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The Colorado Uniform Consumer Credit Code (UCCC) is a state law that regulates the terms and conditions of consumer credit in the State of Colorado. The UCCC applies to most consumer credit transactions such as payday loans, automobile loans, second mortgages, state-issued credit cards, and signature loans are subject to the UCCC.
Under UCCC, the creditor must send a written notice to you at your last known mailing address advising the consumer of his/her right to “cure” the default within twenty days. If the bank or lender fails to send this notice, then the creditor cannot accelerate the entire amount of indebtedness; the creditor would only be able to try to collect any payments that were overdue. This right exists only if you are late in making a payment and not if you are in default for any other reason. The notice is only required once in each one-year period.
I hope this helps with your question.
It is found in UCCC Section 5-5-110. They must give you the notice, or they cannot proceed with collection or enforcement until the notice is given. However, if they fail to give the notice, they can always correct the mistake, give the notice and then proceed with their rights on collection/enforcement.
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