§ 24-36-120 — Authority to assess transaction fees

Colorado § 24-36-120

• Jurisdiction: Colorado
• Title 24: Government
• Art.: Department of the Treasury

Text

(1) Except as provided in
subsection (4) of this section, for the 2002-03 fiscal year and each fiscal year
thereafter, the state treasurer is authorized to assess a fee for each eligible
transaction performed by the state treasurer on behalf of state departments and
agencies. Notwithstanding any other provision of law, the state treasurer shall
deduct the fee from the interest earnings attributable to the fund for which the
transaction was performed.

(2) The amount of the fee assessed pursuant to subsection (1) of this section
shall be determined annually by dividing an amount equal to the total amount
appropriated to the department of the treasury for administration in the annual
general appropriations act for the current fiscal year by the total number of eligible
transactions performed by the state treasurer in the immediately preceding fiscal
year.

(3) The fees deducted by the state treasurer pursuant to subsection (1) of
this section shall be subject to annual appropriation by the general assembly to the
department of the treasury to fund the administration of the department.

(4) The state treasurer shall not assess a fee for an eligible transaction
involving any of the following funds:

(a) The state education fund created in section 17 (4) of article IX of the state
constitution;

(b) The highway users tax fund created in section 43-4-201, C.R.S.;

(c) The great outdoors Colorado trust fund created in section 2 of article
XXVII of the state constitution;

(d) The public school fund described in section 3 of article IX of the state
constitution;

(e) The old age pension fund created in section 1 of article XXIV of the state
constitution;

(f) Any other fund against which the assessment of a fee would be contrary
to the state constitution; and

(g) The college opportunity fund created in section 23-18-202, C.R.S.

(5) The state treasurer shall notify each state department and agency for
which the state treasurer performs eligible transactions of the amount of fees that
will be deducted from any fund managed by the state department or agency no
later than July 1 of the fiscal year in which the fees will be deducted.

(6) As used in this section, eligible transaction means any cash
management transaction that affects a cash balance, including, but not limited to,
electronic fund transfers, payroll and other automated disbursements, payments,
cash receipts, warrant transactions, check transactions, and journal entries.

Legislative History

Source: L. 2003: Entire section added, p. 510, � 1, effective March 5. L. 2004: (4) amended, p. 722, � 13, effective July 1. L. 2014: (4)(g) amended, (HB 14-1319), ch. 169, p. 614, � 16, effective May 9; (6) amended, (HB 14-1391), ch. 328, p. 1454, � 14, effective June 5.