format is "Colorado Revised Statutes § 5-16-120" (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 § 5-16-120 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.