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CO HB1026

Bill

Status

Failed

3/11/2021

Primary Sponsor

Mark Baisley

Click for details

Origin

House of Representatives

2021 Regular Session

AI Summary

  • Defines "protected series" as an arrangement established by a foreign entity where the series' assets are shielded from claims against the foreign entity and vice versa.

  • Authorizes foreign series entities doing business in Colorado to file a statement with the secretary of state listing the name and principal place of business of any protected series.

  • Grants protected series the same rights and privileges as functionally equivalent domestic entities while subjecting them to the same duties, restrictions, penalties, and liabilities.

  • Makes foreign series entities liable for debts and obligations of both the parent entity and its protected series arising from Colorado transactions or relationships.

  • Takes effect 90 days after final adjournment of the general assembly, subject to a potential referendum petition requiring approval by voters at the November 2022 general election.

Legislative Description

Allow Foreign Protected Series Do Business In Colorado

Last Action

House Committee on Business Affairs & Labor Postpone Indefinitely

3/11/2021

Committee Referrals

Business Affairs and Labor2/16/2021

Full Bill Text

No bill text available