HB 1188 CO

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Became Law

The act implements the recommendations of the department of regulatory agencies (department) in its 2025 sunset review and report by continuing the division of securities and the securities board until 2037. In connection with continuing these entities, the act:Clarifies that deficiency letters and communications concerning a deficiency letter are not public documents that may be inspected under the 'Colorado Open Records Act';Requires that an investment adviser or an investment adviser representative doing business in Colorado must be licensed by the securities commissioner (commissioner) unless otherwise exempt;Specifies that the executive director of the department must consult with the securities board when appointing the commissioner; andUpdates statutory language to be gender neutral.     The act revises the process by which a cease-and-desist order is issued or a license is summarily suspended. Under the previous law, the commissioner issued a cease-and-desist order or conducted a summary license suspension by issuing an order to show cause as to why a cease-and-desist order or license suspension should not be issued. After appropriate notices were given, a hearing was scheduled with the securities board or an administrative law judge. At the hearing, it was determined whether to issue a cease-and-desist order or suspend the license and what form the order or suspension would take. The act changes this process to authorize the commissioner to issue a preliminary cease-and-desist order or a summary license-suspension order. If the person that is the subject of the order disagrees with the order, the person may request a hearing to resolve the issue. The hearing must take place within 45 days after issuance of the order unless both parties request an extension. The deadline for a hearing, with an exception, is changed from 35 days to 60 days. If a hearing is not requested within 15 days after issuance of the order, the order becomes final. The person that is the subject of the order must obey the order until a hearing is requested.(Note: This summary applies to this bill as enacted.)

• S. Camacho Democratic · sponsor
• B. Titone Democratic · sponsor
• C. Kolker Democratic · sponsor
• R. Stewart Democratic · sponsor

1. May 29, 2026 Governor Signed · executive
2. May 28, 2026 Sent to the Governor · executive
3. May 28, 2026 Signed by the President of the Senate · upper
4. May 28, 2026 Signed by the Speaker of the House · lower
5. Apr 22, 2026 Senate Third Reading Passed - No Amendments · upper
6. Apr 21, 2026 Senate Second Reading Special Order - Passed - No Amendments · upper
7. Apr 21, 2026 Senate Committee on Appropriations Refer Unamended to Senate Committee of the Whole · upper
8. Apr 14, 2026 Senate Committee on Finance Refer Unamended to Appropriations · upper
9. Mar 30, 2026 Introduced In Senate - Assigned to Finance · upper
10. Mar 25, 2026 House Third Reading Passed - No Amendments · lower
11. Mar 24, 2026 House Second Reading Special Order - Passed with Amendments - Committee · lower
12. Mar 20, 2026 House Committee on Appropriations Refer Unamended to House Committee of the Whole · lower
13. Mar 16, 2026 House Committee on Finance Refer Amended to Appropriations · lower
14. Feb 9, 2026 Introduced In House - Assigned to Finance · lower