Check fraud is significantly less of an issue these days with an increasing number of individuals choosing to pay with credit or debit cards. Needless to say , this can be if companies even take personal checks anymore as it’s become increasingly more popular to find out that recognizable signage, “We apologize but we’re not accepting personal checks.” Yet, Colorado laws continue to be in full effect as it pertains to some bad check punishments that are possibly serious.
It’s vital that you just act immediately to protect yourself, for those who have lately been accused of a writing bad check or if the recipient of a bad check have been you. In Colorado’s state, a company needs simply to submit your check into a bank before trying to reach you.
Besides paying the company you owe the total amount of cash too, you also have to pay the insufficient funds fee that they have probably been charged for attempting to cash the check. This can be a percentage of the check amount you wrote. And of course you probably incur costs as an outcome of the insufficient funds out of your own bank. What this means is that on one insufficient funds check you’ve got written, you could probably owe additional fees that are associated to the company you initially wrote the check to, and your bank, or a collection agency.
If you receive a notice in the mail saying that your check was returned and they demand payment, you must go by the date written on the notice so that you can remain within conformity. Occasionally this can mean you’re left with just several days’ notice. If you don’t pay, they can subsequently take one to court and sue you for as much as the sum of the check in addition to all court costs and attorney fees.
Civil and criminal effects can take place if the check you’ve got written was returned by the company as inadequate. If you subsequently tend not to pay the company you wrote the check to the total amount owed plus any related fee they may have incurred as a result of being notified within 15 days, you run the danger of being prosecuted.
Checks Bounced From Companies
In case a bad check is received by an employee from a company, the Colorado Division of Labor accounts for investigating any claims where an employee is not sufficiently compensated for the work they have performed.
But if this has occurred to you personally, the Colorado Division of Labor cannot recover the associated expenses such as fees from receiving the bad check you might have incurred. Instead, you’ve got the choice of completing an official record of instrument that is dishonored. This notifies the company that you will be demanding payment in full. Once the notice is received by them, they could subsequently be responsible for as much as three times the initial sum you should have been paid if they don’t pay within fifteen days. This can be in addition to damages, any court expenses and any lawyer fees at the same time.
Check Fraud: Criminal Punishments
If you don’t pay the mandatory fines related to the bad check, the punishments can be:
Misdemeanor: You can be imprisoned for three months to a maximum of one year in a Colorado county jail.
It’s important to recognize these laws really tend not to apply if the check was rejected on the account of a bank that made a mistake.
Additionally, a short term loan provider that you wrote a check for consequently, is not able to pursue any deceptive charges. Instead, they may be obligated to go under the debt collection procedure that was normal so that you can get their cash.
Please check with the Colorado Attorney General or a private attorney on the most up to date laws on writing bad checks.