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Colorado Banking Questions & Answers
1 Answer | Asked in Consumer Law, Banking and Civil Rights for Colorado on
Q: Is a non legal guardian allow to open my child’s mail?

A letter was sent to my house about my son’s credit and inquiries. I had him on a credit card as an authorized user which is no longer active. My grandmother open the mail and got concerned because she made him a savings account with a local bank I don’t even have access to and she’s worried... View More

James L. Arrasmith
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answered on Feb 5, 2024

No, it is generally not legal for a non-legal guardian to open mail addressed to a minor if they are not the minor's parent or legal guardian. Here are some key points that apply:

- Federal law prohibits the obstruction of mail, which includes opening, destroying, hiding, or stealing...
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1 Answer | Asked in Federal Crimes, Criminal Law and Banking for Colorado on
Q: How do I report a racketeering massive scheme I have uncovered , and have proof of

I have been the victim of a severe racketeering organized crime situation. It went on at least 22 years. I am finding a lot of concrete evidence, money laundering using my LLC, TRUSTS, FAKE CONSERVATION COMPANIES, THE BLM HANDED OVER HUNDREDS OF THOUSANDS IN GRANT MONEY, FALCIFIED LOANS,... View More

James L. Arrasmith
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answered on Jan 13, 2024

To report a suspected racketeering scheme, especially one as complex as you've described, it's essential to approach the right authorities. Since racketeering often involves multiple legal jurisdictions and can be a federal crime, consider contacting the Federal Bureau of Investigation... View More

1 Answer | Asked in Securities Law and Banking for Colorado on
Q: What attorney can u get to sue a bank for the bank causing financial injury ?

I have a suit against one of the biggest banks in the world for making a bank error in a transaction then fronting us money without our knowledge then turning around and causing us financial injury and not only once but twice on two separate accounts. Then I have intuit one of the nations billion... View More

James L. Arrasmith
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answered on Dec 15, 2023

To pursue legal action against a bank for causing financial injury, you should consider hiring an attorney with expertise in banking and financial services law, including securities law. Look for a lawyer who has experience in handling cases involving bank errors, unauthorized transactions, and... View More

1 Answer | Asked in Animal / Dog Law, Banking, Collections and Consumer Law for Colorado on
Q: Will a debt collection agency repossess my dog? how can I prevent that?

I fell behind on payments after losing my job.

The payments were towards a leasing agreement for a dog I purchased over a year ago. The amount on the lease was already much higher than the price that was listed on the dog but I didn't find out until after I signed the leasing... View More

James L. Arrasmith
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answered on Nov 12, 2023

In Colorado, the legality of repossessing a pet under a lease agreement can be a complex issue. Typically, pets are considered personal property, but repossession of an animal raises ethical and legal questions that are distinct from repossessing inanimate objects. If your lease agreement... View More

1 Answer | Asked in Banking and Family Law for Colorado on
Q: My son & his family move in with me then asked me to put up my home as collateral on a loan he needed. They got angry at

Me and moved out but asked my other son to move in and pay rent to him so he could keep up the payments on the loan.. I don't want to live with this son and family either.. can I sell my home and pay off the mortgage with the income from the sale.. I'm 62 years old and in good health but... View More

James L. Arrasmith
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answered on Oct 22, 2023

I'm truly sorry to hear about your situation. Generally speaking, if you are the sole owner of the home and there isn't any legal encumbrance preventing a sale, you should be able to sell your home and use the proceeds to pay off any mortgages or liens, including the loan secured by your... View More

1 Answer | Asked in Native American Law and Banking for Colorado on
Q: Is there anyway I can fight a tribal loan that falsely advertised their APR?

I’m 23 years old and needed $600 dollars for some bills I had to pay. I’m barely scraping by how it is. Before this, I had never heard of tribal loans, didn’t even know they existed. I went through withu loans and before I signed the agreement, I was told my APR was 25%. After a couple month,... View More

James L. Arrasmith
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answered on Oct 15, 2023

Certainly, it's distressing to hear about such a situation.

