Colorado Legislative Council Staff
NO FISCAL IMPACT
January 7, 1998
Steve Tammeus (866-2756)
TITLE: CONCERNING THE STATUE OF LIMITATIONS FOR ACTIONS INVOLVING CONSTRUCTION OF IMPROVEMENT TO REAL PROPERTY.
Summary of Assessment
Current law requires civil claims for relief in action for damages against any architect, contractor, builder, engineer, or inspector to be commenced within two years after the cause of action accrues.
This bill provides that if such a claim arises prior to the substantial completion of a real property improvement, the two-year statute of limitations is tolled until substantial completion of the improvement.
The bill would take effect at 12:01 a.m. on the day following the expiration of the 90-day period after final adjournment of the General Assembly; or upon proclamation of the Governor if a referendum petition is filed against this act and approved by a vote of the people.
The bill will not affect state or local government revenue or expenditures. Therefore, the bill is assessed as having no fiscal impact.
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