Colorado § 11-35-101 - Alternatives to surety bonds permitted - requirements - definition - rules.

§ 11-35-101. Alternatives to surety bonds permitted - requirements - definition - rules.

(1) The requirement of a surety bond as a condition to licensure or authority to conduct business or perform duties in this state provided in sections 5-16-124 (1), 6-16-104.6, 12-10-717, 23-64-121 (1), 33-4-101 (1), 33-12-104 (1), 35-55-104 (1), 37-91-107 (2) and (3), 38-29-119 (2), 39-21-105, 39-28-105 (1), 42-6-115 (3), 42-7-301 (6), 44-20-112, 44-20-113, 44-20-114, 44-20-412, and 44-20-413 may be satisfied by a savings account or deposit in or a certificate of deposit issued by a state or national bank doing business in this state or by a savings account or deposit in or a certificate of deposit issued by a state or federal savings and loan association doing business in this state. The savings account, deposit, or certificate of deposit must be in the amount specified by statute, if any, and must be assigned to the appropriate state agency for the use of the people of the state of Colorado. The aggregate liability of the bank or savings and loan association must in no event exceed the amount of the deposit. For the purposes of the sections referred to in this section, "bond" includes the savings account, deposit, or certificate of deposit authorized by this section.

(2) Each appropriate state agency required to accept such bonds, savings accounts, deposits, or certificates of deposit shall promulgate rules and regulations defining the method of assignment, required period of liability, and such other procedures as may be necessary.

(3) All rules adopted or amended by state agencies pursuant to subsection (2) of this section are subject to section 24-4-103.

Source: L. 79: Entire article added, p. 419, § 1, effective July 1. L. 80: (1) and (3) amended, pp. 786, 791, §§ 15, 36, effective June 5. L. 81: (1) amended, p. 617, § 2, effective April 30; (3) amended, p. 1177, § 2, effective July 1. L. 82: (1) amended, p. 621, § 8, effective April 2. L. 83: (1) amended, p. 1292, § 1, effective April 21; (1) amended, p. 701, § 4, effective June 10. L. 84: (1) amended, p. 409, § 2, effective March 5; (1) amended, p. 1007, § 2, effective March 26; (1) amended, p. 920, § 6, effective January 1, 1985. L. 85: (1) amended, p. 437, § 2, effective July 1. L. 87: (1) amended, p. 473, § 5, effective July 1. L. 89: (1) amended, p. 1394, § 2, effective April 12. L. 90: (1) amended, p. 1681, § 5, effective October 1. L. 92: (1) amended, p. 2168, § 8, effective June 2; (1) amended, p. 1863, § 28, effective July 1. L. 93: (1) amended, p. 1773, § 27, effective June 6; (1) amended, p. 260, § 5, effective July 1; (1) amended, p. 1236, § 4, effective July 1; (1) amended, p. 1391, § 10, effective January 1, 1995. L. 94: (1) amended, p. 1630, § 32, effective May 31; (1) amended, p. 2545, § 20, effective January 1, 1995. L. 95: (1) amended, p. 1091, § 2, effective May 31; (1) amended, p. 1332, § 3, effective July 1. L. 2000: (1) amended, p. 1937, § 16, effective October 1; (1) amended, p. 3, § 3, effective July 1, 2001. L. 2001: (1) amended, p. 1214, § 43, effective January 1, 2002. L. 2003: (1) amended, p. 1340, § 2, effective April 22. L. 2006: (1) amended, p. 1587, § 2, effective July 1. L. 2007: (1) amended, p. 1850, § 3, effective July 1. L. 2009: (1) amended, (SB 09-117), ch. 123, p. 527, § 21, effective April 16; (1) amended, (SB 09-151), ch. 89, p. 346, § 3, effective July 1. L. 2016: (3) amended, (HB 16-1192), ch. 83, p. 232, § 7, effective April 14; (1) amended, (HB 16-1129), ch. 262, p. 1078, § 5, effective August 10; (1) amended, (SB 16-036), ch. 292, p. 1181, § 2, effective August 10. L. 2017: (1) amended, (SB 17-294), ch. 264, p. 1386, § 11, effective May 25; (1) amended, (HB 17-1238), ch. 260, p. 1172, § 16, effective August 9; (1) amended, (HB 17-1239), ch. 261, p. 1202, § 2, effective August 9. L. 2018: (1) amended, (SB 18-030), ch. 7, p. 138, § 6, effective October 1. L. 2019: (1) amended, (SB 19-241), ch. 390, p. 3463, § 5, effective August 2; (1) amended, (HB 19-1172), ch. 136, p. 1658, § 57, effective October 1. L. 2022: (3) amended, (SB 22-091), ch. 28, p. 168, § 3, effective August 10. L. 2026: (1) amended, (SB 26-169), ch. 311, p. 1798, § 7, effective August 12.

Editor's note: (1) Amendments to subsection (1) by House Bill 83-1133 and Senate Bill 83-165 were harmonized.

(2) Amendments to subsection (1) by Senate Bill 84-87 were harmonized with House Bill 84-1063 and Senate Bill 84-78 effective January 1, 1985.

(3) Amendments to subsection (1) by House Bill 92-1359 and Senate Bill 92-88 were harmonized.

(4) Amendments to subsection (1) by House Bill 93-1254 were harmonized with House Bill 93-1268, House Bill 93-1270, and House Bill 93-1342.

(5) Amendments to subsection (1) by Senate Bill 94-1 and Senate Bill 94-206 were harmonized.

(6) Amendments to subsection (1) by House Bill 95-1011 and House Bill 95-1212 were harmonized.

(7) Amendments to subsection (1) by House Bill 00-1155 and House Bill 00-1479 were harmonized.

(8) Amendments to subsection (1) by SB 09-151 and SB 09-117 were harmonized.

(9) Amendments to subsection (1) by HB 16-1129 and SB 16-036 were harmonized.

(10) Amendments to subsection (1) by SB 17-294 were harmonized with HB 17-1238 and HB 17-1239.

(11) Amendments to subsection (1) by HB 19-1172 and SB 19-241 were harmonized.

ANNOTATION

The general assembly did not intend that the amount of funds available for reimbursement should vary depending on whether the security was in the form of a bond or cash alternative. Western Surety Co. v. Smith, 914 P.2d 451 (Colo. App. 1995).