Skip to main content
Find a Lawyer

Colorado Revised Statutes Title 39. Taxation § 39-22-4707. Financial institutions

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) A financial institution is not required to:

(a) Designate an account as a first-time home buyer savings account, or designate the beneficiaries of an account, in the financial institution's account contracts or systems or in any other way;

(b) Track the use of money withdrawn from a first-time home buyer savings account; or

(c) Report any information to the department or any other governmental agency that is not otherwise required by law.

(2) A financial institution is not responsible or liable for:

(a) Determining or ensuring that an account holder is eligible for a subtraction under section 39-22-104(4)(w)(I);

(b) Determining or ensuring that money in the account is used for an eligible expense; or

(c) Reporting or remitting taxes or penalties related to use of money in a first-time home buyer savings account.

(3) In implementing this part 47 and section 39-22-104(3)(k) and (4)(w), the department shall not establish any administrative, reporting, or other requirements on financial institutions that are outside the scope of normal account procedures.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Colorado Revised Statutes Title 39. Taxation § 39-22-4707. Financial institutions - last updated January 01, 2025 | https://codes.findlaw.com/co/title-39-taxation/co-rev-st-sect-39-22-4707/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard