Ask Reggi Your Question Now

Reggi is the free generative AI assistance for regulatory compliance
Ask a Question

Can I collect credit card information from participants in Colorado? What are the requirements?

Collecting Credit Card Information in Colorado

Yes, you can collect credit card information from participants in Colorado, but you must comply with state and federal laws.

Disclosure Requirements

Under the Colorado Consumer Credit Reporting Act (CORS), consumer reporting agencies are required to provide consumers with written disclosure of all information in their files pertaining to the consumer upon request and proper identification [1.3][2.1]. Additionally, the CORS requires consumer reporting agencies to block the reporting of any information that a consumer identifies on their report as being subject to a police report or court order, provided that the consumer provides proof of identification and a copy of the police report or court order [1.1].

Written Agreement Requirements

No consumer credit transaction shall be valid or enforceable in Colorado unless its terms are contained in a written agreement and a copy is provided to the consumer at or before the time credit is extended [3.1].

Permissible Purposes

A consumer reporting agency may furnish a consumer report only under certain circumstances, including in response to an order of a court having jurisdiction to issue such an order, in accordance with the written instructions of the consumer to whom it relates, or to a person which the consumer reporting agency has reason to believe intends to use the information in connection with a credit transaction involving the consumer on whom the information is to be furnished and involving an extension of credit to, or review or collection of an account of, the consumer [1.2].

Conclusion

In summary, you can collect credit card information from participants in Colorado, but you must comply with state and federal laws, including the CORS disclosure and written agreement requirements. Additionally, any third parties who receive the information must have a permissible purpose for using it.

Source(s):
Jurisdiction

Colorado