HB 1188

NOTE: This bill has been prepared for the signatures of the appropriate legislative
officers and the Governor. To determine whether the Governor has signed the bill
or taken other action on it, please consult the legislative status sheet, the legislative
history, or the Session Laws.
     HOUSE BILL 26-1188
     BY REPRESENTATIVE(S) Camacho and Titone, Stewart R., Brown,
     Duran, Marshall, Nguyen, Woodrow;
     also SENATOR(S) Kolker, Cutter, Kipp, Marchman, Sullivan, Weissman,
     Coleman.
     CONCERNING THE CONTINUATION OF THE REGULATION OF SECURITIES, AND,
          IN CONNECTION THEREWITH, IMPLEMENTING THE RECOMMENDATIONS
             OF THE DEPARTMENT OF REGULATORY  AGENCIES       IN   THE
             DEPARTMENT'S 2025 SUNSET REPORT.
     Be it enacted by the General Assembly of the State of Colorado:
           SECTION 1. In Colorado Revised Statutes, amend 11-51-803 as
     follows:
             11-51-803. Repeal of article - subject to review.
             (1) This article ARTICLE 51 is repealed, effective September 1, 2026
     2037.
            (2) Prior to such BEFORE THE repeal, the division of securities shall
     be reviewed as provided for in IS SCHEDULED FOR REVIEW IN ACCORDANCE
     ________
     Capital letters or bold & italic numbers indicate new material added to existing law; dashes
     through words or numbers indicate deletions from existing law and such material is not part of
     the act.
WITH section 24-34-104. C.R.S.
        SECTION 2. In Colorado Revised Statutes, 11-51-702.5, amend
(7) as follows:
       11-51-702.5. Securities board - creation - duties - repeal - subject
to review.
       (7) (a) This section is repealed, effective September 1, 2026 2037.
       (b) Prior to such BEFORE THE repeal, the functions of the securities
board shall be reviewed as provided for in IS SCHEDULED FOR REVIEW IN
ACCORDANCE WITH section 24-34-104. C.R.S.
       SECTION 3. In Colorado Revised Statutes, 24-34-104, repeal
(27)(a)(II) and (27)(a)(III); and add (38)(a)(V) and (38)(a)(VI) as follows:
       24-34-104. General assembly review of regulatory agencies and
functions for repeal, continuation, or reestablishment - legislative
declaration - repeal.
       (27) (a) The following agencies, functions, or both, are scheduled
for repeal on September 1, 2026:
       (II) The division of securities created in section 11-51-701, C.R.S.;
       (III) The securities board created in section 11-51-702.5, C.R.S.;
       (38) (a) The following agencies, functions, or both, are scheduled
for repeal on September 1, 2037:
       (V) THE DIVISION OF SECURITIES CREATED IN SECTION 11-51-701;
       (VI) THE SECURITIES BOARD CREATED IN SECTION 11-51-702.5.
        SECTION 4. In Colorado Revised Statutes, 11-51-601, add (5)(d)
as follows:
       11-51-601. Investigations - subpoenas.
PAGE 2-HOUSE BILL 26-1188
      (5) (d) A DEFICIENCY LETTER OR COMMUNICATION CONCERNING A
DEFICIENCY LETTER RESULTING FROM AN EXAMINATION CONDUCTED UNDER
SECTION 11-51-409 IS DEEMED TO BE INFORMATION HELD OR OBTAINED IN
CONNECTION WITH A PRIVATE INVESTIGATION WITHIN THE MEANING OF
SUBSECTION (5)(a) OF THIS SECTION AND, THEREFORE, IS CONFIDENTIAL AND
NOT SUBJECT TO DISCLOSURE UNDER THE "COLORADO OPEN RECORDS ACT",
PART 2 OF ARTICLE 72 OF TITLE 24.
