The text outlines legislative changes proposed by the Senate Judiciary Committee regarding the Identity Theft and Financial Deterrence Act as part of the sunset process.
Key Points
Sunset Date Change:
The Identity Theft and Financial Deterrence Act, originally set to repeal on September 1, 2025, will now continue in effect until September 1, 2036.
Recommended Amendments:
Repeal of the Identity Theft and Financial Fraud Board: The bill calls for eliminating the board currently overseeing identity theft and financial fraud issues.
Funding Structure Adjustments:
It proposes repealing the existing cash fund funding structure.
It allows for the appropriation of money from the general fund to the Department of Public Safety.
It permits the Department of Public Safety to accept gifts, grants, and donations to support the Colorado investigators unit.
Implications
These changes aim to extend the protections and deterrence measures against identity theft and financial fraud while also modernizing the funding and oversight structures to better support law enforcement efforts.
Summary
Sunset Process - Senate Judiciary Committee. The Identity
Theft and Financial Deterrence Act is set to repeal September 1, 2025. The bill implements the department of regulatory agencies' recommendations to:
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Continue the Identity Theft and Financial Fraud Deterrence Act until September 1, 2036;
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Repeal the identity theft and financial fraud board; and
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Repeal the current cash fund funding structure; allow appropriation of money from the general fund to the department of public safety; and allow the department of public safety to accept gifts, grants, and donations to staff the Colorado investigators unit.
