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.