S.B. 96-25 Health care coverage cooperatives - elimination of not-for-profit requirement. Eliminates the requirement that health care coverage cooperatives be operated on a not-for-profit basis.
APPROVED by Governor May 23, 1996
EFFECTIVE May 23, 1996
S.B. 96-98 Central indexing system - agistors' liens - appropriation. Empowers the central indexing system board to:
Exempts certain filings and recordings from the existing one-dollar surcharge and authorizes the board to exempt others, as deemed appropriate. Requires all revenue collected by the board from the operation of the central indexing system to be credited to the central indexing system cash fund. Authorizes the board to allocate a portion of such revenues to governmental agencies that provide database information to the central indexing system. Requires appropriations of fund moneys after July 1, 1996, to be used only for purposes recommended by the board to the joint budget committee.
Creates within the central indexing system cash fund a county clerk's technology fund. Requires $3 from financing statement filings made at the office of the secretary of state to be credited to the fund, as well as any revenue in the central indexing system cash fund that is not otherwise used or allocated.
Provides immunity from personal liability for department of revenue and central indexing system board contractors and contractors' employees for errors and omissions that are not the result of willful misconduct or bad faith.
Establishes procedures concerning the date and hour of electronically transmitted filings. Eliminates the requirement that records of tax lien sales on real estate and mobile homes be certified. Authorizes the treasurer to retain for safekeeping any certificate of purchase concerning the sale of real property for the payment of delinquent taxes.
Creates the "Agistor's Lien Act", which enables ranchers and farmers and others to have a lien on livestock entrusted to their care for any amount that may be due for such care. Describes filing requirements, foreclosure procedures, and procedures for handling abandoned livestock.
Appropriates 2.0 FTE to the department of state for allocation to the central indexing system filing board for the purpose of providing support for implementation of this act.
APPROVED by Governor June 1, 1996
EFFECTIVE July 1, 1996
S.B. 96-132 Uniform Commercial Code - letters of credit - investment securities. Enacts revisions to articles 5 and 8 of the "Uniform Commercial Code" (articles 5 and 8 of title 4, Colorado Revised Statutes) to conform Colorado statutes to updated versions of the code as adopted by the national conference of commissioners on uniform state laws.
Under article 5, letters of credit are used to obtain payment and as a backup to other kinds of credit extension. The revision to article 5 does not change the stated intent to create a flexible framework of rules that allow commercial entities great latitude in tailoring letters of credit by agreement. There is explicit recognition of standards of practice, so that standards such as the "Uniform Customs and Practices for Documentary Credits", issued by the International Chamber of Commerce, can govern many of the particulars of letters of credit. The "Statute of Frauds" provision is revised to allow for other forms of durable representation of language, such as computer storage devices. Prior ambiguities with the concept of fraud in the transaction are clarified. Damages for a dishonored or repudiated letter of credit are limited to the amount of the document plus incidental damages. Consequential damages are not permitted. Cover is not required to obtain damages. There are clear subrogation rights for any party who pays on a letter on behalf of another. Article 5 becomes much simpler and less detailed because of the explicit reliance upon standards of practice. Article 5 continues to provide rules that can be waived or modified by agreement between the parties.
The revision to article 8 introduces a new concept of "security entitlement" as a property interest in "security accounts," recognizing the fact that most investment securities are kept in securities accounts in what is called the indirect holding system for securities. That system is characterized by central depositaries for the certificates representing investment securities in which securities intermediaries hold positions in their own names or the names of nominees. In turn, investors have interests in securities represented in accounts with the same securities intermediaries. A security entitlement is a property right that an investor has in a security account with an intermediary, and that an intermediary has in an account with a depositary. That property right guarantees ownership rights even though direct ownership is not registered with the issuers of these same investment securities. One of the major impacts of these revisions is upon attachment and perfection of security interests in investment securities. A security interest may be taken in a security entitlement, or in the entire financial assets held in a securities account, or in the even broader category of investment property that includes commodities contracts. Commodities contracts are not securities under article 8. The security interest may be taken by filing a financing statement or by creditor control over the specific securities. Control is obtained by giving the secured creditor power over transactions concerning the investment property to which the security interest has attached.
Conforming amendments are made to articles 1, 2, 4, 9, and 10 of title 4, C.R.S.
Repeals part 6 of article 1 of title 15, C.R.S., concerning fiduciary security transfers since those provisions are replaced by revised article 8.
APPROVED by Governor April 8, 1996
EFFECTIVE July 1, 1996
S.B. 96-139 Charitable solicitations by container - disclosures. Amends the "Colorado Charitable Solicitations Act" to prohibit a person or charitable organization from publicly displaying a container offering a product for sale or distribution for solicitation purposes unless the container has a legible disclosure label that states:
APPROVED by Governor April 11, 1996
EFFECTIVE July 1, 1996
NOTE: This act was passed without a safety clause. Section 2 of the act establishes an effective date of July 1, 1996;
except that, if a referendum petition is filed pursuant to section 1 (3) of article V of the state constitution, the act must
be approved by a vote of the people.
