H.B. 07-1185: Bank Account Entity Financial Instutions
Allows a person acting or purporting to act for or on behalf of an entity, and who opens a deposit or loan account for an entity at a financial institution, to provide the financial institution with a certificate of existence and authority. Requires the certificate of existence and authority to include:
- The name and mailing address of the entity;
- The type of entity and the state, country, or other governmental authority under whose laws the entity was formed;
- The organization date of the entity;
- The name, mailing address, and office or other position held by the person executing the certificate; and
- A statement that the board of directors, managers, members, general partners, or other governing body of the entity opening the account has duly taken all action legally required to open the account in the name of the entity and the name, office, or other position of the person who has been duly authorized to engage in transactions with respect to the account, including any limitation that may exist upon the authority of such person to bind the entity and any other matters concerning the manner in which such person may deal with the account. If the deposit is to be opened on behalf of an institution of higher education, the statement shall be accompanied by a resolution certified by the secretary of the governing board.
Limits the liability of the financial institution when opening a deposit or loan account for an entity if the information contained in the certificate is inaccurate, unless the financial institution has actual knowledge that the information is inaccurate.
APPROVED by Governor April 2, 2007 EFFECTIVE April 2, 2007
View Bill: H.B. 07-1185 PDF
H.B. 07-1327: Creditor Notice Delinquency
Allows a creditor that provides periodic statements for each installment payment owed by a consumer to notify the consumer of the assessment of a delinquency charge on or with the next periodic statement provided to the consumer after the charge has been assessed.
APPROVED by Governor May 14, 2007 EFFECTIVE May 14, 2007
View Bill: H.B. 07-1327 PDF
H.B. 07-1362: Creditor Notice Delinquency
In provisions of the "Colorado Common Interest Ownership Act" pertaining to the recording of documents that disclose information such as boundaries, development rights retained by the declarant, and other matters, clarifies that information need not appear in the form of a label on a plat or map in order to be considered a legally binding identification of parcels that are subject to specific rights or obligations. Gives legal effect to certain information contained in the declaration, a map or plat, or some combination of any two or all of the three documents.
APPROVED by Governor June 1, 2007 EFFECTIVE July 1, 2007
View Bill: H.B. 07-1362 PDF