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hb1225 auto insurance |
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Consumers United Association New Security Freeze Law Takes Effect The following represents a list of bills Consumers United Association is following in the current legislative session. We are providing this information for our members and seek your opinions on these bills. To comment on any bill, send an e-mail to renee@cuacolorado.org. If you would like to review these bills, the full text can be found at: http://www.leg.state.co.us/Clics2006a/csl.nsf/MainBills?OpenFrameSet Insurance In July 2005, a legislative committee on auto insurance was formed to address many concerns that have arisen since the change from the No-Fault Auto Insurance System to the current Tort System. The charge of the committee was to identify problems and to present possible solutions by way of legislative bills that would be considered during the regular session. The committee conducted a thorough investigation of all the complicated issues related to auto insurance. They received expert testimony in virtually every area. CUA conducted a survey of our members and testified before this committee at that time. After careful consideration of testimony, the committee produced several pieces of legislation that were considered during this legislative session. Some have passed and some have not: Passed: HB06-1030 Auto Insurance Disclosure Requirements Requires auto insurance companies to disclose and explain all options available to the consumer and the ramifications of turning down portions of the policy the consumer opts out of. This bill was necessary because many consumers who need MedPay are opting out of it, putting themselves at significant risk. The bill also made MedPay the primary payee over personal health insurance coverage. SB06-041 Prompt Pay Auto Accident Claims. Requires auto insurance companies to pay accident claims promptly regardless of whether fault in the accident has been determined. Prior to this bill, this was not a requirement as it was under no-fault. Did Not Pass: SB06-019 Mandatory medical coverage HB06-1036 Mandatory offer of Medical Payment Coverage HB06-1043 Consumer Insurance Board HB06-1044 Third-party claims KGNU Radio Program on Auto Insurance KGNU interview with Consumers United Association about auto insurance KGNU In-depth program on auto insurance Do you have medical payment coverage on your auto insurance policy? If not, or if you don’t know, we urge you to call your insurance agent today unless you have significant financial resources available to cover you if you are injured. Identity Theft For several years, many legislators have tried to pass laws to make identity theft a more severe crime and to protect consumers against identity theft in various ways. Last year, the security freeze bill passed, which enables consumers to block anyone from accessing their credit report without their permission. This year, two new protections were added: Passed: HB06-1326 Identity Theft The law makes identity theft a class 4 felony and describes what is considered to be identity theft in detail. Broadly described, this includes a person who is knowingly in possession of personally identifying information of another person without permission and gathering identity information by deception. HB06-1347 Identity Theft Fraud Board The bill created a board of experts charged with providing statewide support to law enforcement on identity theft and financial fraud. Do you protect your personal information? Mortgage Lending Recently there have been many news stories about the fact that Colorado is one of only two states in the country that has no licensure or regulation for mortgage brokers. As a result, any person could become a mortgage broker, even if they have a criminal record. Many consumers have been victimized by criminal mortgage brokers. This year, improvements have been made to protect consumers: Passed: HB06-1161 Regulate Mortgage Brokers This legislation requires registration and criminal background checks for anyone who applies to become a mortgage broker. It also requires the person to post a bond. The Division of Real Estate will have oversight of mortgage brokers. HB06-1323 Mortgage Fraud Crime This bill created a $75,000 penalty for mortgage fraud. It gave the attorney general jurisdiction over mortgage fraud as well. CUA produced a series of articles on home buying and the types of loans available to consumers:
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