CO SB 118
enactedLegacy Giving to Charitable Organizations
Colorado · 2026 Regular Session · upper
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Quick answers
Did CO SB 118 pass?
Yes. CO SB 118 has been enacted into law. Latest recorded action (2026-04-17): Governor Signed
What is CO SB 118 about?
The act requires a bank, broker-dealer, depository institution, credit union, or financial or institutional investor (covered entity) that holds benefits that are designated by a donor to a charitable organization to pay the designated benefits no later than 60 calendar days after the charitable organization submits an affidavit attesting to the death of the donor and other information to the covered entity, except as described in federal law. If a covered entity that holds designated benefits is unable to pay the designated benefits to a charitable organization because federal law requires the covered entity to take certain actions or satisfy certain criteria in order to pay the designated benefits, the covered entity must take the actions or satisfy the criteria that are required by federal law and comply with the act no less than 120 calendar days after the charitable organization submits the affidavit to the covered entity. If a charitable organization receives designated benefits that concern a creditor claim, statutory allowance, or the unsatisfied balance of an elective-share or a supplemental elective-share claim (outstanding claim) for which the charitable organization may be liable, the charitable organization must return to the donor's estate a portion or all of the designated benefits in order to satisfy the outstanding claim within 60 days after receiving written notice of the liability, with certain exceptions. If the charitable organization fails to comply, it must pay statutory interest to the donor's estate for each day the unreturned amount remains outstanding. Upon receiving notice of the outstanding claim from the personal representative of the donor's estate, the charitable organization must hold all or a portion of the designated benefits in a constructive trust pending a determination of the outstanding claim. Moreover, the charitable organization may be subject to one or more court actions. A covered entity that holds benefits that are designated to a charitable organization shall not:Require the charitable organization to establish an account with the covered entity as a condition of receiving the designated benefits; orRequire an individual employed by, or serving on the board of, the charitable organization to submit personal information as a condition of receiving designated benefits. The act may be enforced by the division of banking, the financial services board, or the division of securities, as appropriate.(Note: This summary applies to this bill as enacted.)
Who sponsors CO SB 118?
C. Clifford, C. Simpson, J. Coleman are the primary sponsors of CO SB 118, joined by 17 cosponsors.
Description
The act requires a bank, broker-dealer, depository institution, credit union, or financial or institutional investor (covered entity) that holds benefits that are designated by a donor to a charitable organization to pay the designated benefits no later than 60 calendar days after the charitable organization submits an affidavit attesting to the death of the donor and other information to the covered entity, except as described in federal law. If a covered entity that holds designated benefits is unable to pay the designated benefits to a charitable organization because federal law requires the covered entity to take certain actions or satisfy certain criteria in order to pay the designated benefits, the covered entity must take the actions or satisfy the criteria that are required by federal law and comply with the act no less than 120 calendar days after the charitable organization submits the affidavit to the covered entity. If a charitable organization receives designated benefits that concern a creditor claim, statutory allowance, or the unsatisfied balance of an elective-share or a supplemental elective-share claim (outstanding claim) for which the charitable organization may be liable, the charitable organization must return to the donor's estate a portion or all of the designated benefits in order to satisfy the outstanding claim within 60 days after receiving written notice of the liability, with certain exceptions. If the charitable organization fails to comply, it must pay statutory interest to the donor's estate for each day the unreturned amount remains outstanding. Upon receiving notice of the outstanding claim from the personal representative of the donor's estate, the charitable organization must hold all or a portion of the designated benefits in a constructive trust pending a determination of the outstanding claim. Moreover, the charitable organization may be subject to one or more court actions. A covered entity that holds benefits that are designated to a charitable organization shall not:Require the charitable organization to establish an account with the covered entity as a condition of receiving the designated benefits; orRequire an individual employed by, or serving on the board of, the charitable organization to submit personal information as a condition of receiving designated benefits. The act may be enforced by the division of banking, the financial services board, or the division of securities, as appropriate.(Note: This summary applies to this bill as enacted.)
