Pardon my ingorance, but we have become affiliated with a Colorado state bank. I have been told that the maximum that a customer is liable for under Colorado law for unauthorized use of a debit card under Reg E is $50, regardless if the customer knew that the card was lost or stolen more than 2 business days prior to making the claim. Is that true?

If so, could someone please provide me with the Colorado cite?

I know this post should go under a state heading, but I did not see one for Colorado.

See Colorado statutes Title 11, article 48, section 106 and Title 11, article 105, section 208.

$50 is the correct figure, and $0 may be the cap if the consumer is not at fault (didn't contribute to the unauthorized transfer by doing something stupid like putting the PIN on the card).

John, thank you.