Committee advances 'Asset Act' to allow temporary holds on suspected elder exploitation; liability shield and age cutoff draw debate

House Finance Committee — The committee approved House Bill 26‑1110 (the "Asset Act") as amended and routed it to the Committee of the Whole. Sponsors described the measure as a prevention tool that gives banks and credit unions a defined window to pause suspicious transfers and coordinate with adult protective services and law enforcement.

The bill defines an "eligible adult" as someone age 70 or older or an adult who lacks sufficient understanding or capacity to make or communicate reasonable decisions about personal affairs. If a qualified individual reasonably believes a disbursement is exploitative, they may place a hold: 90 days for typical cases and 180 days if law enforcement or a county adult protective services investigation is opened. The bill also permits notifying a trusted contact and includes limited liability protection for institutions that act in good faith.

Supporters included credit unions, AARP Colorado and the Colorado Office of Financial Empowerment. Luke Justice of Credit Union of Denver described frontline experiences where a pause prevented loss: "That pause gave him the time needed to think rationally and clearly." Dr. Eric Chess (University of Denver) and Rebecca Lohrey (Colorado Office of Financial Empowerment) testified the pause and coordinated reporting reduce irreversible financial harm and have health and social benefits for vulnerable adults. Bank representatives signaled conditional support and sought technical clarifications and liability language; the Colorado Bankers Association said it had three technical amendments under consideration.

Committee debate centered on two recurring concerns: the statutory age cutoff (70) and the bill's liability shield. Some members asked why the bill did not apply more broadly to all victims of financial exploitation; sponsors said this is a calibrated first step and that stakeholders are open to future expansion. Other members expressed concern that limiting the definition could unintentionally reduce protections for people who are vulnerable but younger than 70. The committee adopted a consolidated amendment (L002) to clarify disbursement types, notification language and record release wording; after debate the committee advanced the bill as amended by recorded vote (8–3). Several members said they expect continued stakeholder work if the bill proceeds.

What comes next: The bill moves to the Committee of the Whole for further consideration. Sponsors and stakeholders signaled readiness to negotiate technical cleanups and possible expansion in later stages.