HB 24-1381 Summary

• Extends the sunset date for the Division of Financial Services from September 1, 2024 to September 1, 2033, continuing the division within the Department of Regulatory Agencies

• Implements recommendations from the 2023 sunset report, including updates to regulatory language, modernizing references to gender-neutral terminology, and updating provisions regarding commissioner authority

• Allows credit unions chartered in different states to merge with Colorado credit unions with approval from both credit union boards, the commissioner, and the federal National Credit Union Administration

• Increases civil money penalties for violations from a maximum of $1,000 per day to $5,000 per day, or up to $50,000 as a lump sum alternative

• Removes obsolete transfer of functions language (Section 11-30-124) that is no longer applicable, reflecting changes in organizational structure since 1988