§ 11-105-208 — Consumer protection

(1) Every Colorado bank using a
communications facility shall provide its account holders, at the time the facility is
used, with a receipt or record of each banking transaction initiated at a facility.
Such receipt or record shall be admissible as evidence in any legal action or
proceeding and shall constitute prima facie proof of the banking transaction
evidenced by such receipt or record. When a Colorado bank furnishes a statement
of a demand, savings, or loan account to an account holder, such statement shall
reflect each banking transaction affecting such account made by the account
holder at a communications facility during the period covered by the statement.

(2) With respect to any card or other device issued to an account holder for
use at a communications facility, any account holder whose card or device is lost or
stolen and subsequently used by an unauthorized person shall only be liable for the
lesser of fifty dollars or the amount of money, goods, or services obtained by the
unauthorized use prior to notice to the Colorado bank that issued the card or device
of the theft or loss. If the unauthorized use occurs through no fault of the account
holder, no liability shall be imposed on the account holder.

(3) No account holder shall be held liable for any loss occurring as the result
of any tampering or manipulation of a communications facility unless such account
holder performs or authorizes such acts.

(4) Commercial banks shall continue to offer customers the right to use
checking accounts. No bank shall make the use of such accounts burdensome with
intent to discourage such use. The banking board shall issue rules designed to
prevent violation of this provision.

(5) (a) No agreement to operate or share a communications facility may
prohibit, limit, or restrict the right of the operator or owner of the communications
facility to charge a customer conducting a transaction using an account from a
foreign bank a usual and customary access fee or surcharge unless prohibited
under state or federal law.

(b) Notwithstanding paragraph (a) of this subsection (5), nothing in this
section may be construed to prohibit, limit, or otherwise restrict the right of the
operator or owner of a communications facility from voluntarily entering into an
agreement to participate in a surcharge-free network.

Legislative History

Source: L. 2003: Entire article added with relocations, p. 1119, � 3, effective July 1. L. 2007: (5) added, p. 605, � 1, effective August 3.