CO SB074

Clarifies that contractors on public construction projects who knowingly file a verified statement of claim (VSOC) or bond claim for an excessive amount forfeit only their rights under the public construction bond and lien statutes, not all legal rights

Aligns penalties for excessive claims between private and public construction projects, where private contractors already only forfeit rights to the specific lien when filing excessive mechanic's liens

Contractors filing excessive claims remain liable for all costs and attorney fees incurred by the opposing party in bonding over, contesting, or responding to the excessive claim

Amends Colorado Revised Statutes section 38-26-110 regarding excessive amounts claimed in public construction performance bond disputes

Effective date of August 12, 2026, unless a referendum petition is filed, in which case it would require voter approval in November 2026