C.R.S. § 5-2-301

(1) Unless a person is a supervised financial organization or has first obtained a license from the administrator authorizing the person to make supervised loans, the person shall not engage in the business of: (a) Making supervised loans or undertaking direct collection of payments from or enforcement of rights against consumers arising from supervised loans he or she has previously made; or (b) Taking assignments of and undertaking direct collection of payments from or enforcement of rights against consumers arising from supervised loans, including servicing supervised loans; except that a person who is licensed by the administrator as a collection agency pursuant to article 16 of this title 5 or is licensed by the Colorado supreme court to practice law, and who takes assignment of supervised loans only after such loans are in default, is not required to obtain a supervised lender license to engage in the activities described in this subsection (1)(b).