Colorado § 5-20-208 - Total and permanent disability of the private education credit borrower or cosigner.
Full text of Colorado Colorado Revised Statutes § 5-20-208 — Total and permanent disability of the private education credit borrower or cosigner., with citation guidance and answers to common questions.
§ 5-20-208. Total and permanent disability of the private education credit borrower or cosigner.
(1) For any private education credit obligation issued on or after June 29, 2021, a private education creditor, when notified of the total and permanent disability of a private education credit borrower or cosigner, shall release any cosigner from the obligations of the cosigner under a private education credit obligation. The creditor shall not attempt to collect a payment from a cosigner following a notification of total and permanent disability of the private education credit borrower or cosigner.
(2) A creditor shall, when notified of the total and permanent disability of a private education credit borrower, discharge the liability of the private education credit borrower and cosigner on the credit obligation.
(3) After receiving a notification described in subsection (2) of this section, the creditor shall not:
(a) Attempt to collect on the outstanding liability of the private education credit borrower or cosigner; or
(b) Monitor the disability status of the private education credit borrower at any point after the date of discharge.
(4) A creditor shall, within thirty days after the release of either a cosigner or private education credit borrower from the obligations of a private education credit obligation pursuant to subsection (1) or (2) of this section, notify both the private education credit borrower and cosigner of the release.
(5) A creditor shall, within thirty days after receiving notice of the total and permanent disability of a private education credit borrower pursuant to subsection (1) of this section, provide the private education credit borrower an option to designate an individual to have the legal authority to act on behalf of the private education credit borrower.
(6) If a cosigner is released from the obligations of a private education credit obligation pursuant to subsection (1) of this section, the creditor shall not require the private education credit borrower to obtain another cosigner on the credit obligation.
(7) A creditor shall not declare a default or accelerate the debt against the private education credit borrower on the sole basis of the release of the cosigner from the credit obligation due to total and permanent disability pursuant to subsection (1) of this section.
Source: L. 2021: Entire part added, (SB 21-057), ch. 378, p. 2523, § 5, effective June 29. L. 2023: Entire section amended, (SB 23-248), ch. 360, p. 2161, § 23, effective August 7.
Source: official Colorado text · Last verified 2026-08-27
Frequently Asked Questions About Colorado § 5-20-208
What does Colorado Revised Statutes § 5-20-208 cover?
Section 5-20-208 ("Total and permanent disability of the private education credit borrower or cosigner.") 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 § 5-20-208?
A common citation format is "Colorado Revised Statutes § 5-20-208" (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 § 5-20-208 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.