H.B. 96-1137 Deceptive trade practices - telephone solicitations. Makes telephone solicitation a deceptive trade practice unless a seller, within one minute after beginning a telephone conversation with a consumer residing in Colorado, identifies himself or herself, whom he or she represents, and the purpose of the call, or if the seller repeatedly causes any telephone to ring or engages any person in a telephone conversation repeatedly or continuously with the intent to annoy, abuse, or harass any person at the telephone number called. Creates an exception for telephone solicitations between sellers and consumers with existing business relationships.
Eliminates the repeal of part 3 of the "Colorado Consumer Protection Act" concerning the prevention of telemarketing fraud.
APPROVED by Governor May 23, 1996
EFFECTIVE July 1, 1996
H.B. 96-1260 Deceptive trade practices - use of term "occupational therapist". Makes it a deceptive trade practice for a person to claim either orally or in writing that such person is a "certified occupational therapist", an "occupational therapist registered", an "occupational therapist", or a "licensed occupational therapist" or to use the abbreviation "O.T.R." or "O.T.R./L." unless such person has met certain experiential and certification requirements and holds either an associate or at least a baccalaureate degree in occupational therapy from an accredited or other specified institution.
Mandates persons claiming to be occupational therapists before July 1, 1996, to meet the experiential and certification requirements on or before July 1, 1999.
APPROVED by Governor June 3, 1996
EFFECTIVE July 1, 1996
H.B. 96-1264 Health care coverage cooperatives - requirements for waivered health care coverage cooperatives. Adds definitions to the statutes governing health care coverage cooperatives to make such provisions consistent with the laws regulating small group health insurance.
Clarifies the type of bond a cooperative must post in order to obtain a certificate of authority and permits such bond requirement to be satisfied if an outside administrator under contract with a cooperative obtains the appropriate bond.
Specifies requirements for cooperatives to obtain carrier waiver certificates from the executive director of the department of health care policy and financing. Authorizes the executive director to promulgate rules to set forth application procedures.
Allows health insurance entities offering coverage through a waivered health care coverage cooperative to offer certain standardized coverages and specially negotiated rates only to cooperative members and not to others outside the cooperative.
APPROVED by Governor May 1, 1996
EFFECTIVE May 1, 1996
H.B. 96-1332 Persons with disabilities - motorized wheelchair warranty act - tax credit. Requires motorized wheelchair manufacturers to furnish consumers with express warranties that extend for at least one year. States that a motorized wheelchair shall be covered by a warranty having the same features as an express warranty if the manufacturer fails to furnish the express warranty.
Requires the manufacturer to repair any nonconformity of the motorized wheelchair if the consumer reports the nonconformity and makes the motorized wheelchair available for repair. Requires a manufacturer to respond within 5 business days to a motorized wheelchair dealer's request for repair authorization.
Prohibits any person from selling or leasing a motorized wheelchair that has been returned because of a nonconformity without first making a full disclosure of the reasons for the return.
Voids as against public policy any waiver of rights with respect to these provisions. Authorizes a consumer to pursue any other available remedies against a manufacturer, including suing for damages.
For income tax years commencing on and after January 1, 1997, creates a deduction from state taxable income for a taxpayer with a disability and for each taxpayer dependent with a disability in an amount equal to the amount of the federal exemption for a dependent. Defines "disability" in accordance with the federal definition used for social security purposes; except that "disability" shall not include a disability that results from a controlled substance addiction or alcoholism.
VETOED by Governor June 5, 1996
H.B. 96-1356 Consumer Credit Code - loans - examination of business records. For purposes of the "Uniform Consumer Credit Code" as it relates to loans, eliminates the requirement that the administrator, designated as the assistant attorney general, examine the loans, business, and records of every licensee under the code at least once every year. Regardless of whether a lender's records are located within or outside the state, allows the administrator to require lenders to make the records available at the administrator's office or at any other location the administrator deems appropriate, if the administrator determines that examination of the records at the location where the records are maintained endangers the safety of the examiner or that the location where the records are maintained lacks adequate facilities to conduct the examination.
APPROVED by Governor April 16, 1996
EFFECTIVE April 16, 1996
H.B. 96-1357 Consumer Credit Code - business credit transactions - commercial credit plan - usury. Removes consumer related sales and consumer related loans from the "Uniform Consumer Credit Code".
Establishes that a creditor may extend credit to a debtor pursuant to a commercial credit plan which is governed by agreement between the creditor and the debtor. Under a commercial credit plan:
Exempts interest charges imposed under a commercial credit plan from the criminal usury statute.
APPROVED by Governor April 17, 1996
EFFECTIVE July 1, 1996
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