H_BUS_2018A 03/08/2018 01:31:55 PM Committee Summary

Representatives Kraft-Tharp and Sias introduced House Bill 18-1248.  Current law requires Colorado banks to protect the electronic fund transfers of each account holder and limits the account holder's liability for an unauthorized transfer to $50.  This bill broadens the protections to include any consumer who enters into a transaction primarily for personal, family or household purposes and incorporates federal regulations on electronic fund transfers into state statute.  Under the federal regulations, if a financial institution has provided the required disclosures to the consumer, the liability of a consumer for an unauthorized transfer is based on whether the consumer provides timely notice to the financial institution.  Failure to provide timely notice increases the consumer's liability for the unauthorized transfer.

Jenifer Waller, Colorado Bankers Association, testified in support of the bill.  She responded to questions from the committee.

Representatives Gray and LIston introduced
Senate Bill 18-138.  Under current
law, alcohol cannot be transferred between two liquor licensees, and entities
licensed for off-premises consumption generally must purchase alcohol from
a wholesaler, with a few exceptions.  The bill allows certain licensees
to purchase alcohol inventory from a licensee whose license has been surrendered
or revoked.  In order for the alcohol inventory to be sold, there
must be common ownership between the seller and purchaser, and the seller
must:

•        have
surrendered its license or had it revoked within the last 60 days;

•        return
to the wholesaler all alcohol beverages that the seller purchased on credit;

•        first
offer the wholesaler a 30-day option to repurchase any alcohol initially
sold by the wholesaler;

•        possess
proof that all alcohol purchased from wholesalers has been paid in full;
and

•        sell
the alcohol inventory for only one licensed premises.



        The bill
defines common ownership to mean at least a 10 percent ownership interest
in both the seller and the purchaser's business, at the time one license
is surrendered or revoked. The state licensing authority may not promulgate
rules regulating the price of the inventory.  The seller may deliver
the alcohol to the purchaser, and the licensee that purchases the alcohol
must retain evidence of the purchase.

The committee discussed amendment L.002.

Representatives Liston and Gray gave concluding remarks regarding the bill.

Rep. Lee introduced Senate Bill 18-125. This bill requires title insurance companies and agents to hold funds belonging to others in a fiduciary capacity and the Commissioner of Insurance to promulgate rules to that effect.  A violation of this provision is an unfair or deceptive act.  He responded to questions from the committee.

Peg Brown, Colorado Division of Insurance, responded to questions from the committee.