Colorado § 39-22-4707 - Financial institutions.
Full text of Colorado Colorado Revised Statutes § 39-22-4707 — Financial institutions., with citation guidance and answers to common questions.
§ 39-22-4707. Financial institutions.
(1) A financial institution is not required to:
(a) Designate an account as a first-time home buyer savings account, or designate the beneficiaries of an account, in the financial institution's account contracts or systems or in any other way;
(b) Track the use of money withdrawn from a first-time home buyer savings account; or
(c) Report any information to the department or any other governmental agency that is not otherwise required by law.
(2) A financial institution is not responsible or liable for:
(a) Determining or ensuring that an account holder is eligible for a subtraction under section 39-22-104 (4)(w)(I);
(b) Determining or ensuring that money in the account is used for an eligible expense; or
(c) Reporting or remitting taxes or penalties related to use of money in a first-time home buyer savings account.
(3) In implementing this part 47 and section 39-22-104 (3)(k) and (4)(w), the department shall not establish any administrative, reporting, or other requirements on financial institutions that are outside the scope of normal account procedures.
Source: L. 2016: Entire part added, (HB 16-1467), ch. 321, p. 1305, § 2, effective August 10.
Frequently Asked Questions About Colorado § 39-22-4707
What does Colorado Revised Statutes § 39-22-4707 cover?
Section 39-22-4707 ("Financial institutions.") 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 § 39-22-4707?
A common citation format is "Colorado Revised Statutes § 39-22-4707" (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 § 39-22-4707 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.