BY REPRESENTATIVES Tate, Clarke, Pfiffner, and Reeser;
also SENATOR Wattenberg.
CONCERNING THE REPEAL OF PROVISIONS OF THE "BANK
ELECTRONIC FUNDS ACT" THAT MAY CREATE DISPARITIES IN THE
REGULATORY BURDENS IMPOSED ON BANKS WITH REGARD TO THEIR USE OF
COMMUNICATION FACILITIES.
Be it enacted by the General Assembly of the State
of Colorado:
SECTION 1. Repeal. 116.5104
(1) (a) (III), (1) (a) (V), and (2), Colorado Revised Statutes,
are repealed as follows:
116.5104. Conditions of
authority. (1) (a) Effective
January 1, 1978, a Colorado bank may engage in banking transactions
with its account holders through a communications facility and
may own, establish, control, or use a communications facility
under the authority of this article only if all of the following
conditions are met:
(III) Each
Colorado bank using a communications facility receives equal prominence
in visual or oral data available to the public at or adjacent
to the communications facility, and no advertising with regard
to a communications facility used by a Colorado bank or its account
holders suggests, implies, or claims exclusive control or use
of such facility by any bank or its account holders.
(V) The board
has received at least thirty days' advance written notice of any
Colorado bank's intended use or establishment of a communications
facility.
(2) The advance
notice required by subparagraph (V) of paragraph (a) of subsection
(1) of this section shall contain a schedule of all charges and
standards as required by subparagraph (II) of paragraph (a) of
subsection (1) of this section. In addition, the board shall
receive at least thirty days' written advance notice of any proposed
changes in any established schedule of charges. The board shall
not have the power to review, approve, or disapprove standards
or charges, except in connection with a hearing and decision in
a dispute arising out of a complaint brought under section 116.5106
by a Colorado bank user or potential user.
SECTION 2. Effective date. This act shall take effect at 12:01 a.m. on the day following the expiration of the ninetyday 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; except that, if a referendum petition is filed against this act or an item, section, or part of this act within such period, then the act, item, section, or part, if approved by the people, shall take effect on the date of the official declaration of the vote thereon by proclamation of the governor.
____________________________ ____________________________
Charles E. Berry Tom Norton
SPEAKER OF THE HOUSE PRESIDENT OF
OF REPRESENTATIVES THE SENATE
____________________________ ____________________________
Judith M. Rodrigue Patricia K. Dicks
CHIEF CLERK OF THE HOUSE ASSISTANT SECRETARY OF
OF REPRESENTATIVES THE SENATE
APPROVED________________________________________
_________________________________________
Roy Romer
GOVERNOR OF THE STATE
OF COLORADO