HOUSE BILL 971199
BY REPRESENTATIVES Reeser and Schwarz;
also SENATOR Lacy.
CONCERNING TERMINAL RENTAL ADJUSTMENT CLAUSES IN
FLEET LEASE AGREEMENTS.
Be it enacted by the General Assembly of the State
of Colorado:
SECTION 1. 426120,
Colorado Revised Statutes, 1993 Repl. Vol., as amended, is amended
BY THE ADDITION OF A NEW SUBSECTION to read:
426120. Security interests
upon motor vehicles. (3) NOTWITHSTANDING
ANY PROVISION OF LAW TO THE CONTRARY, IN THE CASE OF MOTOR VEHICLES
OR TRAILERS, A LEASE TRANSACTION DOES NOT CREATE A SALE OR SECURITY
INTEREST SOLELY BECAUSE IT PERMITS OR REQUIRES THE RENTAL PRICE
TO BE ADJUSTED EITHER UPWARD OR DOWNWARD UNDER THE AGREEMENT BY
REFERENCE TO THE AMOUNT REALIZED UPON SALE OR OTHER DISPOSITION
OF THE MOTOR VEHICLE OR TRAILER.
SECTION 2. Safety
clause. The general assembly hereby finds, determines, and
declares that this act is necessary for the immediate preservation
of the public peace, health, and safety.
____________________________ ____________________________
Charles E. Berry Tom Norton
SPEAKER OF THE HOUSE PRESIDENT OF
OF REPRESENTATIVES THE SENATE
____________________________ ____________________________
Judith M. Rodrigue Joan M. Albi
CHIEF CLERK OF THE HOUSE SECRETARY OF
OF REPRESENTATIVES THE SENATE
APPROVED________________________________________
_________________________________________
Roy Romer
GOVERNOR OF THE STATE OF COLORADO