(1) A violation of this part 1 is a deceptive trade practice within the meaning of section 6-1-105.(2) A student loan servicer who fails to comply with any requirement imposed under this part 1 with respect to a student loan borrower is liable in an amount equal to the sum of: (a) Any actual damages sustained by the student loan borrower as a result of the failure;(b) A monetary award equal to three times the total amount the student loan servicer collected from the student loan borrower in violation of this part 1;(c) Punitive damages as the court may allow; and(d) In the case of any successful action by a student loan borrower to enforce the liability set out in this section, the costs of the action, together with reasonable attorney fees as determined by the court.(3) The remedies provided in this section are not the exclusive remedies available to a student loan borrower.Amended by 2021 Ch. 378,§ 10, eff. 6/29/2021.Added by 2019 Ch. 157,§ 2, eff. 8/2/2019.L. 2019: Entire article added, (SB 19-002), ch. 1870, p. 1870, § 2, effective August 2. Section 19 of chapter 378 (SB 21-057), Session Laws of Colorado 2021, provides that the act changing this section applies to conduct le added, (SB 19-002), ch. 1870, p. 1870, § 2, effective August 2. Section 19 of chapter 378 (SB 21-057), Session Laws of Colorado 2021, provides that the act changing this section applies to conduct occurring on or after June 29, 2021, including collection of debts arising out of loans issued before June 29, 2021.
Colorado Legal Code