The bill: Authorizes a limited cooperative association to operate as a public benefit corporation; Deletes the requirement that a public benefit corporation's entity name explicitly refer to its status as a public benefit corporation, and instead requires that before issuing shares of stock or disposing of treasury shares that are not required to be federally registered, the public benefit corporation must provide notice to the person to whom the stock is issued or who acquires the treasury shares that it is a public benefit corporation ( section 1 of the bill); Subjects transactions to opt out of status as a public benefit corporation to the requirement to get shareholder approval ( section 2 ); Clarifies the requirements applicable to the filing of the annual public benefit report ( section 4 ); Clarifies that the existence of a provision of the public benefit corporation law does not of itself create an implication that a contrary or different rule of law is or would be applicable to an entity that is not a public benefit corporation ( section 5 ); and Appropriates $30,488 from the department of state cash fund to the department of state for the implementation of the act.(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)
Sponsored bills
Sunset Process - Senate Business, Labor, and Technology Committee. The bill implements many of the recommendations of the department of regulatory agencies, as contained in the department's sunset review of motor vehicle and powersports vehicle sellers, as follows: Continues the regulation of motor vehicle and powersports vehicle sales until September 1, 2027; Codifies the auto industry division in statute under the department of revenue and changes the authority to enforce the regulation of the licensing of vehicle sellers from the executive director of the department of revenue to the director of the division; Requires a licensing application when a business acquires a new owner; Subjects the license of a dealer to discipline when the owner is acting as a salesperson and violates the law governing salespersons; Requires a fingerprint-based criminal history record check for all licensees; and Requires people who have had licenses revoked to wait one year before applying for a new license. To implement the bill, $12,568 is appropriated from the auto dealers license fund to the department of revenue, and $162,983 is appropriated from the Colorado bureau of investigation unit fund to the department of public safety. (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)
The bill increases the penalties on unlicensed motor vehicle sales. (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)
Current law allows boards of political subdivisions to enter into energy cost-savings contracts for utility cost savings. Utility cost savings are defined in law to include an installation, modification, or service that is designed to reduce energy consumption and related operating costs in buildings and other facilities. The bill specifies that the boards may also enter into energy cost-savings contracts for increasing meter accuracy, which is defined as a utility cost-savings measure. The bill also changes the definition of 'operation and maintenance cost savings' to clarify that the calculation must be made on a net basis. (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)
Current law prohibits a motor vehicle manufacturer (manufacturer) from requiring a motor vehicle dealer (dealer) to substantially alter a facility or premises if the manufacturer required it within the last 7 years at a cost set in statute based on the type of dealer. Section 1 of the bill extends this prohibition to 10 years. Section 1 also prohibits a manufacturer from: Selling a similarly equipped motor vehicle to one dealer at a lower price than to another dealer; Requiring or enforcing a contract giving the manufacturer a right of first refusal or an option to purchase the dealership; and Using an unreasonable, arbitrary, unfair, or surprise performance standard in determining a dealer's compliance with a franchise agreement. Section 2 repeals a provision that gives a dealer a right of first refusal for new franchises when the dealer was terminated due to the insolvency of the manufacturer. Section 2 also authorizes a dealer to sue in court to contest a manufacturer adding or moving a dealership to a market with a current dealer when this action would materially and adversely affect the dealer or the public. Such an action may currently be done administratively. Procedures are set for the civil action and an administrative hearing. Standards are set for determining the outcome. A prevailing party may get attorney fees and costs. Section 3 authorizes a dealer to sue a manufacturer in court to contest whether a termination was for just cause or for failing to provide notice of a termination. Such an action may currently be done administratively. The current process for staying the termination is strengthened. The manufacturer has the burden of proof. A prevailing dealer may get attorney fees and costs. Section 4 requires a manufacturer, when the manufacturer requires the dealer to stop selling a used motor vehicle due to a technical mechanical issue, to provide parts and a solution within 30 days or to provide compensation to the dealer. Standards are set for eligibility and payment.(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)
The bill creates the 'Colorado Uninsured Employer Act' to create a new mechanism for the payment of covered claims to workers who are injured while employed by employers who do not carry workers' compensation insurance. The bill creates the Colorado uninsured employer fund, which consists of penalties from employers who do not carry workers' compensation insurance. The bill creates the uninsured employer board to establish the criteria for the payment of benefits, to set rates, to adjust claims, and to adopt rules. The board is required to adopt, by rule, a plan of operation to administer the fund and to institute procedures to collect money due to the fund. (Note: This summary applies to this bill as introduced.)
Sunset Process - Senate Business, Labor, and Technology Committee. The bill implements one of the two recommendations contained in the department of regulatory agencies' (department) sunset report on the regulation of landscape architects by the division of professions and occupations, including the state board of landscape architects (board). Sections 1 and 2 of the bill implement recommendation 1 of the sunset report to continue the licensing of landscape architects for 11 years, until 2028.(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)
Currently, a tow carrier who tows abandoned motor vehicles uses an electronic system to access department records to ascertain and notify the motor vehicle's owner and lienholder. The bill allows insurers and salvage pools to use the same system to determine a motor vehicle's owner and lienholder. (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)
Under current law, the commissioner of insurance (commissioner) is authorized to conduct financial examinations and market conduct examinations of companies engaged in the insurance business in Colorado. Financial examinations, which the commissioner conducts on every company domiciled in Colorado once every 5 years, are intended to ensure that regulated insurance companies have proper corporate governance and internal controls and are able to pay claims. Market conduct examinations are intended to ensure that regulated insurance companies are complying with applicable laws and rules and that policyholders, providers, and beneficiaries are treated equitably. Statutes pertaining to both financial examinations and market conduct examinations are intertwined and, in some cases, overlap and conflict. Because of the repeal and relocation of market conduct provisions under sections 2 through 10 of the bill, section 1 of the bill consolidates and relocates provisions that apply generally to the commissioner and the division of insurance (division) regarding confidential treatment of documents the commissioner obtains during an investigation, the subpoena powers of the division, and the commissioner's ability to contract with experts in conducting an investigation. Sections 2 through 10 separate the market conduct examination provisions from the financial examination provisions, repealing and relocating the market conduct examination provisions to a separate part and more clearly delineating the scope and functions of the 2 distinct types of examinations conducted by the commissioner. With regard to market conduct reviews, section 10 also uses the term 'market conduct surveillance' and specifies the types of activities that includes, such as market analysis, interrogatories, and market conduct examinations. Sections 11 through 16 make conforming amendments based on the repeal and relocation of the market conduct examination provisions.(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)
Statutory Revision Committee. Pursuant to section 24-1-136 (11)(a)(I), Colorado Revised Statutes, any report that is required to be made to the general assembly by an executive agency or the judicial branch on a periodic basis expires on the day after the third anniversary of the date on which the first report was due unless the general assembly, acting by bill, continues the requirement. The bill continues indefinitely reporting requirements of the department of natural resources that were scheduled to repeal according to section 24-1-136 (11)(a)(I). (Note: This summary applies to this bill as introduced.)