       SECTION 5. In Colorado Revised Statutes, 11-51-606, amend
(1.5)(a), (1.5)(c), (1.5)(d), (4), and (5) as follows:
       11-51-606. Conduct of proceedings - cease-and-desist orders -
consent orders - summary orders - issued by securities commissioner
- rules.
        (1.5) (a) (I) Whenever it appears to IF the securities commissioner
DETERMINES, based upon sufficient evidence as presented in a petition by
an officer or employee of the division of securities, that a person has
committed or may commit any of the acts or practices AN ACT OR PRACTICE
listed in paragraph (b) of this subsection (1.5) SUBSECTION (1.5)(b) OF THIS
SECTION, then, in addition to any specific powers granted under this article
ARTICLE 51, the securities commissioner in his or her discretion, may issue
to such THE person an A PRELIMINARY CEASE-AND-DESIST order. to show
cause why the securities commissioner should not enter a final order
directing such person to cease and desist from the unlawful act or practice,
or impose such other sanctions as provided in subparagraph (IV) of
paragraph (d) of this subsection (1.5). The securities commissioner shall,
within two calendar days, notify the chairperson of the securities board or
an administrative law judge that an order to show cause has been issued,
and
       (II) A PERSON THAT IS THE SUBJECT OF A PRELIMINARY
CEASE-AND-DESIST ORDER ISSUED PURSUANT TO SUBSECTION (1.5)(a)(I) OF
THIS SECTION MAY REQUEST A HEARING WITHIN FIFTEEN DAYS AFTER THE
ISSUANCE OF THE PRELIMINARY CEASE-AND-DESIST ORDER TO DETERMINE
IF THE ORDER SHOULD BE MADE FINAL. IF THE PERSON THAT IS THE SUBJECT
OF THE PRELIMINARY CEASE-AND-DESIST ORDER DOES NOT REQUEST A
HEARING WITHIN FIFTEEN DAYS AFTER THE DATE THE PRELIMINARY
CEASE - AND - DESIST ORDER WAS ISSUED , THE PRELIMINARY
CEASE-AND-DESIST ORDER BECOMES A FINAL CEASE-AND-DESIST ORDER. IF
PAGE 3-HOUSE BILL 26-1188
THE PERSON THAT IS THE SUBJECT OF THE PRELIMINARY CEASE-AND-DESIST
ORDER TIMELY REQUESTS A HEARING, THE COMMISSIONER SHALL NOTIFY the
chairperson OF THE SECURITIES BOARD or AN administrative law judge, WHO
shall set a date WITHIN FORTY-FIVE DAYS AFTER THE ISSUANCE OF THE
PRELIMINARY CEASE-AND-DESIST ORDER for THE hearing on such THE
PRELIMINARY CEASE-AND-DESIST order before the securities board or
administrative law judge as provided in paragraph (d) of this subsection
(1.5) SUBSECTION (1.5)(d) OF THIS SECTION.
      (III) A PERSON THAT IS THE SUBJECT OF A PRELIMINARY
CEASE-AND-DESIST ORDER ISSUED PURSUANT TO SUBSECTION (1.5)(a)(I) OF
THIS SECTION SHALL OBEY THE ORDER UNTIL THE ORDER EITHER BECOMES
FINAL IN ACCORDANCE WITH SUBSECTION (1.5)(a)(II) OF THIS SECTION OR IS
VACATED. THE PERSON THAT IS THE SUBJECT OF A FINAL CEASE-AND-DESIST
ORDER SHALL OBEY THE ORDER.
