SB12-042 Summary

• Authorizes Colorado's state department to identify and seize assets owned by individuals owing child support in other states upon request, using data matches with entities where assets may be found.

• Requires financial institutions and state entities to conduct quarterly data matches with the state department to identify account holders owing past-due child support.

• Mandates financial institutions provide account holder information within 45 days of receiving data and return matched results within three business days in electronic or magnetic form.

• Prohibits seizure of custodial accounts under the Colorado Uniform Transfers to Minors Act, escrow funds, and trust accounts holding money for third parties.

• Allows financial institutions to apply obligor parent assets against any amounts owed by that parent to the institution before surrendering assets to the state department.