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February 3, 2023 SB 23-090
Legislative Council Staff
Nonpartisan Services for Colorado’s Legislature
Fiscal Note
Drafting Number:
Prime Sponsors:
LLS 23-0564
Sen. Gardner
Rep. Snyder
Date:
Bill Status:
Fiscal Analyst:
February 3, 2023
Senate Judiciary
Clayton Mayfield | 303-866-5851
clayton.mayfield@coleg.gov
Bill Topic: UNIFORM COMMERCIAL CODE 2022 AMENDMENTS
Summary of
Fiscal Impact:
☒ State Revenue
☒ State Expenditure
☐ State Transfer
☐ TABOR Refund
☐ Local Government
☐ Statutory Public Entity
The bill enacts changes to the Colorado’s Uniform Commercial Code. It may minimally
impact state revenue and workload on an ongoing basis.
Appropriation
Summary:
No appropriation is required.
Fiscal Note
Status:
The fiscal note reflects the introduced bill, as recommended by the Colorado
Commission on Uniform State laws.
Summary of Legislation
The bill enacts amendments to the “Uniform Commercial Code,” as recommended by the Colorado
Commission on Uniform State Laws. The bill updates definitions and adds new language concerning
emerging technologies and transaction types, such as non-fungible tokens (NFTs) and digital
currencies.
Background
Colorado Commission on Uniform State Laws. The Colorado Commission on Uniform State Law 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 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 3, 2023 SB 23-090
State Revenue and Expenditures
To the extent that changes to definitions and processes under the UCC result in additional civil cases
being filed by parties to a transaction governed by the code, workload in the trial courts and revenue
from filing fees in the Judicial Department will increase. Filing fees are subject to TABOR. Overall,
any impacts to state revenue and expenditures are assumed to be minimal and no change in
appropriations is required.
Effective Date
The bill takes effect 90 days following adjournment of the General Assembly sine die, assuming no
referendum petition is filed.
State and Local Government Contacts
Judicial Law 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.