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h_bus_2018a_2018-03-08t13:31:55z0 Hearing Summary




PUBLIC
BILL SUMMARY For HB18-1248

HOUSE COMMITTEE ON BUSINESS AFFAIRS AND LABOR
Date Mar 8, 2018      
Location LSB A



HB18-1248 - Referred to the Committee of the Whole


01:32:03 PM  

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.

01:33:25 PM  

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



01:44:14 PM
Motion Refer House Bill 18-1248 to the Committee of the Whole.
Moved Kraft-Tharp
Seconded Garnett
Arndt Yes
Coleman Yes
Garnett Yes
Gray Yes
Liston Yes
Rosenthal Yes
Sandridge Yes
Sias Yes
Thurlow Yes
Van Winkle Excused
Williams D. Excused
Winter Yes
Kraft-Tharp Yes
Final YES: 11   NO: 0   EXC: 2   ABS:  0   FINAL ACTION:  PASS