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First Regular Session

Sixty-first General Assembly

LLS NO. 97­0549.01 DHG SENATE BILL 97­105

STATE OF COLORADO

BY SENATOR Tanner

BUSINESS AFFAIRS & LABOR

A BILL FOR AN ACT

CONCERNING A PROHIBITION ON THE USE OF CONSUMER CREDIT HISTORY FOR INSURANCE UNDERWRITING PURPOSES.

Bill Summary

(Note: This summary applies to this bill as introduced and does not necessarily reflect any amendments which may be subsequently adopted.)

Sunset process ­ Senate Business Affairs and Labor Committee. Repeals current provisions allowing an insurer to use a person's credit history as an underwriting criterion.

Be it enacted by the General Assembly of the State of Colorado:

SECTION 1.  12­14.3­103 (1) (c) (III), Colorado Revised Statutes, 1991 Repl. Vol., as amended, is repealed as follows:

12­14.3­103.  Permissible purposes ­ prohibition. (1)  A consumer reporting agency may furnish a consumer report only under the following circumstances:

(c)  To a person which the consumer reporting agency has reason to believe:

(III)  Intends to use the information in connection with the underwriting of insurance involving the consumer; or

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.