NOTE: This bill has been prepared for the signature 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. SENATE BILL 06-014 BY SENATOR(S) Taylor, Hanna, Entz, and Williams; also REPRESENTATIVE(S) White, Coleman, Schultheis, Vigil, Green, and Sullivan. Concerning the regulation of entities subject to the real estate commission. Be it enacted by the General Assembly of the State of Colorado: SECTION 1. 12-61-103.6 (2) (a), Colorado Revised Statutes, is amended to read: 12-61-103.6. Errors and omissions insurance - duties of the commission - certificate of coverage - when required - group plan made available - effect - repeal. (2) (a) If the commission is unable to obtain errors and omissions insurance coverage to insure all licensees who choose to participate in the group program at a reasonable annual premium, as determined by the commission, a licensee shall independently obtain the errors and omissions insurance requirement of required by this section. shall not apply during any year for which coverage cannot be obtained. SECTION 2. 12-61-113, Colorado Revised Statutes, is amended BY THE ADDITION OF A NEW SUBSECTION to read: 12-61-113. Investigation - revocation - actions against licensee - repeal. (9) When the division of real estate becomes aware of facts or circumstances that fall within the jurisdiction of a criminal justice or other law enforcement authority upon investigation of the activities of a licensee, the division shall, in addition to the exercise of its authority under this part 1, refer and transmit such information, which may include originals or copies of documents and materials, to one or more criminal justice or other law enforcement authorities for investigation and prosecution as authorized by law. SECTION 3. Effective date - applicability. (1) This act shall take effect January 1, 2007. (2) However, if a referendum petition is filed against this act or an item, section, or part of this act during the 90-day period after final adjournment of the general assembly that is allowed for submitting a referendum petition pursuant to article V, section 1 (3) of the state constitution, then the act, item, section, or part, shall not take effect unless approved by the people at a biennial regular general election and shall take effect on the date specified in subsection (1) or on the date of the official declaration of the vote thereon by proclamation of the governor, whichever is later. (3) The provisions of this act shall apply to acts occurring on or after the applicable effective date of this act. ____________________________ ____________________________ Joan Fitz-Gerald Andrew Romanoff PRESIDENT OF SPEAKER OF THE HOUSE THE SENATE OF REPRESENTATIVES ____________________________ ____________________________ Karen Goldman Marilyn Eddins SECRETARY OF CHIEF CLERK OF THE HOUSE THE SENATE OF REPRESENTATIVES APPROVED________________________________________ _________________________________________ Bill Owens GOVERNOR OF THE STATE OF COLORADO