HB 1110: Vulnerable Adult Financial Exploitation Banking

Official summary

Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.

The act creates the 'Adults' Security and Safeguards from Exploitation in Transactions Act' or the 'ASSET Act'. The act requires or authorizes a qualified individual at a bank or credit union (financial institution) to do the following when the individual reasonably and in good faith suspects that a vulnerable adult is the victim of financial exploitation:The qualified individual must notify appropriate local law enforcement or the county agency handling adult protective services; andThe qualified individual may notify a third party previously designated by or reasonably associated with the vulnerable adult.     A financial institution or qualified individual may delay a disbursement from an account if the financial institution or qualified individual:Reasonably believes that the vulnerable adult is subject to financial exploitation;Provides written notification of the delay and the reason for the delay to all parties authorized to transact business on the account within 2 business days after the requested disbursement; except that a party who is reasonably believed to have engaged in financial exploitation of the vulnerable adult need not be notified; andContinues its internal review of the suspected or attempted financial exploitation.     The delay may continue until:The financial institution or qualified individual reasonably believes that the vulnerable adult is not subject to financial exploitation;Local law enforcement or the county agency handling adult protective services concludes its investigation; orA court orders that the delay be removed.     A financial institution or qualified individual must make a determination within 90 days after beginning the delay of a disbursement or, if waiting on the investigation of local law enforcement or a county agency handling adult protective services, within 180 days. The disbursement must be made or refused based on the conclusions of the investigation or the expiration of the time.     A financial institution and qualified individual are immune from liability arising from the actions or from failing to take the actions authorized in the act if the act or failure to act was made in good faith and exercising reasonable care.     A financial institution must provide access to or copies of records that are relevant to the suspected or attempted financial exploitation of an vulnerable adult to agencies charged with administering state adult protective services laws and to law enforcement. The records made available to agencies are not public records, as defined in the 'Colorado Open Records Act'.(Note: This summary applies to this bill as enacted.)

Sponsors

Sponsors by party (alphabetical): Democratic 38 · Republican 6

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

1. May 26, 2026Governor Signed
2. May 20, 2026Signed by the Speaker of the House
3. May 20, 2026Signed by the President of the Senate
4. May 20, 2026Sent to the Governor
5. April 21, 2026House Considered Senate Amendments - Result was to Concur - Repass
6. April 20, 2026Senate Third Reading Passed - No Amendments
7. April 17, 2026Senate Second Reading Special Order - Passed with Amendments - Committee
8. April 14, 2026Senate Committee on Business, Labor, & Technology Refer Amended - Consent Calendar to Senate Committee of the Whole
9. April 6, 2026Introduced In Senate - Assigned to Business, Labor, & Technology
10. March 9, 2026House Third Reading Passed - No Amendments
11. March 6, 2026House Second Reading Special Order - Passed with Amendments - Committee, Floor
12. March 4, 2026House Second Reading Laid Over Daily with Amendments - Committee

Showing 12 most recent of 15 actions. Full history