Common use of Collection Agency Clause in Contracts

Collection Agency. I understand and accept that if I fail to pay my student account xxxx or any monies due and owing MSU Denver by the scheduled due date, and fail to make acceptable payment arrangements to bring my account current, MSU Denver may refer my delinquent account to a collection agency. I further understand that I am responsible for paying the collection agency fees which may be based on a percentage at a maximum of 40% of my delinquent account, together with all costs and expenses, including reasonable attorney’s fees, necessary for the collection of my delinquent account. Additionally, as an agency of the State of Colorado, MSU Denver has the authority to intercept state income tax refunds or other funds due from the State of Colorado (vendor, lottery, gaming etc.) for debts owed to the state. Pursuant to Colorado Law (C.R.S. § 23-5-115), in the event of a default of my student account owed to the university, the university may certify to the Colorado Department of Revenue (DOR) information about me, including my name, social security number, the amount of the debt and any other identifying information required by the DOR. The DOR may then disburse funds to the university in satisfaction of that debt from tax refund or other amounts owed to me, if any. I understand that my delinquent account may be reported to one or more of the national credit bureaus.

Collection Agency. I understand and accept that if I fail to pay my student account xxxx xxxx, or any monies due and owing MSU Denver by the scheduled due date, and fail to make acceptable payment arrangements to bring my account current, MSU Denver may refer my delinquent account to a collection agency. I further understand that I am responsible for paying the collection agency fees which may be based on a percentage at a maximum of 40% of my delinquent account, together with all costs and expenses, including reasonable attorney’s fees, necessary for the collection of my delinquent account. Additionally, as an agency of the State of Colorado, MSU Denver has the authority to intercept state income tax refunds or other funds due from the State of Colorado (vendor, lottery, gaming etc.) for debts owed to the state. Pursuant to Colorado Law (C.R.S. § 23-5-115), in the event of a default of my student account owed to the university, the university may certify to the Colorado Department of Revenue (DOR) information about me, including my name, social security number, the amount of the debt and any other identifying information required by the DOR. The DOR may then disburse funds to the university in satisfaction of that debt from tax refund or other amounts owed to me, if any. I understand that my delinquent account may be reported to one or more of the national credit bureaus.