Where, under the terms of an assignment of an account, as defined in section 4-9-102 (a)(2), C.R.S., the assignor, being permitted to collect the proceeds from the debtor, is to pay over to the assignee any of the proceeds and, after collection thereof, the assignor willfully and wrongfully fails to pay over to the assignee the proceeds amounting to one thousand dollars or more, the person commits a class 5 felony. Where the amount of the proceeds withheld by the assignor is less than one thousand dollars, the person commits a class 1 misdemeanor.
Source: L. 71: R&RE, p. 444, § 1. C.R.S. 1963: § 40-5-502. L. 89: Entire section amended, p. 836, § 62, effective July 1. L. 98: Entire section amended, p. 796, § 8, effective July 1. L. 2001: Entire section amended, p. 1446, § 39, effective July 1. L. 2007: Entire section amended, p. 1695, § 10, effective July 1.
Cross references: For the legislative declaration contained in the 2007 act amending this section, see section 1 of chapter 384, Session Laws of Colorado 2007.