On Mar. 26, 2025, COL LEG reported bill approval by governor, effective Aug. 6, 2025.
On Mar. 20, COL LEG passed bill updating escrow disbursement.
COL LEG passed SB 25-016 updating escrow disbursement practices for real estate transactions, modifying type of funds available for immediate withdrawal by right.
Bill makes amendments to Colorado Revised Statutes, found at COL LEG 38-35-125.
Bill Provisions
Limits wire transfer funds to only those funds wired through a funds-transfer system operated by the Federal Reserve or by the Clearing House Payments Company.
Adding funds to an escrow including a real-time payment through funds transfer service operated by Federal Reserve or Clearing House Payments Company's system.
Legislative History
On Jan. 8, 2025, bill introduced in Senate; on Feb. 6, 2025, bill passed Senate.
On Feb. 6, 2025, bill introduced in House; on Mar. 13, 2025, bill passed House.
On Mar. 20, 2025, bill was sent to the governor for review and actioning.
Effectiveness
If approved, the bill takes effect at 12:01 am on the day following the expiration of the ninety-day period after the final adjournment of the Colorado general assembly.
Provided, however, that bill is subject to referendum and if referendum petition is filed, bill will not take effect unless approved by the people at Nov. 2026 election.
If approved at such election, the bill will take effect on date vote is declared.
Mar. 2025 COL LEG Bill Approval
On Mar. 26, 2025, COL LEG reported bill approval by governor, effective Aug. 6, 2025.
Regulators
COL LEG
Entity Types
CNSM; Corp
Reference
Bill SB25-016, 3/26/2025; Bill, SB25-016, 3/20/2025; Citation: COL LEG 38-35-125;