        (c) Any A person against TO whom an order to show cause A
PRELIMINARY CEASE-AND-DESIST ORDER has been entered pursuant to
paragraph (a) of this subsection (1.5) SUBSECTION (1.5)(a) OF THIS SECTION
shall be promptly notified by the securities division OF SECURITIES of the
entry of the order, along with a copy of the order, the factual and legal basis
for the order, and the date set by the chairperson of the securities board or
an administrative law judge for hearing on such order. Such A NOTICE THAT
THE ORDER WILL BECOME FINAL IF THE PERSON DOES NOT REQUEST A
HEARING WITHIN FIFTEEN DAYS AFTER THE ORDER IS ISSUED. THE SECURITIES
COMMISSIONER MAY SERVE THE notice may be served TO THE PERSON THAT
IS THE SUBJECT OF THE ORDER by United States mail, postage prepaid, to the
last-known address of such THE person, by personal service; by facsimile
transmission; or as may be practicable. upon any person against whom such
order is entered. Mailing or facsimile transmission of an order or other
documents under this subsection (1.5), or personal service of such orders
THE ORDER or ASSOCIATED documents, shall constitute CONSTITUTES notice
thereof OF THE PRELIMINARY CEASE-AND-DESIST ORDER to the person.
       (d) (I) The IF TIMELY REQUESTED, A hearing on an order to show
cause A PRELIMINARY CEASE-AND-DESIST ORDER shall be commenced no
sooner than ten nor later than twenty-one WITHIN FORTY-FIVE calendar days
following the date of transmission or service of the notification by the
securities division as provided in paragraph (c) of this subsection (1.5) THE
PRELIMINARY CEASE-AND-DESIST ORDER. The hearing may be continued by
PAGE 4-HOUSE BILL 26-1188
agreement of all of the parties based upon the complexity of the matter,
number of parties to the matter, and legal issues presented in the matter, but
in no event shall the hearing MUST commence NO later than thirty-five
SIXTY calendar days following the date of transmission or service of the
notification REQUEST FOR A HEARING.
       (II) If a person against whom an order to show cause entered A
PRELIMINARY CEASE-AND-DESIST ORDER HAS BEEN ISSUED pursuant to
paragraph (a) of this subsection (1.5) SUBSECTION (1.5)(a) OF THIS SECTION
does not appear at the A hearing, the securities division may present
evidence that notification was properly sent or served upon such person
pursuant to paragraph (c) of this subsection (1.5) and such other evidence
related to the matter as the securities board or administrative law judge
deems appropriate. In the case where such person does not appear, the
securities commissioner may not issue an order unless there is a finding by
the securities board or administrative law judge that there is a reasonable
basis to believe such notification was actually received or served, or, after
reasonable search by the securities division, the person against whom the
order was entered cannot be located. The securities commissioner shall
enter such order within ten days after his or her determination related to
reasonable attempts of notification of the respondent, and the order shall
become final as to that person by operation of law PRELIMINARY
CEASE-AND-DESIST ORDER BECOMES FINAL WITHOUT ENTERING FINDINGS OF
FACT OR MAKING CONCLUSIONS OF LAW.
       (III) At any A hearing HELD pursuant to this paragraph (d)
SUBSECTION (1.5)(d), the securities board or AN administrative law judge
shall, PURSUANT TO THE RULES AND PROCEDURES ADOPTED BY THE
SECURITIES COMMISSIONER, take evidence and hear arguments from the
securities division OF SECURITIES and the person against whom the
PRELIMINARY CEASE-AND-DESIST order to show cause has been entered,
pursuant to such rules and procedures as may be adopted by the securities
commissioner HAS BEEN ISSUED. Based on the evidence entered and
arguments heard at the hearing, the securities board or administrative law
judge shall enter findings of fact, conclusions of law, and an initial decision
recommending to the securities commissioner that a final order be entered
affirming, denying, vacating, or otherwise modifying the order to show
cause PRELIMINARY CEASE-AND-DESIST ORDER. The initial decision shall
MUST be issued within ten days after the conclusion of the hearing provided
pursuant to this paragraph (d) SUBSECTION (1.5)(d) and shall MUST be
PAGE 5-HOUSE BILL 26-1188
promptly delivered to the securities commissioner.
