§ 11-48-106 — Consumer protection

Colorado § 11-48-106

• Jurisdiction: Colorado
• Title 11: Financial
• Art.: Electronic Funds Transfers for Financial

Text

(1) Every financial institution using a
communications facility shall provide its account holders, at the time the facility is
used, with a receipt or record of each 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 transaction evidenced by such receipt or record.
When a financial institution furnishes a statement of account to an account holder,
such statement shall reflect each 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 financial institution which 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 he performs
or authorizes such acts.

Legislative History

Source: L. 77: Entire article added, p. 554, � 3, effective May 20.