(1) The requirement of a surety bond as a condition to licensure or authority to conduct business or perform duties in this state provided in sections 5-16-124 (1), 6-16-104.6, 12-10-717, 23-64-121 (1), 33-4-101 (1), 33-12-104 (1), 35-55-104 (1), 37-91-107 (2) and (3), 38-29-119 (2), 39-21-105, 39-28-105 (1), 42-6-115 (3), 42-7-301 (6), 44-20-112, 44-20-113, 44-20-114, 44-20-412, and 44-20-413 may be satisfied by a savings account or deposit in or a certificate of deposit issued by a state or national bank doing business in this state or by a savings account or deposit in or a certificate of deposit issued by a state or federal savings and loan association doing business in this state. The savings account, deposit, or certificate of deposit must be in the amount specified by statute, if any, and must be assigned to the appropriate state agency for the use of the people of the state of Colorado. The aggregate liability of the bank or savings and loan association must in no event exceed the amount of the deposit. For the purposes of the sections referred to in this section, "bond" includes the savings account, deposit, or certificate of deposit authorized by this section.
(2) Each appropriate state agency required to accept such bonds, savings accounts, deposits, or certificates of deposit shall promulgate rules and regulations defining the method of assignment, required period of liability, and such other procedures as may be necessary.
(3) All rules adopted or amended by state agencies pursuant to subsection (2) of this section are subject to section 24-4-103.
Source: L. 79: Entire article added, p. 419, § 1, effective July 1. L. 80: (1) and (3) amended, pp. 786, 791, §§ 15, 36, effective June 5. L. 81: (1) amended, p. 617, § 2, effective April 30; (3) amended, p. 1177, § 2, effective July 1. L. 82: (1) amended, p. 621, § 8, effective April 2. L. 83: (1) amended, p. 1292, § 1, effective April 21; (1) amended, p. 701, § 4, effective June 10. L. 84: (1) amended, p. 409, § 2, effective March 5; (1) amended, p. 1007, § 2, effective March 26; (1) amended, p. 920, § 6, effective January 1, 1985. L. 85: (1) amended, p. 437, § 2, effective July 1. L. 87: (1) amended, p. 473, § 5, effective July 1. L. 89: (1) amended, p. 1394, § 2, effective April 12. L. 90: (1) amended, p. 1681, § 5, effective October 1. L. 92: (1) amended, p. 2168, § 8, effective June 2; (1) amended, p. 1863, § 28, effective July 1. L. 93: (1) amended, p. 1773, § 27, effective June 6; (1) amended, p. 260, § 5, effective July 1; (1) amended, p. 1236, § 4, effective July 1; (1) amended, p. 1391, § 10, effective January 1, 1995. L. 94: (1) amended, p. 1630, § 32, effective May 31; (1) amended, p. 2545, § 20, effective January 1, 1995. L. 95: (1) amended, p. 1091, § 2, effective May 31; (1) amended, p. 1332, § 3, effective July 1. L. 2000: (1) amended, p. 1937, § 16, effective October 1; (1) amended, p. 3, § 3, effective July 1, 2001. L. 2001: (1) amended, p. 1214, § 43, effective January 1, 2002. L. 2003: (1) amended, p. 1340, § 2, effective April 22. L. 2006: (1) amended, p. 1587, § 2, effective July 1. L. 2007: (1) amended, p. 1850, § 3, effective July 1. L. 2009: (1) amended, (SB 09-117), ch. 123, p. 527, § 21, effective April 16; (1) amended, (SB 09-151), ch. 89, p. 346, § 3, effective July 1. L. 2016: (3) amended, (HB 16-1192), ch. 83, p. 232, § 7, effective April 14; (1) amended, (HB 16-1129), ch. 262, p. 1078, § 5, effective August 10; (1) amended, (SB 16-036), ch. 292, p. 1181, § 2, effective August 10. L. 2017: (1) amended, (SB 17-294), ch. 264, p. 1386, § 11, effective May 25; (1) amended, (HB 17-1238), ch. 260, p. 1172, § 16, effective August 9; (1) amended, (HB 17-1239), ch. 261, p. 1202, § 2, effective August 9. L. 2018: (1) amended, (SB 18-030), ch. 7, p. 138, § 6, effective October 1. L. 2019: (1) amended, (SB 19-241), ch. 390, p. 3463, § 5, effective August 2; (1) amended, (HB 19-1172), ch. 136, p. 1658, § 57, effective October 1. L. 2022: (3) amended, (SB 22-091), ch. 28, p. 168, § 3, effective August 10. L. 2026: (1) amended, (SB 26-169), ch. 311, p. 1798, § 7, effective August 12.