Colorado Legislative Council Staff
NO FISCAL IMPACT
Rep. Williams T.
January 15, 1999
Scott Nachtrieb (303-866-4752)
TITLE: CONCERNING THE LIMITATION OF LIABILITY FOR CIVIL ACTIONS RELATING TO FINANCIAL SERVICE PROVIDERS ARISING FROM DATE-RELATED PROBLEMS.
Summary of Assessment
This bill would limit the liability of financial services providers in civil actions for computer failure to recognize the year 2000 (Y2K). The actual damages would be limited and punitive damages would not be allowed. The number of persons that would have standing to sue a financial provider would be limited. The bill would become effective July 1, 1999.
The bill would provide some limited liability to private entities from civil actions for Y2K problems. This bill may reduce the number of potential lawsuits filed in courts for this problem. However, this would not significantly reduce the current or estimated court backlog. Therefore, this bill is assessed as having no fiscal impact.