Colorado § 24-32-3324 - Escrow and bonding requirements - rules.
Full text of Colorado Colorado Revised Statutes § 24-32-3324 — Escrow and bonding requirements - rules., with citation guidance and answers to common questions.
§ 24-32-3324. Escrow and bonding requirements - rules.
(1) Any person required to register with the division pursuant to section 24-32-3323 must comply with any escrow requirements as established by the board through rulemaking.
(2) (a) A seller must provide a letter of credit or certificate of deposit issued by a licensed financial institution or surety bond issued by an authorized insurer in an amount and in accordance with the process established by the board by rule.
(b) A financial institution or authorized insurer is required to make payment to the division when the division makes a claim against the letter of credit, certificate of deposit, or surety bond:
(I) If a court of competent jurisdiction has rendered a final judgment in favor of the division based on a finding that the registered seller failed to:
(A) Deliver the manufactured home or tiny home or refund payments made toward the purchase of the manufactured home or of the tiny home as required by this part 33 or board rules; or
(B) Provide a reasonable per diem living expense in violation of the contractual provisions required by section 24-32-3325; or
(II) If the registered seller ceases business operations or files for bankruptcy.
(c) The division may suspend or revoke the registration of any seller that fails to provide a letter of credit, certificate of deposit, or surety bond as required by this subsection (2) or that otherwise fails to pay any judgment by a court of competent jurisdiction in favor of the division.
Source: L. 2003: Entire part added, p. 547, § 2, effective March 5. L. 2021: Entire section amended, (HB 21-1019), ch. 122, p. 482, § 25, effective September 7. L. 2022: (2) amended, (HB 22-1242), ch. 172, p. 1132, § 19, effective August 10.
Source: official Colorado text · Last verified 2026-08-27
Frequently Asked Questions About Colorado § 24-32-3324
What does Colorado Revised Statutes § 24-32-3324 cover?
Section 24-32-3324 ("Escrow and bonding requirements - rules.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 24-32-3324?
A common citation format is "Colorado Revised Statutes § 24-32-3324" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 24-32-3324 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.