HB 18-1248

HB 18-1248, also known as the Unauthorized Funds Transfers Consumer Protection bill, expands consumer protections for electronic funds transfers in Colorado. Originally, these protections were only available to people with established bank accounts like checking or savings accounts. The new law now covers anyone who uses electronic payments for personal, family, or household needs, not just those with traditional bank accounts. This means more individuals will be protected if unauthorized transactions occur on their accounts. Since the bill has been signed into law, it is now enforceable and active in Colorado.

Official Summary

Current law requires each Colorado bank that engages in electronic funds transfers to provide certain protections to each "account holder", which is defined as a person having an established demand, savings, or loan account at a Colorado bank. The bill amends the law to require banks to provide such protections to each "consumer", which is defined as an individual who enters into a transaction primarily for personal, family, or household purposes. (Note: This summary applies to this bill as introduced.) , Read More