Colorado Legislative Council Staff

NO FISCAL IMPACT

TITLE:            CONCERNING THE PROTECTION OF CITIZENS AGAINST ADVERSE FINANCIAL CONSEQUENCES RESULTING FROM ELECTRONIC COMPUTING DEVICE FAILURES ASSOCIATED WITH THE YEAR 2000 DATE CHANGE.

Summary of Assessment

            The bill would provide some protection for citizens against negative financial consequences stemming from computer failures as a result of the year 2000 (Y2K). Entities could not initiate any foreclosure proceeding, default, or other adverse action against a person who fails or is unable to make payment, acts, forbearance, or other financial transactions for mortgages, contracts, landlord and tenant relations, consumer credit obligations, and banking transactions in a timely manner for computer failures from Y2K. The protection would only suspend, and not dissolve, a person's obligations for a reasonable period of time until the full restoration of their ability to transact financial business. A credit reporting agency could not report any negative credit information resulting from Y2K failure.

            The bill would not impact any state or local government revenues or expenditures. This may prevent some lawsuits from being filed in the court system preventing the case backlog from getting longer. However, the courts would not require any change in their appropriation level to implement the bill.

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