       (IV) If the securities commissioner reasonably finds that the person
against whom the order to show cause was entered has engaged, or is about
to engage, in acts or practices constituting violations as set forth in
paragraph (b) of this subsection (1.5) and makes the findings required by
section 11-51-704 (2), he or she may issue a final cease-and-desist order
imposing one or more of the following sanctions:
        (A) Directing such person to cease and desist from further unlawful
acts or practices;
       (B) Censuring the person, if the person is a licensed broker-dealer,
sales representative, investment adviser, or investment adviser
representative; or
       (C) Requiring such person to undertake or comply with conditions
or limitations placed upon the activities, functions, or operations of such
person, within such reasonable time period as may be imposed by the
securities commissioner.
       (V) The securities commissioner shall provide notice of the A final
order within ten calendar days after receiving the initial decision, in the
manner set forth in paragraph (c) of this subsection (1.5) SUBSECTION
(1.5)(c) OF THIS SECTION, to each person against whom such THE order has
been entered. The final order entered pursuant to subparagraph (IV) of this
paragraph (d) shall be THIS SUBSECTION (1.5)(d) IS effective when issued
and shall be IS a final order for purposes of judicial review pursuant to
section 11-51-607.
        (4) (a) (I) If it appears to the securities commissioner based upon
sufficient evidence as presented in a petition by an officer or employee of
the division of securities, DETERMINES that any of the grounds specified in
section 11-51-410 (1) exist as to any A licensed person or, in the case of a
licensed broker-dealer, a partner, officer, director, person occupying a
similar status or performing similar functions, or a person directly or
indirectly controlling a broker-dealer, the securities commissioner may issue
to such person PURSUANT TO SECTION 24-4-104 (4) an order to show cause
why the securities commissioner should not summarily suspend the license
of that person or limit or impose conditions on the securities activities of
PAGE 6-HOUSE BILL 26-1188
that person. pending final determination of a proceeding under sections
24-4-104 and 24-4-105, C.R.S.
       (II) A PERSON THAT IS THE SUBJECT OF A SUMMARY SUSPENSION MAY
REQUEST A HEARING TO DETERMINE IF THE SUSPENSION SHOULD BE MADE A
FINAL ORDER OF SUSPENSION IF THE REQUEST IS MADE WITHIN FIFTEEN DAYS
AFTER THE DATE THE LICENSE WAS SUMMARILY SUSPENDED. IF THE PERSON
THAT IS THE SUBJECT OF THE SUMMARY SUSPENSION DOES NOT REQUEST A
HEARING WITHIN FIFTEEN DAYS AFTER THE DATE THE LICENSE WAS
SUMMARILY SUSPENDED, THE SUMMARY SUSPENSION BECOMES A FINAL
ORDER OF SUSPENSION. IF THE PERSON THAT IS THE SUBJECT OF THE
SUMMARY SUSPENSION TIMELY REQUESTS A HEARING, the securities
commissioner shall promptly notify the chairperson of the securities board
that an order to show cause has been issued A LICENSE HAS BEEN
SUMMARILY SUSPENDED AND A HEARING HAS BEEN REQUESTED, and the
chairperson shall set a date for A hearing on such THE order before the
securities board.
       (III) THE PERSON THAT IS THE SUBJECT OF AN ORDER SUMMARILY
SUSPENDING A LICENSE SHALL OBEY THE ORDER UNTIL THE ORDER EITHER
BECOMES FINAL IN ACCORDANCE WITH SUBSECTION (4)(a)(II) OF THIS
SECTION OR IS VACATED. THE PERSON THAT IS THE SUBJECT OF A FINAL
ORDER OF SUSPENSION SHALL OBEY THE ORDER.
       (b) Any A person against whom an order to show cause has been
entered WHOSE LICENSE HAS BEEN SUMMARILY SUSPENDED shall be
promptly notified by the securities division OF SECURITIES of the entry of
such order SUSPENSION and the basis therefor. Such FOR THE SUSPENSION.
