HB 12-1020 Summary

• Applies to debts of less than $5,000 where a creditor refuses to accept United States currency or coin as payment.

• Allows the debtor to deduct from the amount owed a sum covering the cost of obtaining an alternative medium of exchange acceptable to the creditor.

• Alternatively, the debtor may demand the creditor reimburse the cost of obtaining an acceptable medium of exchange.

• Acceptable alternative payment methods include cashier's checks, certified checks, bank checks, money orders, or other similar instruments.

• Takes effect 90 days after final adjournment of the general assembly (August 7, 2012) unless subject to referendum petition requiring voter approval.