Page 1
February 22, 2022 SB 22-122
Legislative Council Staff
Nonpartisan Services for Colorado’s Legislature
Fiscal Note
Drafting Number:
Prime Sponsors:
LLS 22-0692
Sen. Gardner
Rep. Tipper
Date:
Bill Status:
Fiscal Analyst:
February 22, 2022
Senate Judiciary
Jake Carias | 303-866-4776
Jake.Carias@state.co.us
Bill Topic: UNIFORM VOIDABLE TRANSACTIONS ACT
Summary of
Fiscal Impact:
No fiscal impact. This bill updates the Colorado Uniform Fraudulent Transfer Act by
incorporating amendments approved by the Uniform Law Commission and updating
language to accommodate technology. It is assessed as having no fiscal impact on
state and local governments.
Appropriation
Summary:
No appropriation is required.
Fiscal Note
Status:
The fiscal note reflects the introduced bill.
Summary of Legislation
This bill enacts the amendments to the "Colorado Uniform Fraudulent Transfer Act," as recommended
by the Colorado Commission on Uniform State Laws. The bill updates and adds new language in
regards to the title of the act, choice of law, evidentiary matters and the burden of proof, removal of
special definitions, refining options for potential defenses, and wording and style changes. The bill
also includes electronic records within definitions.
Background
Colorado Commission on Uniform State Laws. The Colorado Commission on Uniform State Laws
is charged with working with the national Uniform Law Commission (ULC) to promote uniformity
in state laws where uniformity may be deemed desirable and practicable. This is achieved by
developing proposed uniform legislation through the ULC that can be adopted by state legislatures.
Colorado's commissioners are required to be attorneys admitted to practice law in Colorado. Members
include six attorneys appointed or reappointed by joint resolution of the General Assembly; any
Colorado citizen who is elected as a life member of the ULC (after twenty years of membership); and
the Director of the Office of Legislative legal Services, or the Director's designee. The Office of
Legislative Legal Services provides assistance to the legislative members of the Colorado Commission.
Page 2
February 22, 2022 SB 22-122
Assessment of No Fiscal Impact
This bill updates the Colorado Uniform Fraudulent Transfer Act and incorporates new language to
accommodate technology. The bill results in no change to state or local government revenue or
expenditures. For this reason, the bill is assessed as having no fiscal impact.
Effective Date
The bill takes effect 90 days following adjournment of the General Assembly sine die, assuming no
referendum petition is filed, and applies to transactions occurring on or after the bill’s effective date.
State and Local Government Contacts
County Clerks Human Services Information Technology
Judicial Law Local Affairs
Regulatory Agencies Secretary of State
The revenue and expenditure impacts in this fiscal note represent changes from current law under the bill for each
fiscal year. For additional information about fiscal notes, please visit: leg.colorado.gov/fiscalnotes.