HB 24-1328 Summary

• Extends the sunset date for money transmitter regulation functions from September 1, 2024 to September 1, 2030, implementing recommendations from the 2023 Department of Regulatory Agencies sunset report.

• Increases penalties for money transmitter license violations, raising the daily penalty for examination refusal from $100 to $1,000 and late reporting penalties from $250 to $750 per day.

• Requires applicants and licensed money transmitters to pay actual costs of fingerprint-based criminal history record checks and authorizes the commissioner to perform checks through either the FBI or Colorado Bureau of Investigation.

• Adds authority for the commissioner to issue immediate cease-and-desist orders when credible evidence shows violations causing imminent public harm, with respondents having ten days to request a hearing.

• Updates language throughout Article 110 to modernize statutory references and clarify that the banking board can suspend or revoke licenses, in addition to the existing revocation authority.