Tribal loans operate under the sovereign immunity of their respective tribes, which means they're not subject to state laws that regulate payday loans. This allows some of them to charge exorbitant interest rates....
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4 Answers | Asked in Bankruptcy and Banking for Colorado on
Q: When the bank holds the title on a vehicle but won't repossess it when the loan is in default. How can I get rid of it?

It's a large motorhome and I have no place to keep it. Can't afford to store it

T. Augustus Claus
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answered on Sep 6, 2023

When dealing with a situation where the bank holds the title to a vehicle but won't repossess it despite the loan being in default, you have a few options to consider. Firstly, it's advisable to contact the lender and explain your situation. They may be willing to work with you on a... View More

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4 Answers | Asked in Bankruptcy and Banking for Colorado on
Q: When the bank holds the title on a vehicle but won't repossess it when the loan is in default. How can I get rid of it?

It's a large motorhome and I have no place to keep it. Can't afford to store it

James L. Arrasmith
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answered on Sep 8, 2023

You should consider consulting with an attorney to understand your legal obligations and potential solutions in this scenario, such as possibly selling the vehicle and paying the bank the proceeds, or arranging for a voluntary repossession. It is important to act within the bounds of the law to... View More

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4 Answers | Asked in Bankruptcy and Banking for Colorado on
Q: When the bank holds the title on a vehicle but won't repossess it when the loan is in default. How can I get rid of it?

It's a large motorhome and I have no place to keep it. Can't afford to store it

W. J. Winterstein Jr.
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W. J. Winterstein Jr.
answered on Sep 6, 2023

In a bankruptcy case, you are given the right to return collateral to the secured lender in exchange for full satisfaction of the secured claim of that lender.

Short of that, the terms of your Security Agreement, with applicable Colorado law, apply.

In particular, what does the...
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1 Answer | Asked in Banking, Bankruptcy and Business Law for Colorado on
Q: I am in Colorado, can I declare bankruptcy for my business credit card without having my personal credit score affected?

I have a business credit card, and paying off this business credit card is going to take me years. I am okay with declaring bankruptcy on this business credit card and taking the hit to my business credit score as long as the following criteria are assured.

1: My personal credit score must... View More

Clark Dray
Clark Dray
answered on Jul 27, 2023

The most important element here is whether you personally guaranteed the business debt. If you did, the business bankruptcy won't wipe out your personal obligation to pay that debt. If the business is solely liable for the debt, which is very rare, there isn't any reason your personal... View More

1 Answer | Asked in Banking for Colorado on
Q: My bank account with chase has been frozen, and bank will not give me proof as to why. What can I do to fix this?
James L. Arrasmith
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answered on Mar 2, 2023

If your bank account with Chase has been frozen and you are not given a reason or proof as to why, you should contact Chase's customer service immediately to inquire about the issue. You can also request to speak with a supervisor or a manager who can provide you with more information about... View More

1 Answer | Asked in Banking, Business Law, Civil Litigation and Divorce for Colorado on
Q: my wife served me with divorce papers. She began stealing both our accounts and our business account we are still marr

We are still married as the judge continued the divorce until July. I was wondering while we waited, how I can get my money back, as she stopped checks to both my lawyers, leaving them unpaid, and me in a financial burden. I believe she also used my signature to take me off an account, yet not... View More

John Hyland Barrett III
John Hyland Barrett III
answered on Jan 26, 2022

You should consult with your existing lawyers re how best to proceed.

1 Answer | Asked in Banking, Business Law, Civil Litigation and Contracts for Colorado on
Q: what do i do if my soon to be ex wife and my family the state and conuty ect .... as well as every bank wont help me ..

they have hacked every phone ..on my sixth phone line ..i now have no money no wheels.. they are hidding everything from and everyone has helped them ... she sold and stole a patent of my and now doing it agian ..its all about money investment property ... i never even knew and now they're try... View More

D. Mathew Blackburn
D. Mathew Blackburn
answered on Nov 4, 2021

Scheduling an appointment with a therapist to help you move past your loss. If you've exhausted all other remedies there's nothing left but to let it go. A professional can assist you with that.

1 Answer | Asked in Bankruptcy, Contracts, Banking and Collections for Colorado on
Q: If I was discharged from my bankruptcy and 1.5 years later the bank charges off my auto loan... Can my car be repo'd?

