Unauthorized Funds Transfers Consumer Protection

Current law requires each Colorado bank that engages in electronic funds transfers to provide certain protections to each "account holder", which is defined as a person having an established demand, savings, or loan account at a Colorado bank. The bill amends the law to require banks to provide such protections to each "consumer", which is defined as an individual who enters into a transaction primarily for personal, family, or household purposes.

(Note: This summary applies to this bill as introduced.)