State Bill Special Report: Insurance, Financial Services & Commerce

Bill # Short Title Bill Summary
HB24-1011 Mortgage Servicers Disburse Insurance Proceeds The bill requires a mortgage servicer to disclose certain information to a borrower concerning the disbursement of insurance proceeds to the borrower in the event that a residential property that is subject to a mortgage is damaged or destroyed and an insurance company pays a claim associated with such damage or destruction.
HB24-1025 Implement Fertility Coverage for Health Plans The bill removes the language relating to state defrayal of costs and requires the division of insurance to implement the coverage for plans issued or renewed on and after January 1, 2025. In addition, the bill: Prohibits a health benefit plan from imposing any exclusions, limitations, or other restrictions on coverage of any fertility services based on a covered individual’s participation in fertility services provided by or to a third party; and Amends the definition of “infertility” to include a “status” as well as a disease or condition.
HB24-1060 Travel Insurance Consumer Protections The bill adopts, in part, the National Association of Insurance Commissioners’ travel insurance model act, which provides a legal framework within which travel insurance must be sold in Colorado. The “Travel Insurance Model Act” applies to travel insurance that covers a resident of Colorado; that is sold, solicited, negotiated, or offered in Colorado; and for which the policies and certificates are issued for delivery in Colorado.
HB24-1075 Analysis of Universal Health-Care Payment System The bill requires the Colorado school of public health to analyze draft model legislation for implementing a single-payer, nonprofit, publicly financed, and privately delivered universal health-care payment system for Colorado that directly compensates providers.
HB24-1083 Construction Professional Insurance Coverage Transparency The bill requires the division of insurance to conduct or cause to be conducted a study of construction liability insurance for construction professionals in Colorado.
HB24-1108 Insurance Commissioner Study Insurance Market The bill requires the commissioner of insurance to conduct a study concerning the market for property and casualty insurance policies issued by insurers to: Unit owners’ associations of common interest communities; and Owners of hotels and lodging facilities.
HB24-1119 Multi-State Tax Filing System for Insurance Taxes The bill requires insurance premium taxes, surplus lines taxes, and other associated state-specific insurance tax filings to be filed through a secure web-based application identified by the division of insurance.
HB24-1220 Workers’ Compensation Disability Benefits The bill allows a claimant for workers’ compensation benefits to refuse an offer of modified employment if the employment requires the claimant to drive to and from work and the treating physician has restricted the claimant from driving. The bill adds the loss of an ear to the list of other body parts for which an injured worker can receive whole person permanent impairment benefits.
HB24-1232 Uniform Special Deposits Act The bill enacts the “Uniform Special Deposits Act” as drafted by the Uniform Law Commission, which addresses deposits at a bank where the identity of the person entitled to payment is not determined until the occurrence of a contingency identified at the time that the deposit is created.
HB24-1251 Sunset Debt-Management Service Providers The bill implements the recommendations in the 2023 sunset report by the department of regulatory agencies by: Continuing the regulation of debt-management service providers for 11 years, to 2035; Requiring a debt-management service provider to maintain records of the education provided to an individual; Requiring settlement agreements between a consumer and creditor to be in writing; and Requiring fees paid by debt-management service providers to be set administratively instead of through the rule-making process.
HB24-1270 Firearm Liability Insurance Requirement The bill requires firearm owners to maintain a liability insurance policy that covers losses or damages to a person, other than the policyholder, who is injured on the insured property as a result of any accidental or unintentional discharge of the firearm.
HB24-1309 Use of Aircraft in Search and Rescue Operations The bill extends immunity from civil liability for damage or injury, other than that which arises from gross negligence or willful misconduct, to an individual, nonprofit organization, for-profit corporation, private organization, or other person that voluntarily operates or arranges for the use of a helicopter, or assists as a helicopter crew member, during backcountry search and rescue operations.
HB24-1315 Study on Remediation of Property Damaged by Fire The bill requires the division of insurance to conduct a study regarding the remediation of residential premises that have been damaged from smoke, soot, ash, and other contaminants as a result of a fire.
HB24-1321 Insurance Holding Company Model Regulation The bill updates Colorado state laws concerning insurance company holding systems to align with the National Association of Insurance Commissioners’ model act.
HB24-1351 Sunset Division Banking & Board The bill implements the recommendations in the 2023 sunset report by the department of regulatory agencies.
HB24-1378 Consumer Protection in Event Ticket Sales The bill amends consumer protection laws regarding ticket sales and resales for events. The bill requires operators and resellers to guarantee refunds to purchasers of tickets under certain circumstances. The bill prohibits an operator from denying an individual access to an event because the individual’s ticket was bought through a reseller.
HB24-1380 Regulation of Debt-Related Services The bill makes the following actions by a debt collector or collection agency that is subject to the “Colorado Fair Debt Collection Practices Act” unfair or deceptive trade practices under the “Colorado Consumer Protection Act:” Taking any legal action on a debt against a consumer if the debt collector or collection agency is the named plaintiff unless the debt collector or collection agency has purchased complete ownership of the debt, without any ownership interest retained by the seller, original creditor, or other third party; and Seeking or supporting a warrant or otherwise promoting the arrest or detainment of a consumer, including on motions related to discovery or contempt of court, in any legal action against the consumer in connection with an action to collect or attempt to collect a debt.
HB24-1381 Sunset Division of Financial Services The bill implements the recommendations of the department of regulatory agencies in its sunset review and report on the division of financial services, which is created within DORA.
SB24-041 Privacy Protections for Children’s Online Data The bill amends the “Colorado Privacy Act” to add enhanced protections when a minor’s data is processed and there is a heightened risk of harm to the minor. The bill applies to any entity that controls consumer personal data and that conducts business in Colorado or delivers products or services that are targeted at Colorado residents, regardless of the volume of or amount of revenue derived from that activity.
SB24-149 Workers’ Compensation State Employees The bill removes the state’s ability to elect self-insurance as a means of maintaining the state employee workers’ compensation account, while leaving intact the state’s ability to procure commercial workers’ compensation insurance to maintain the account.
SB24-155 Payment of Family & Medical Leave Benefits The bill specifies that a judgment for a debt for overpayment of paid family and medical leave benefits is eligible to be assigned, released, or commuted and is not exempt from claims of creditors or from levy, execution, and attachment or other remedy or recovery or collection of a debt. The bill adds family and medical leave benefits to the list of exceptions for which workers’ compensation benefits may be assigned, levied, or attached.
SB24-180 Repeal Colorado Digital Token Act The bill repeals the “Colorado Digital Token Act.”

State Bill Colorado

This special bill report is courtesy of State Bill Colorado, a product of our publisher Circuit Media.

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