I filed a chapter 7 in 2/2019. It was discharged in 5/2019. During, I tried to reaffirm my auto loan ($48,000) so I could keep my car. Once the bankruptcy was discharged the guy at the bank stops negotiating. He then tells me he can't process the reaffirmation agreement anymore and to fill out... View More

W. J. Winterstein Jr.
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W. J. Winterstein Jr.
answered on Oct 21, 2020

A Chapter 7 Discharge does not discharge a secured debt, up to the fair market value of the collateral. In other words, your bank has a lien on your car to the extent, and in the amount of, its fair market value.

But if the loan balance is greater than the car's value, so that there...
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1 Answer | Asked in Banking, Business Law and Contracts for Colorado on
Q: If the borrower writes a loan contract is it in effect for every loan thereafter until a new contract is made

Borrower is a business

D. Mathew Blackburn
D. Mathew Blackburn
answered on Jul 7, 2020

That depends on how the agreement was drafted and the understanding of the Parties involved. The agreement could be written as an open line of credit or a one time loan. Without specific language it will not be clear whether the Parties intended for the future loans to be subject to the current... View More

1 Answer | Asked in Banking and Family Law for Colorado on
Q: My mother passed away from Co-Vid 19 recently. I am trying to close her Credit Union Account & IRA. I am the Beneficary

They are saying I can't becuz she has more account. (Which I have no idea of) they say I need more paperwork than Death Certificate.

Something about CRS 15-12-1201 I don't understand it or Pres. Rep. Paperwork Letters. Testamentary or Letters of administration

What does... View More

John Hyland Barrett III
John Hyland Barrett III
answered on Jun 25, 2020

I am truly sorry for your loss.

You may or may not need to go through probate, depending on how much her estate is worth. If it is below the statutory limit, you can do it without probate by using the 15-12-1201 affidavit. If it is over that amount, you will have to do a probate. you should...
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1 Answer | Asked in Banking for Colorado on
Q: Can a bank or credit union give legal advice? Is it illegal in the state of CO in any way?

I have proof that my bank gave legal advice to my ex.

Bruce Alexander Minnick
Bruce Alexander Minnick
answered on May 14, 2020

First please allow me to inform you that a bank cannot give anyone legal advice; perhaps you meant to say someone working at the bank did?

If so, please know that only lawyers are allowed to give "legal" advice; however, anyone trying to distinguish between legal advice and...
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1 Answer | Asked in Divorce and Banking for Colorado on
Q: When a wife is permanently disabled and has been for half the marriage, how long I'll spousal support last?

He walked out after 17 years together and married for 13 years. I only get $471 after medicare taken out. Left with no notice for me

John Hyland Barrett III
John Hyland Barrett III
answered on Jan 13, 2020

If you and your spouse do not agree, the court will have to decide how long. There is a statutory presumption that says maintenance for a 13-year marriage should last 6 1/2 years. however, this is not binding on the court. The judge will have to decide based on all the facts involved.

1 Answer | Asked in Banking and Contracts for Colorado on
Q: Does underwriting really need transaction history from who is giving a "gift" for FHA

Buying a house and my husband and I don't qualify for conventional - however my father is gifting me money as a graduation gift for down-payment and we have FHA. Underwriting is demanding my father's bank statement with ALL transactions and he will not give up that information... View More

Bruce Alexander Minnick
Bruce Alexander Minnick
answered on Dec 6, 2019

The mortgage loan underwriting process--especially when it is an FHA government guaranteed loan--will require proof of income from all sources because FHA will not allow borrowers to borrow any of the down payment from any source.

In this case--since you have told the FHA that your father...
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1 Answer | Asked in Banking, Criminal Law and Federal Crimes for Colorado on
Q: My ex-husband had $742, plus 5 overdraft fees at $35 each, spent from his debit card. He reported the fraud to the bank.

He cancelled his card. Now it turns out, our 17 year old son spent the money. Is this a felony and what do we do?! Will the bank file charges?

Bruce Alexander Minnick
Bruce Alexander Minnick
answered on Jul 29, 2019

This family situation is what the world calls a dilemma. However, as long as the bank did not lose any money they should care less. Use this as a teaching time for the kid--before he leaves the nest.

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