Program Information
The Colorado Uniform Debt Management Services Act (DMSA) regulates companies that offer and provide debt management services to Colorado residents.
Under Colorado law, Debt Management Services Providers (Providers) include non-profit and for-profit Credit Counseling and Debt Settlement companies. Providers typically work with unsecured debt such as credit card debt.
The law also applies to law firms and attorneys unless the attorney is licensed to practice law in Colorado and is providing legal services in an attorney-client relationship.
Notice of Stakeholder Meeting regarding Debt-Management Rulemaking
The Administrator of the Debt-Management Services Act (“DMSA”) has been authorized to ““adopt rules regarding the fee or charge authorized pursuant to [C.R.S. section 5-19-223](d)(2)(A)(iii) … by March 1, 2025.” C.R.S. section 5-19-223(d)(2)(A)(iii) provides that “[a] provider may not request or receive payment of any fee or consideration until and unless … [t]he fee or other charge complies with rules that the Administrator adopts…”
The Administrator’s staff is holding a stakeholder meeting before the Rulemaking takes place. The Stakeholder meeting will be held, via Zoom, on October 18, 2024 at 9 am MST. View the Notice of Stakeholder Meeting concerning Debt-Management Rulemaking (PDF) for more details and a link to join the meeting. There are two versions of a Draft Rule:
The Administrator would like any written or oral feedback on this rulemaking, or any other information relevant to the draft rule by close of business on October 18, 2024. You can submit this information by email to dm@coag.gov.