SENATE BILL 25-016
BY SENATOR(S) Snyder, Bright, Carson, Kipp, Marchman,
Michaelson Jenet, Coleman;
also REPRESENTATIVE(S) Boesenecker and Weinberg, Bacon, Bird,
Caldwell, Marshall.
C
ONCERNING UPDATING THE FRAMEWORK GOVERNING ESCROW
DISBURSEMENTS FOR REAL ESTATE TRANSACTIONS
.
Be it enacted by the General Assembly of the State of Colorado:
SECTION 1. In Colorado Revised Statutes, 38-35-125, amend
(1)(a) as follows:
38-35-125. Closing and settlement services - disbursement of
funds - deceptive trade practice - definitions. (1) As used in this section,
unless the context otherwise requires:
(a) "Available for immediate withdrawal as a matter of right"
includes funds transferred by any of the following means:
(I) Any
A wire transfer MADE THROUGH A FUNDS-TRANSFER SERVICE
OPERATED BY THE FEDERAL RESERVE OR THE
CLEARING HOUSE PAYMENTS
NOTE: This bill has been prepared for the signatures of the appropriate legislative
officers and the Governor. To determine whether the Governor has signed the bill
or taken other action on it, please consult the legislative status sheet, the legislative
history, or the Session Laws.
________
Capital letters or bold & italic numbers indicate new material added to existing law; dashes
through words or numbers indicate deletions from existing law and such material is not part of
the act. COMPANY;
(II) Any A certified check, cashier's check, teller's check, or any
other instrument as defined by federal regulation CC, 12 CFR 229.10 (c);
AND
(III) A REAL-TIME OR AN INSTANT PAYMENT MADE THROUGH A
FUNDS
-TRANSFER SERVICE OPERATED BY THE FEDERAL RESERVE OR THE
CLEARING HOUSE PAYMENTS COMPANY'S REAL-TIME PAYMENTS SYSTEM.
SECTION 2. Act subject to petition - effective date -
applicability. (1) This act takes effect at 12:01 a.m. on the day following
the expiration of the ninety-day period after final adjournment of the
general assembly; except that, if a referendum petition is filed pursuant to
section 1 (3) of article V of the state constitution against this act or an item,
section, or part of this act within such period, then the act, item, section, or
part will not take effect unless approved by the people at the general
election to be held in November 2026 and, in such case, will take effect on
the date of the official declaration of the vote thereon by the governor.
PAGE 2-SENATE BILL 25-016 (2) This act applies to real estate transactions occurring on or after
the applicable effective date of this act.
____________________________ ____________________________
James Rashad Coleman, Sr. Julie McCluskie
PRESIDENT OF SPEAKER OF THE HOUSE
THE SENATE OF REPRESENTATIVES
____________________________ ____________________________
Esther van Mourik Vanessa Reilly
SECRETARY OF CHIEF CLERK OF THE HOUSE
THE SENATE OF REPRESENTATIVES
APPROVED________________________________________
(Date and Time)
_________________________________________
Jared S. Polis
GOVERNOR OF THE STATE OF COLORADO
PAGE 3-SENATE BILL 25-016