CLICS/CLICS2023A/commsumm.nsf
PUBLIC
BILL SUMMARY For SPECIAL DEPOSITS ACT
JOINT COMMITTEE COMMITTEE ON COLORADO COMMISSION ON UNIFORM STATE LAWS
Date Dec 8, 2023
Location HCR 0112
Special Deposits Act - Public testimony & commission discussion
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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.
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