HB 24-1381 CO

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Became Law

The act implements, with amendments, the recommendations of the department of regulatory agencies (DORA) in its sunset review and report on the division of financial services (division), which is created within DORA. Specifically, the act: Continues the division and the financial services board (board) for 9 years, until 2033; Authorizes a credit union to merge with a credit union that is chartered in another state; Increases the maximum civil penalty for violating a cease-and-desist order or suspension order from $1,000 per day to $5,000 per day; Repeals a provision that prohibits credit unions from having overlapping geographic fields of membership; Repeals a requirement that the board send hearing notices by certified or registered mail; Authorizes a credit union to determine the date upon which its fiscal year ends and the date of the credit union's annual membership meeting; and Replaces gender-specific language with gender-neutral language. Additionally, the act removes obsolete statutory references to the federal office of thrift supervision, which no longer exists. Under Colorado law pertaining to life care institutions, an entrance fee is an initial or deferred transfer to or for the benefit of a provider of a sum of money or other property made or promised to be made as full or partial consideration for the acceptance or maintenance of a specified individual as a resident in a life care facility. The act states that if an entrance fee is in the form of a sum of money, the sum must be greater than 4 times the amount of a regular periodic charge under a life care contract at the life care facility. The act also clarifies that: The term "life care" includes the occupancy of a living unit, nutrition services, and nursing services; A resident's living unit may change based on the appropriate care needs of the resident; and The term "provider" does not include a unit owners' association of a common interest community. APPROVED by Governor June 3, 2024 EFFECTIVE August 7, 2024(Note: This summary applies to this bill as enacted.)

• Cathy Kipp Democratic · primary
• Matt Soper Republican · primary
• Chris Hansen · primary
• Kyle Mullica Democratic · primary

1. Jun 3, 2024 Governor Signed · executive
2. May 29, 2024 Sent to the Governor · executive
3. May 29, 2024 Signed by the President of the Senate · upper
4. May 29, 2024 Signed by the Speaker of the House · lower
5. May 3, 2024 Senate Third Reading Passed - No Amendments · upper
6. May 2, 2024 Senate Third Reading Laid Over to 05/03/2024 - No Amendments · upper
7. May 1, 2024 Senate Second Reading Special Order - Passed - No Amendments · upper
8. Apr 30, 2024 Senate Second Reading Special Order - Laid Over to 05/01/2024 - No Amendments · upper
9. Apr 30, 2024 Senate Committee on Appropriations Refer Unamended to Senate Committee of the Whole · upper
10. Apr 25, 2024 Senate Committee on Business, Labor, & Technology Refer Unamended to Appropriations · upper
11. Apr 23, 2024 Introduced In Senate - Assigned to Business, Labor, & Technology · upper
12. Apr 19, 2024 House Third Reading Passed - No Amendments · lower
13. Apr 18, 2024 House Second Reading Special Order - Passed with Amendments - Committee · lower
14. Apr 17, 2024 House Committee on Appropriations Refer Unamended to House Committee of the Whole · lower
15. Apr 8, 2024 House Committee on Finance Refer Amended to Appropriations · lower
16. Mar 21, 2024 Introduced In House - Assigned to Finance · lower