THE notice shall MUST include a copy of the SUMMARY SUSPENSION order
and shall include the date set by the chairperson of the securities board for
hearing on such order A STATEMENT THAT THE ORDER WILL BECOME FINAL
IF THE PERSON THAT IS THE SUBJECT OF THE ORDER DOES NOT REQUEST A
HEARING WITHIN FIFTEEN DAYS AFTER THE ORDER IS ISSUED. In the case of
a broker-dealer, the notification shall be sent both to the broker-dealer's
last-known mailing address and, if different, the most current mailing
address the broker-dealer has on file with the securities commissioner as
required in section 11-51-407 (3). In the case of a sales representative, THE
notification shall MUST be sent to the sales representative's last-known
mailing address, the most current mailing address the sales representative
has on file with the securities commissioner as required in section
PAGE 7-HOUSE BILL 26-1188
11-51-407 (3), and the last-known mailing address of the broker-dealer or
issuer for which the sales representative is licensed to act.
        (c) (I) The IF REQUESTED, A hearing on the order to show cause shall
A SUMMARY SUSPENSION SHALL be commenced no sooner than seven, nor
later than twenty, WITHIN FORTY-FIVE calendar days following the date of
transmission of notification of the respondent by the division of securities
as provided in paragraph (b) of this subsection (4) THE ORDER WAS ISSUED.
       (II) The securities board shall take evidence and hear arguments
from the securities division OF SECURITIES and the respondent. If the
respondent does not appear, the securities division may provide evidence
that notification was promptly sent by the securities division to the
respondent pursuant to paragraph (b) of this subsection (4). In the case
where the respondent PERSON WHOSE LICENSE HAS BEEN SUMMARILY
SUSPENDED PURSUANT TO SUBSECTION (4)(a) OF THIS SECTION. IF THE
PERSON THAT IS THE SUBJECT OF A SUMMARY SUSPENSION ORDER does not
appear the securities commissioner may not issue an order unless there is a
finding by the securities board that there is reasonable basis to believe the
respondent either received actual notice, or, after reasonable search by the
securities division, cannot be located AT THE SUMMARY SUSPENSION
HEARING, THE ORDER BECOMES FINAL WITHOUT ENTERING FINDINGS OF FACT
OR MAKING CONCLUSIONS OF LAW.
        (III) Based on the evidence entered and arguments heard at the
hearing HELD PURSUANT TO SUBSECTION (4)(a) OF THIS SECTION, the
securities board shall enter findings of fact, conclusions of law, and its
initial decision recommending to the securities commissioner that an A
FINAL order be entered either denying the petition of the securities division
for summary order or suspending the license of that person VACATING THE
SUMMARY SUSPENSION, CONVERTING IT TO A FINAL SUSPENSION, or
otherwise limiting or imposing conditions on the securities activities of that
person. pending final determination of a proceeding under sections
24-4-104 and 24-4-105, C.R.S. Exceptions to the initial decision of the
securities board must be filed with the securities commissioner within ten
calendar days of AFTER the date of entry of such order THE SECURITIES
BOARD'S INITIAL DECISION. The securities commissioner shall then issue an
order, which shall be IS a final order for purposes of judicial review
pursuant to section 11-51-607.
PAGE 8-HOUSE BILL 26-1188
        (d) Any A FINAL order entered under paragraph (c)(III) of this
subsection (4) SUBSECTION (4)(c)(III) OF THIS SECTION suspending a license
or otherwise limiting or imposing conditions on the securities activities of
the A licensed person shall remain REMAINS in effect during the pendency
of a proceeding under sections 24-4-104 and 24-4-105, C.R.S., unless
vacated or modified on judicial review pursuant to section 11-51-607 or by
subsequent order of the securities commissioner after notice and
opportunity for hearing.
