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Bill > SB068


CO SB068

Municipal Utility Unclaimed Utility Deposit Program


summary

Introduced
01/22/2025
In Committee
03/13/2025
Crossed Over
03/28/2025
Passed
03/28/2025
Dead
Signed/Enacted/Adopted
04/07/2025

Introduced Session

2025 Regular Session

Bill Summary

CONCERNING A MUNICIPALLY OWNED UTILITY'S VOLUNTARY ELECTION TO PARTICIPATE IN THE UNCLAIMED UTILITY DEPOSITS PROGRAM.

AI Summary

This bill modifies Colorado's existing statutes regarding unclaimed utility deposits by specifically addressing municipally owned utilities' participation in the unclaimed utility deposits program. The bill amends previous definitions of electric and gas utilities to explicitly exclude municipally owned utilities from the standard regulations. However, it provides a new optional provision allowing municipally owned utilities to voluntarily participate in the unclaimed deposits program. Under the new language, a municipally owned utility can choose to pay unclaimed deposits either into the state commission's designated fund or into a fund established by its own governing body, provided that the utility defines unclaimed deposits consistently with the state's definition of "unclaimed moneys." The bill maintains the existing framework for electric and gas utilities while creating a flexible opt-in approach for municipal utilities, effectively giving these local utilities more discretion in managing unclaimed customer deposits. The legislation will take effect after the standard ninety-day period following the general assembly's final adjournment, with a potential referendum process that could delay implementation until a November 2026 election if challenged.

Committee Categories

Agriculture and Natural Resources, Transportation and Infrastructure

Sponsors (16)

Last Action

Senate Second Reading Calendar (13:30:00 4/10/2025 Senate Floor) (on 04/10/2025)

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