CO SB162

Establishes the Office of Rail Safety within the Public Utilities Commission with authority to conduct inspections, investigations, and enforcement activities for compliance with federal railroad safety laws and regulations

Creates a new annual rail safety fee beginning July 1, 2027, paid by Class I railroads, certain other railroads, and passenger rail systems, capped at $2.9 million per calendar year, with funds deposited into a new Office of Rail Safety Fund

Requires railroads to notify the state's watch center within 30 minutes of discovering a train emergency, and the watch center must immediately notify the Commission and Office of Rail Safety

Mandates a comprehensive hazardous materials response assessment by December 15, 2029, including mapping of environmentally critical areas, inventory of first responder training and equipment, and emergency response recommendations

Grants train crew members discretion to communicate with first responders and cut crossings during emergencies, with civil liability immunity for good-faith emergency actions