       (5) No order under subsection (3)(b), (3)(c), or (4)(a) of this section
may be entered by the securities commissioner unless a proceeding under
sections 24-4-104 and 24-4-105, C.R.S., either has been commenced, or is
commenced promptly following or contemporaneously with the entry of
such an order THE SECURITIES COMMISSIONER SHALL COMMENCE A
PROCEEDING UNDER SECTIONS 24-4-104 AND 24-4-105 PROMPTLY
FOLLOWING THE ENTRY OF AN ORDER UNDER SUBSECTION (3)(b) OR (3)(c)
OF THIS SECTION OR OF A FINAL SUMMARY SUSPENSION ORDER UNDER
SUBSECTION (4)(a) OF THIS SECTION.
       SECTION 6. In Colorado Revised Statutes, 11-51-201, amend the
introductory portion and (9.6)(b) as follows:
       11-51-201. Definitions.
       As used in this article ARTICLE 51, unless the context otherwise
requires:
       (9.6) (b) "Investment adviser representative" for a federal covered
adviser means any individual with a place of business in this state who is an
"investment adviser representative" as defined by the securities and
exchange commission in rule 203A-3 promulgated under the federal
"Investment Advisers Act of 1940", 15 U.S.C. SEC. 80b-1 ET SEQ.
        SECTION 7. In Colorado Revised Statutes, 11-51-401, amend
(1.5), (1.6), and (2.5) as follows:
       11-51-401. Licensing and notice filing requirements.
      (1.5) A person with a place of business in this state shall not transact
business in this state as an investment adviser or investment adviser
PAGE 9-HOUSE BILL 26-1188
representative unless such THE person is licensed as such or exempt from
licensing under section 11-51-402.
       (1.6) A federal covered adviser either with a place of business in this
state or who employs or otherwise engages an individual with a place of
business in this state to act as an investment adviser representative shall not
transact business in this state as a federal covered adviser unless such THE
adviser:
       (a) Has filed with the securities commissioner the notice and fee
required in sections 11-51-403 and 11-51-404; OR
       (b) IS NOT REQUIRED TO FILE PURSUANT TO SECTION 11-51-402 (5).
        (2.5) An investment adviser OR FEDERAL COVERED ADVISER shall not
employ or otherwise engage any individual with a place of business in this
state to act as an investment adviser representative in this state unless such
THE individual is licensed in accordance with section 11-51-403 or is
exempt from licensing under section 11-51-402. (1).
       SECTION 8. In Colorado Revised Statutes, 11-51-402, amend (5)
introductory portion, (5)(a) introductory portion, and (6) as follows:
       11-51-402. Exempt broker-dealers, sales representatives -
sanctions - exempt investment advisers, federal covered advisers, and
investment adviser representatives.
       (5) The following investment advisers AND FEDERAL COVERED
ADVISERS with no place of business in this state are exempt from the license
requirement of section 11-51-401 (1.5) AND THE NOTICE FILING
REQUIREMENTS OF SECTION 11-51-401 (1.6):
       (a) An investment adviser OR A FEDERAL COVERED ADVISER who:
       (6) Investment adviser representatives employed by or otherwise
associated with an investment adviser OR FEDERAL COVERED ADVISER, IF
EITHER IS exempt under subsection (5) of this section, are exempt from the
license requirement of section 11-51-401 (1.5) AND THE NOTICE FILING
REQUIREMENTS OF SECTION 11-51-401 (1.6).
PAGE 10-HOUSE BILL 26-1188
        SECTION 9. In Colorado Revised Statutes, 11-51-403, amend
(3)(a); and repeal (3)(b) as follows:
       11-51-403. Application for license - notice filing requirements.
       (3) (a) A federal covered adviser who during any calendar year,
either has a place of business in this state or employs or engages an
investment adviser representative with a place of business in this state IS
REQUIRED TO FILE A NOTICE BY SECTION 11-51-401 (1.6) shall file with the
securities commissioner annually a consent to service of process and such
OTHER documents as are filed by such THE adviser with the securities and
exchange commission that the commissioner may require by rule or order.
        (b) The notice filing requirement described in paragraph (a) of this
subsection (3) does not apply to any federal covered adviser who, during
such calendar year, neither has a place of business in this state nor employs
nor engages an investment adviser representative with a place of business
in this state.
