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Can you summarize 5 CORS Article 3.7?
Consumer Credit Code > CONSUMER CREDIT SOLICITATION PROTECTION
Short Summary
This legal document governs consumer credit solicitation protection in Colorado. It applies to solicitors who make firm offers of credit for lender credit cards or seller credit cards to consumers through mail solicitation. The document requires the solicitors to verify that the consumer accepting the offer is the same consumer to whom the offer was sent. The term ‘firm offer of credit’ is defined in accordance with 15 U.S.C. sec. 1681a (l). The document provides definitions for ‘solicitor’ and ‘verify’. It specifies various methods through which a solicitor can verify the consumer’s identity, including consumer’s self-identification through a publicly available telephone directory, presentation of identification documents, verification methods adopted in federal regulations, or other means deemed sufficient by industry standards. The document does not apply to card issuers or other creditors who rely on independent third parties. No specific penalties are mentioned in this document.
Whom does it apply to?
Solicitors who make firm offers of credit for lender credit cards or seller credit cards to consumers through mail solicitation
What does it govern?
Consumer credit solicitation protection
What are exemptions?
Card issuers or other creditors who rely on independent third parties
What are the Penalties?
No specific penalties are mentioned in this document
Jurisdiction
Colorado