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CO HB1248
Bill
Status
Introduced
2/21/2018
Primary Sponsor
Tracy Kraft-Tharp
Click for details
AI Summary
- Changes Colorado law to extend electronic funds transfer protections from "account holders" to "consumers," defined as individuals entering into transactions primarily for personal, family, or household purposes
- Replaces the previous $50 liability cap for unauthorized card or device use with liability standards set forth in Federal Regulation E (12 CFR 1005.1 et seq.) under the Electronic Fund Transfer Act
- Maintains that consumers incur no liability for unauthorized use that occurs through no fault of their own
- Takes effect August 8, 2018, or later if subject to a successful referendum petition, with approval required at the November 2018 general election if petitioned
Legislative Description
Unauthorized Funds Transfers Consumer Protection
Last Action
House Second Reading Laid Over to 05/10/2018 - No Amendments
4/2/2018
Committee Referrals
Business Affairs and Labor2/21/2018
Full Bill Text
No bill text available