Bill > SB140

This bill amends Colorado's laws regarding bonds required for motor vehicle and powersports vehicle dealers, salespersons, and buyer agents. The key provisions are: 1. The bill requires the violation to be related to fraud in order for a person to recover from the dealer's, salesperson's, or buyer agent's bond. 2. The bill authorizes a person to recover from the bond if the state motor vehicle dealer board makes a finding in a hearing that the dealer, salesperson, or buyer agent committed fraud. 3. The bill increases the required bond amounts for certain dealers and salespersons. 4. The bill allows a person who suffers loss or damages from fraud to bring a separate action against, and recover from, the surety on the bond of the licensed dealer, salesperson, or buyer agent if the person has not been reimbursed and the board or a court has made a finding of fraud. Overall, the bill tightens the requirements for recovering from dealer, salesperson, and buyer agent bonds, focusing the bonds on compensating for fraud-related violations.

Business and Industry, Transportation and Infrastructure

https://leg.colorado.gov/bills/sb20-140