Colorado § 5-9.3-104 - Guaranteed asset protection fees.
Full text of Colorado Colorado Revised Statutes § 5-9.3-104 — Guaranteed asset protection fees., with citation guidance and answers to common questions.
§ 5-9.3-104. Guaranteed asset protection fees.
(1) (a) The maximum GAP fee that a creditor may charge for a GAP agreement must not exceed four percent of the total amount financed in the finance agreement, or six hundred dollars, whichever amount is greater.
(b) This subsection (1) does not apply to any GAP agreement that is subject to regulation by the division of insurance pursuant to title 10.
(2) (a) A creditor may contract for, charge, and receive only one GAP fee as part of a GAP agreement, regardless of the number of co-borrowers, cosigners, or guarantors in the finance agreement.
(b) In the event that the GAP agreement has been sold and a valid claim has been made, the creditor may not seek indemnification from the consumer, co-borrowers, cosigners, or guarantors.
(3) Every finance agreement that includes a GAP fee for a GAP agreement shall contain, either in the finance agreement or GAP agreement signed by the consumer, the following statement:
If this transaction contains a fee, charge, or premium for guaranteed asset protection, all holders and assignees of this consumer credit transaction are subject to all claims and defenses that the consumer could assert against the original creditor resulting from the consumer's purchase of the guaranteed asset protection.
Source: L. 2023: Entire article added, (HB 23-1181), ch. 425, p. 2501, § 3, effective January 1, 2024.
Source: official Colorado text · Last verified 2026-08-27
Frequently Asked Questions About Colorado § 5-9.3-104
What does Colorado Revised Statutes § 5-9.3-104 cover?
Section 5-9.3-104 ("Guaranteed asset protection fees.") 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 § 5-9.3-104?
A common citation format is "Colorado Revised Statutes § 5-9.3-104" (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 § 5-9.3-104 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.