ColoradoState Collection Laws

STATE INTEREST RATES AND USURY LIMITS:

• Legal Rate: 8%

• Contract Rate: Not to exceed 45%. Colo. Rev. Stat. Ann. § 5-12-103(1)-(2)

• Judgment Rate: 8% or rate specified in contract

• CORPORATE RATE:  45%. Colo. Rev. Stat. Ann. § 5-12-103

 

LEGAL AGE:

• Age of Majority: 21

• Emancipation:  21

• Contracts: Minors 18 years or older may enter into contracts and will be legally bound by them. A minor 18 years or older or a minor 15 years or older living apart from his family or any minor who is married may enter into a contract for medical, dental and related care.

 

DEBT RESPONSIBILITY: DOCTRINE OF NECESSARIES

• Expenses of the family are chargeable upon both the property of the husband and/or the wife. They may be sued jointly or separately.

 

STATUTE OF LIMITATIONS FOR CIVIL ACTIONS:

• Contracts: 3 years

• General Limitation of Actions: 6 years

•Judgments: 6 years if entered in a county court on or after July 1st, 1981; 20 years if judgment entered before July 1st, 1981

 

This information is not to be construed as legal advice. Legal advice must be tailored to the specific circumstances of each case. Although we attempt to provide up-to-date information, laws and regulations often change. We make no claims, promises, or guarantees about the accuracy or completeness of this document. For legal advice please contact an attorney. 

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