- Introduced
- 2026-02-19
- Latest action
- 2026-04-17 — Governor Signed
- Bill type
- bill
- Last updated
- —
Subjects
Sponsors
- C. Cliffordsponsor
- C. Simpsonsponsor
- J. Colemansponsor
- M. Froelichcosponsor
- S. Camachocosponsor
- A. Boeseneckercosponsor
- J. Baconcosponsor
- M. Snydercosponsor
- J. Marchmancosponsor
- C. Kolkercosponsor
- M. Rutinelcosponsor
- I. Jodehcosponsor
- J. Gonzalescosponsor
- L. Frizellcosponsor
- L. Daughertycosponsor
- L. Cuttercosponsor
- M. Ballcosponsor
- C. Kippcosponsor
- K. Nguyencosponsor
- M. Lindsaycosponsor
Committees
Not provided by source.
Action timeline
Newest first
2026-04-17
Governor Signed
executive-signature
2026-04-08
Sent to the Governor
executive-receipt
2026-04-07
Signed by the President of the Senate
passage
2026-04-07
Signed by the Speaker of the House
passage
2026-03-27
House Third Reading Passed - No Amendments
passage,reading-3
2026-03-26
House Second Reading Special Order - Passed - No Amendments
2026-03-25
House Second Reading Special Order - Laid Over Daily - No Amendments
2026-03-23
House Committee on Finance Refer Unamended to House Committee of the Whole
committee-passage,referral-committee
2026-03-16
Senate Third Reading Passed - No Amendments
passage,reading-3
2026-03-16
Introduced In House - Assigned to Finance
introduction
2026-03-16
Senate Third Reading Passed with Amendments - Committee
passage,reading-3
2026-03-13
Senate Second Reading Passed with Amendments - Committee
reading-2
2026-03-10
Senate Committee on Finance Refer Amended - Consent Calendar to Senate Committee of the Whole
committee-passage
2026-02-19
Introduced In Senate - Assigned to Finance
introduction
Versions
Documents
Votes
Refer Senate Bill 26-118, as amended, to the Committee of the Whole and with a recommendation that it be placed on the consent calendar.
2026-03-10 · pass · 0-0
Member-level votes (9)
- Scott Bright: yes
- Lisa Frizell: yes
- Julie Gonzales: yes
- Chris Kolker: yes
- Kyle Mullica: yes
- Cleave Simpson: yes
- Marc Snyder: yes
- Janice Marchman: yes
- Cathy Kipp: yes
Adopt amendment L.001 (Attachment B)
2026-03-10 · pass · 0-0
Refer Senate Bill 26-118 to the Committee of the Whole.
2026-03-23 · pass · 0-0
Member-level votes (11)
- Max Brooks: yes
- Sean Camacho: yes
- Ken DeGraaf: no
- Lorena Garcia: yes
- Ryan Gonzalez: yes
- Anthony Hartsook: excused
- Bob Marshall: yes
- Rebekah Stewart: yes
- Yara Zokaie: yes
- Brianna Titone: yes
- Steven Woodrow: yes
BILL
2026-03-27 · pass · 0-0
Member-level votes (65)
- Bacon: yes
- Barron: yes
- Boesenecker: yes
- Bottoms: no
- Bradfield: yes
- Bradley: no
- Brooks: no
- Brown: yes
- Caldwell: yes
- Camacho: yes
- Carter: yes
- Clifford: yes
- DeGraaf: no
- Duran: yes
- English: yes
- Espenoza: yes
- Feret: yes
- Flanell: yes
- Froelich: yes
- Garcia: excused
- Garcia Sander: yes
- Gilchrist: yes
- Goldstein: yes
- Gonzalez R.: yes
- Hamrick: yes
- Hartsook: yes
- Jackson: excused
- Johnson: yes
- Joseph: yes
- Keltie: yes
- Lieder: yes
- Lindsay: yes
- Luck: no
- Lukens: yes
- Mabrey: yes
- Marshall: yes
- Martinez: yes
- Mauro: yes
- McCormick: yes
- Nguyen: yes
- Paschal: yes
- Phillips: yes
- Richardson: yes
- Ricks: yes
- Rutinel: yes
- Rydin: yes
- Sirota: yes
- Slaugh: yes
- Smith: yes
- Soper: no
- Stewart K.: yes
- Stewart R.: yes
- Story: yes
- Suckla: yes
- Taggart: yes
- Titone: yes
- Valdez: yes
- Velasco: yes
- Weinberg: no
- Willford: excused
- Winter T.: yes
- Woodrow: yes
- Woog: no
- Zokaie: yes
- McCluskie: yes
Related bills
No related bills recorded for this bill.
Official source
Attribution
Data from openstates_bulk_csv, retrieved 2026-07-24T03:52:26.466301Z
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