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SB26-118 · Bill · 2026 Regular Session · Colorado

Legacy Giving to Charitable Organizations

Concerning the payment of designated benefits to a charitable organization upon the death of a donor.

Official status: Became Law

1 proposed amendment

Prime sponsors

Progress (from the official record)

Official summary

Official text — shown in English exactly as published by the official source. The official text controls.

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; or Require 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.)

Status timeline

Every recorded action on SB26-118, oldest first
DateLocationAction
02/19/2026SenateIntroduced In Senate - Assigned to Finance
03/10/2026SenateSenate Committee on Finance Refer Amended - Consent Calendar to Senate Committee of the Whole
03/13/2026SenateSenate Second Reading Passed with Amendments - Committee
03/16/2026SenateSenate Third Reading Passed - No Amendments
03/16/2026HouseIntroduced In House - Assigned to Finance
03/23/2026HouseHouse Committee on Finance Refer Unamended to House Committee of the Whole
03/25/2026HouseHouse Second Reading Special Order - Laid Over Daily - No Amendments
03/26/2026HouseHouse Second Reading Special Order - Passed - No Amendments
03/27/2026HouseHouse Third Reading Passed - No Amendments
04/07/2026SenateSigned by the President of the Senate
04/07/2026HouseSigned by the Speaker of the House
04/08/2026GovernorSent to the Governor
04/17/2026GovernorGovernor Signed
03/16/2026SenateSenate Third Reading Passed with Amendments - Committee

Recorded votes

Proposed amendments (1 proposed amendment)

Amendments proposed to SB26-118, oldest first
AmendmentCommittee / floor hearingOfferedDispositionOfficial document
L.001Committee amendment — Finance (Senate)03/10/2026PassedView official document

Source: Colorado General Assembly (leg.colorado.gov) · Data as of

Full text

Official record

View SB26-118 on leg.colorado.gov

Source: Colorado General Assembly (leg.colorado.gov) · Data as of

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