CO HB1295

Effective July 1, 2020, county treasurers in second and third class counties shall serve as public trustees, replacing the governor-appointed public trustee system in second class counties.

County treasurers serving as public trustees in second class counties must create a written transition plan by July 2020 describing anticipated staffing needs, budget impacts, and how the office will address them, posted on the county website at least 60 days prior.

Treasurers may hire existing staff from the previous public trustee's office, including the prior trustee, if practicable and necessary to meet public trustee obligations.

County treasurers serving as public trustees in second class counties receive an annual salary of $12,500 and shall execute a $10,000 surety bond; governor-appointed public trustees in second class counties (prior to July 1, 2020) are exempt from the bond requirement.

Each second class county must submit a report on public trustee operations to the Department of Local Affairs by November 2021, with compiled reports presented to legislative committees by January 1, 2022.