SB 18-165

Senate Bill 18-165, which has been signed into law, increases the bond requirement for public administrators in Colorado from $25,000 to $100,000. It also ensures that deputy public administrators must meet the same requirements as their supervisors, including maintaining a similar bond amount and filing detailed reports about costs and fees related to estate management. This bill affects public administrators and their deputies who handle estates when there is no clear executor or administrator named in a will. Since it has been signed into law, these new rules are now enforceable and will impact how public administrators and their deputies operate in the state.

Official Summary

Legislative Audit Committee. Under existing law, public administrators are required to maintain a $25,000 bond and file certain information and reports with the administrator's appointing court. Public administrators may appoint deputy public administrators. The bill increases the amount of bond public administrators are required to maintain to $100,000 and clarifies the following: That deputy public administrators are subject to the same statutory requirements as public administrators, including the bond requirement; The information about costs and fees that must be included in small estate statement of account filings by public administrators; and The form of annual reports that must be filed by public administrators and deputy public administrators.(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.) , Read More

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