Repossessor Bonds

Under Colorado law (§ 4-9-629, C.R.S.), any person who is retained by a secured party to recover or take possession of collateral upon default is required to be bonded for property damage to or conversion of such collateral in the amount of at least $50,000. Such bond shall be filed with and drawn in favor of the Colorado Attorney General.

To file a repossessor bond, send the following items to the Colorado Attorney General, Consumer Protection Unit, 1300 Broadway, 7th Floor, Denver, Colorado 80203:

1) Completed Application for Repossessor Bond (including a current partnership agreement or a Certificate of Good Standing or Certificate of Authority from the Colorado Secretary of State, as appropriate);

2) Original surety bond fully executed in the amount of at least $50,000 drawn in favor of the Colorado Attorney General (use attached surety bond form); and

3) Non-refundable filing fee in the amount of $150, payable to the Colorado Department of Law.

You may call the program assistant at 720-508-6209 if you have any questions concerning registration of repossessor bonds with the State of Colorado.

 

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