Tag Archives: Colorado

Colorado Debt Management Bond Update

New surety bond legislation was recently enacted in Colorado State. The new law is named HB 1206 and requires surety companies to provide written notification to the Attorney General upon cancelation of the bond required of debt management service providers; the bond required is currently $50,000.

Colorado Alcohol Bond Terminated

Anyone who wants to sell alcohol at special events no longer needs a surety bond in the state of Colorado. The new bill is named SB 66 and abolishes the bond requirement for special event permits to sell alcohol. The previous law allowed the state licensing authority to require the permit holder to obtain a bond to guarantee their compliance with the law. SB 66 became effective August 10, 2011.

Colorado Retail Gaming Bond

Retail Gaming licensees are affected by new regulations that were recently put in to place; more specifically The Colorado Department of Revenue has implemented new rules regarding gaming taxes. The new policies require retail gaming licensees to acquire a surety bond in a quantity that the Gaming Commission is yet to establish. The surety bond guarantees that the gaming taxes will be paid. The bond must be from a state licensed surety company and it must have a paid-in capitalization of at least $500,000. As an alternative to the surety bond, cash deposits in the form of an assigned savings account or deposits in a state or national bank will be accepted in place of the bond.

Reading, Writing, Reefer And Surety

The Department of Revenue is looking to make some changes to medical marijuana patient privacy in Colorado which is making both patients and the Cannabis Therapy Institute uneasy.

According to the Cannabis Therapy Institute’s Laura Kriho, “We’re concerned that the Department of Revenue is getting ready to replace the confidential medical marijuana registry with a non-confidential database and surveillance system they’re setting up.”

This non-confidential system allows outside agencies to access the medical marijuana patient database at any time.

CTI’s Laura Kriho suggests that the Colorado Department of Public Health and Environment staff who have admittance to the information “meet the same requirements that medical marijuana center applicants are required to meet — specifically that they must have a surety bond of $5,000, be a resident of Colorado for the past two years, not convicted of a felony for the past five years and a current set of fingerprints on file with the Colorado Bureau of Investigations. We see the security of the registry as really the only function the CDPHE needs to uphold, and keeping track of who’s accessing it is just as important to us as it is for them to have medical marijuana center applicants comply with their standards.”

This proposal including the surety bond requirement is a step in the right direction for medical marijuana patients, but is it enough to cover any affected by misused or breached personal information?

Should a Department of Public Health employee leak or abuse patient information, the patient is only protected by a $5,000 surety bond in Krilho’s proposal. The patient must prove in court that their information was illegally used which in its self can cost thousands in legal fees; once they are awarded up to $5,000 they still have to deal with the potential of losing their job or health insurance for the simple fact they are medical marijuana users being that medical marijuana is still illegal under federal law.

Even if the Cannabis Therapy Institute’s proposal does pass, it still doesn’t seem the surety requirement is potent enough to protect any patients at risk. Krilho stated, “It’s of the utmost importance to preserve the confidential nature of the registry, in order to preserve the program at all. People have lost their jobs, lost their children, lost their health insurance because it was found out they were medical marijuana users. We just can’t have that.”

Colorado Waste Tire Facility Operator Bond

ColoradoA new bill was presented in the State of Colorado concerning waste tire facility operators. The new bill, which is named HB 1018, requires waste tire facility operators to register and satisfy financial assurance necessities for the recovery of the site and guarantee of full payment of all closure and post closure expenses; this includes any expenses for corrective actions. Surety bonds along with alternative financial instruments would be authorized to fulfill this requirement. The Hazardous Waste Commission would establish the quantity of the surety bond being called for.

Colorado Tourism Authority Bond

ColoradoIn Colorado, a new law was enacted relating to regional tourism authorities. The new law, labeled SB 173, authorizes local governments to produce regional tourism authorities and to deposit their funds in depositories or allows individuals to be custodians of the funds. The individuals spoken of must acquire a surety bond that meets the local tourism authority’s regulations.