Which statement is true regarding the Colorado Lemon Law?

The statement that a vehicle must have been out of service for 30 or more business days during the warranty term is a key component of the Colorado Lemon Law. This law is designed to protect consumers who purchase new vehicles that fail to comply with the warranty. If a vehicle is out of service for a significant amount of time, such as 30 business days, this indicates that the vehicle has persistent issues that cannot be resolved within a reasonable timeframe. This criterion helps establish that the vehicle is defective and has not met the expectations set forth in the warranty agreement, thereby qualifying it as a "lemon."

The other statements do not accurately reflect the stipulations of the Colorado Lemon Law. For example, the law requires a reasonable number of repair attempts, which is typically defined as four attempts to fix the same issue or a combination of repair attempts and time out of service rather than just two repairs. Additionally, the Lemon Law does not only apply to new vehicles; it has specific provisions related to vehicles that are classified as "used" based on their warranty status and the number of previous owners.