A Bill for an Act
Page 1, Line 101Concerning the continuation of the "Identity Theft and
Page 1, Line 102Financial Deterrence Act", and, in connection
Page 1, Line 103therewith, implementing the recommendations
Page 1, Line 104contained in the 2024 sunset report by the department
Page 1, Line 105of regulatory agencies.
Bill Summary
(Note: This summary applies to this bill as introduced and does not reflect any amendments that may be subsequently adopted. If this bill passes third reading in the house of introduction, a bill summary that applies to the reengrossed version of this bill will be available at http://leg.colorado.gov/.)
Sunset Process - Senate Judiciary Committee. The "Identity Theft and Financial Deterrence Act" is set to repeal September 1, 2025. The bill implements the department of regulatory agencies' recommendations to:
- Continue the "Identity Theft and Financial Fraud Deterrence Act" until September 1, 2036;
- Repeal the identity theft and financial fraud board; and
- Repeal the current cash fund funding structure; allow appropriation of money from the general fund to the department of public safety; and allow the department of public safety to accept gifts, grants, and donations to staff the Colorado investigators unit.
Page 2, Line 1Be it enacted by the General Assembly of the State of Colorado:
Page 2, Line 2SECTION 1. In Colorado Revised Statutes, 24-34-104, repeal (26)(a)(V) and (26)(a)(VI); and add (37) as follows:
Page 2, Line 324-34-104. General assembly review of regulatory agencies
Page 2, Line 4and functions for repeal, continuation, or reestablishment - legislative
Page 2, Line 5declaration - repeal. (26) (a) The following agencies, functions, or both, are scheduled for repeal on September 1, 2025:
Page 2, Line 6(V)
The identity theft and financial fraud board created in part 17 of article 33.5 of this title;Page 2, Line 7(VI)
The Colorado fraud investigators unit created in part 17 of article 33.5 of this title;Page 2, Line 8(37) (a) The following agencies, functions, or both, are scheduled for repeal on September 1, 2036:
Page 2, Line 9(I) The Colorado fraud investigators unit created in part 17 of article 33.5 of this title 24.
Page 2, Line 10(b) This subsection (37) is repealed, effective September 1, 2038.
Page 2, Line 11SECTION 2. In Colorado Revised Statutes, 24-33.5-1704, amend (2); and repeal (6) as follows:
Page 2, Line 1224-33.5-1704. Colorado fraud investigators unit - creation -
Page 3, Line 1duties - repeal. (2) The purpose of the unit
shall bePage 3, Line 2attorney general, sheriffs, police, and district attorneys in investigating
Page 3, Line 3identity theft and financial fraud crimes and in prosecuting persons who
Page 3, Line 4commit those crimes. The unit
shallservePage 3, Line 5resource for law enforcement agencies, members of the financial industry,
Page 3, Line 6and the public regarding identity theft and financial fraud crimes and
Page 3, Line 7strategies for protection from and deterrence of these crimes.
The unitPage 3, Line 8
shall operate pursuant to the comprehensive plan prepared by the unit andPage 3, Line 9
approved by the board pursuant to section 24-33.5-1706. The board shall have the oversight and direction of the unit in all of its operations.Page 3, Line 10(6)
The unit shall provide such clerical and technical assistance as the board may require.Page 3, Line 11SECTION 3. In Colorado Revised Statutes, amend 24-33.5-1708 as follows:
Page 3, Line 1224-33.5-1708. Repeal of part. (1) This part 17 is repealed, effective
September 1, 2025Page 3, Line 13(2) Prior to said repeal,
the board andPage 3, Line 14SECTION 4. In Colorado Revised Statutes, repeal and reenact, with amendments, 24-33.5-1707 as follows:
Page 3, Line 1524-33.5-1707. Identity theft and financial fraud fund - creation
Page 3, Line 16- source of funds. (1) The identity theft and financial fraud fund,
Page 3, Line 17referred to in this section as the "fund", is created in the state
Page 3, Line 18treasury. The fund consists of gifts, grants, or donations
Page 3, Line 19credited to the fund pursuant to subsection (2) of this section
Page 3, Line 20and all money that the general assembly appropriates or
Page 3, Line 21transfers to the fund. The department of public safety shall administer the fund.
Page 4, Line 1(2) The department of public safety may seek, accept, and
Page 4, Line 2expend gifts, grants, or donations from private or public sources for the purpose of this part 17.
Page 4, Line 3(3) The state treasurer shall credit all interest and
Page 4, Line 4income derived from the deposit and investment of money in the fund to the fund.
Page 4, Line 5(4) Money in the fund is continuously appropriated to the
Page 4, Line 6Colorado fraud investigators unit, created in section 24-33.5-1704, to staff the unit.
Page 4, Line 7(5) Any money in the fund not expended or encumbered
Page 4, Line 8from an appropriation at the end of a fiscal year remains in the fund and is available for expenditure in the next fiscal year.
Page 4, Line 9SECTION 5. In Colorado Revised Statutes, repeal 24-1-128.6 (6), 24-33.5-1703, 24-33.5-1705, and 24-33.5-1706.
Page 4, Line 10SECTION 6. Act subject to petition - effective date. This act
Page 4, Line 11takes effect at 12:01 a.m. on the day following the expiration of the
Page 4, Line 12ninety-day period after final adjournment of the general assembly; except
Page 4, Line 13that, if a referendum petition is filed pursuant to section 1 (3) of article V
Page 4, Line 14of the state constitution against this act or an item, section, or part of this
Page 4, Line 15act within such period, then the act, item, section, or part will not take
Page 4, Line 16effect unless approved by the people at the general election to be held in
Page 4, Line 17November 2026 and, in such case, will take effect on the date of the official declaration of the vote thereon by the governor.