HB 18-1140 Summary

• Repeals obsolete state and local personal surety bond requirements for public officials, including provisions requiring department heads handling state funds to provide bonds (CRS 24-2-104) and county-specific surety requirements (CRS 24-13-122 and 24-13-123).

• Authorizes public entities to purchase crime insurance as an alternative to requiring personal surety bonds for elected, appointed, or employed officials, protecting against dishonesty, theft, or fraud by the official.

• Exempts public officials and entities from all statutory requirements related to personal surety bonds when crime insurance is purchased, including requirements on bond type, provider, form, amount, or filing.

• Requires crime insurance to be purchased from Colorado-licensed providers with premiums paid by the public entity, except for the State Treasurer bond required under CRS 24-22-101.

• Takes effect August 8, 2018, or upon voter approval if a referendum petition is filed within 90 days after final adjournment of the general assembly.