      SECTION 10. In Colorado Revised Statutes, amend 11-51-701 as
follows:
       11-51-701. Division of securities - creation - powers and duties.
       There is created The division of securities IS CREATED in the
department of regulatory agencies. The head of which THE DIVISION is the
commissioner of securities COMMISSIONER, who shall be appointed by the
executive director of the department of regulatory agencies, pursuant to
section 13 of article XII of the state constitution, and IN CONSULTATION
WITH the securities board. The division of securities and the office of
commissioner of THE securities COMMISSIONER are type 1 entities, as
defined in section 24-1-105. The division OF SECURITIES is responsible for
the administration of the provisions of articles 51, 53, and 59 of this title 11
and part 7 of article 75 of title 24 and shall perform such other duties as are
imposed upon it by law.
       SECTION 11. In Colorado Revised Statutes, 11-51-304, amend (2)
introductory portion and (2)(o) as follows:
       11-51-304. Registration by qualification.
PAGE 11-HOUSE BILL 26-1188
        (2) A registration statement MADE under this section shall MUST
contain full and fair disclosure of all material facts respecting the
investment offered, including the following information, shall MUST state
the title of the security and the number or amount being registered under
this article ARTICLE 51, and shall MUST be accompanied by the following
documents in addition to the consent to service of process required by
section 11-51-706:
       (o) The written consent of any accountant, engineer, appraiser, or
other person whose profession gives authority to a statement made by him
THEM, if any such person is named as having prepared or certified a report
or valuation other than a public and official document or statement which
THAT is used in connection with the registration statement;
       SECTION 12. In Colorado Revised Statutes, 11-51-1002, amend
(2)(b) as follows:
       11-51-1002. Definitions.
       As used in this part 10, unless the context otherwise requires:
       (2) "Eligible adult" means:
        (b) An individual eighteen years of age OLD or older who is
susceptible to mistreatment or self-neglect because the individual is unable
to perform or obtain services necessary for his or her THEIR health, safety,
or welfare or lacks sufficient understanding or capacity to make or
communicate responsible decisions concerning his or her THEIR person or
affairs.
        SECTION 13. In Colorado Revised Statutes, amend 11-51-1006
as follows:
       11-51-1006. Immunity for nondisclosure.
        A qualified individual who, in good faith and exercising reasonable
care, fails to report pursuant to this part 10 is immune from any
administrative, criminal, or civil liability for his or her THEIR failure to
report.
PAGE 12-HOUSE BILL 26-1188
        SECTION 14. Act subject to petition - effective date -
applicability. (1) This act takes effect at 12:01 a.m. on the day following
the expiration of the ninety-day period after final adjournment of the
general assembly (August 12, 2026, if adjournment sine die is on May 13,
2026); except that, if a referendum petition is filed pursuant to section 1 (3)
of article V of the state constitution against this act or an item, section, or
part of this act within such period, then the act, item, section, or part will
not take effect unless approved by the people at the general election to be
held in November 2026 and, in such case, will take effect on the date of the
official declaration of the vote thereon by the governor.
       (2)   This act applies to cease-and-desist orders and summary
PAGE 13-HOUSE BILL 26-1188
suspension orders issued on or after the applicable effective date of this act.
____________________________  ____________________________
Julie McCluskie  James Rashad Coleman, Sr.
SPEAKER OF THE HOUSE  PRESIDENT OF
OF REPRESENTATIVES  THE SENATE
____________________________  ____________________________
Vanessa Reilly  Esther van Mourik
CHIEF CLERK OF THE HOUSE  SECRETARY OF
OF REPRESENTATIVES  THE SENATE
        APPROVED________________________________________
                           (Date and Time)
                    _________________________________________
                   Jared S. Polis
                   GOVERNOR OF THE STATE OF COLORADO
PAGE 14-HOUSE BILL 26-1188