CO HB1218

Expands the Colorado banking commissioner's authority to exchange information about banks, trust companies, and money transmitters with state and territorial financial institution regulatory agencies, in addition to existing federal regulators.

Adds requirement that the commissioner may only share information with other governmental agencies if reasonably satisfied the agency is obligated by law or contract to share similar information with Colorado and maintain confidentiality under conditions no less restrictive than those imposed on Colorado.

Allows exchange of money transmitter information with other state or United States territorial regulatory agencies regarding compliance with federal money laundering and financial crimes laws, including the Bank Secrecy Act and Money Laundering Control Act of 1986.

Takes effect 90 days after final adjournment of the general assembly (August 9, 2017), subject to potential referendum petition requiring voter approval in November 2018.