Date: 10/20/2015
Final
2.a. Uniform Fiduciary Access to Digital Assets, LLS 16-0126
COMMITTEE ON COLORADO COMMISSION ON UNIFORM STATE LAWS
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10:04 AM -- 2.a. Uniform Fiduciary Access to Digital Assets, LLS 16-0126
10:04 AM -- Victoria Bantz, CBA Business Law Section, stated that the section and the CBA Trusts & Estates Section are close to finalizing some of the applicability language in the act. The commission discussed concerns raised in an Independent Bankers letter received by the CCUSL and suggested that these concerns may be addressed by publishing the Uniform Law Commission’s (ULC) comments with the act.
10:13 AM -- Steve Brainerd, CBA Trusts and Estate Section, concurred with Ms. Bantz regarding the finalization of language changes. He added that the language changes will also need to be signed off on by the CBA Legislative Policy Committee.
10:15 AM -- Stanley Kent, former CCUSL Commissioner and member of the act's drafting committee, stated that there seems to be some misunderstanding regarding what this act currently does, possibly due to the previous version of the act being referenced. The current act allows a fiduciary access to digital information only with the user’s authorization. It allows the fiduciary to discover that the user may have digital assets, but not specific information about those assets unless permission has been given.