6A6E7B6B6D339DAC87258A7F005A120B Hearing Summary CLICS/CLICS2023A/commsumm.nsf PUBLICBILL SUMMARY For SPECIAL DEPOSITS ACTJOINT COMMITTEE COMMITTEE ON COLORADO COMMISSION ON UNIFORM STATE LAWSDate Dec 8, 2023 Location HCR 0112 Special Deposits Act - Public testimony & commission discussion 09:23:50 AM Alison Morgan, Colorado Bankers Association, her association, as well as the American Bankers Association, have supported this act as it has been passed in other states. It would like to see two minor adjustments in the act, first to clarify the language in section 11-111-104 regarding third party beneficiaries who aren't a party to the account, having a say in the account agreement as to whether or not the parties could amend it. Then on page 11, line 21 to remove the word "cost" and change to "amounts incurred by the bank or indemnity connected to the bank under the account agreement". This language change models bank agreements across all of their member banks and correlates with current best practices. Ms. Morgan assured the commission similar changes have been made in other states.