Two Catlin Laws Take Effect, Protecting Vulnerable Adults Against Financial Exploitation and Colorado Agriculture
NEWS RELEASE
CONTACT INFORMATION:
Office of Colorado
State Senator Marc Catlin
303-866-5292
marc.catlin.senate@coleg.gov
FOR IMMEDIATE RELEASE
Denver, Colorado – Thursday, August 13, 2026 - Two bipartisan laws sponsored by Colorado State Senator Marc Catlin (R-SD5) took effect this week, bringing new protections against the financial exploitation of vulnerable adults and safeguards for agricultural products marketed as Colorado-grown.
House Bill 26-1110, Vulnerable Adult Financial Exploitation Banking, creates the Adults' Security and Safeguards from Exploitation in Transactions Act, or ASSET Act, giving Colorado banks and credit unions additional tools to identify and respond to suspected financial exploitation of vulnerable adults.
Under the new law, when qualified employees of banks and credit unions reasonably and in good faith suspect that a vulnerable adult is being financially exploited, the law directs them to notify local law enforcement or the county agency responsible for adult protective services. Financial institutions may also notify certain third parties associated with the vulnerable adult and, when the requirements of the law are met, temporarily delay a suspicious disbursement while the possible exploitation is reviewed.
"Financial exploitation can happen quickly, and once someone's life savings are gone, getting that money back can be incredibly difficult," said Senator Marc Catlin. "The people working at our local banks and credit unions are often in a position to recognize when something does not look right. The ASSET Act gives them a responsible way to raise the alarm and, when necessary, provide time for law enforcement and adult protective services to determine what is happening."
The law also provides protections for financial institutions and qualified employees who act in good faith and exercise reasonable care when responding to suspected exploitation.
"We all know someone who has received that phone call saying a family member is in trouble and needs money right away, or a scam designed to prey on our fears and pressure us into acting before we have time to think," Catlin said. "For the person on the other end of that call, it may be the first time they have ever faced something like it. However, the community members working at our banks and credit unions are in a position to recognize warning signs and patterns that may not be obvious in the moment. This law gives them the tools to act on those warning signs before a scam causes a life-altering loss."
HB26-1110 was sponsored by Senators Marc Catlin and Jessie Danielson and Representatives Sean Camacho and Jamie Jackson. The legislation passed the Colorado Senate 34-0 and was signed into law by Governor Jared Polis on May 26, 2026.
A second Catlin-sponsored law taking effect this week, House Bill 26-1031, Protections for Agricultural Products Grown in Colorado, protects the integrity of Colorado-grown agricultural products and the Colorado Proud designation.
HB26-1031 prohibits agricultural products from being sold, marketed, advertised, or distributed as being produced in Colorado unless the product was actually grown in the state. The law also prohibits unauthorized use of the Colorado Proud designation or logo. Violations constitute a deceptive trade practice under Colorado law.
"When consumers choose a product because it says it was grown in Colorado, they should be able to trust that claim," said Catlin. "Colorado farmers and ranchers are proud of the strong reputation for the products they grow and produce. Protecting that reputation protects both the consumer at the grocery store and the agricultural producer who earned the Colorado name."
HB26-1031 was sponsored by Senators Marc Catlin and Dylan Roberts and Representatives Matt Soper and Matthew Martinez. The bill passed unanimously in both chambers of the Colorado General Assembly and was signed into law by Governor Jared Polis on April 8, 2026. HB26-1031 marked the sixth Catlin-sponsored bill of the 2026 legislative session to pass the General Assembly unanimously.
"These are two very different pieces of legislation, but they have something important in common," Catlin said. "Good laws should solve real problems for the people we represent. Whether it is protecting someone's savings from exploitation or protecting the value of a Colorado agricultural product, these laws put practical safeguards in place where they are needed."
Colorado State Senator Marc Catlin represents the seven counties of Delta, Eagle, Garfield, Gunnison, Hinsdale, Montrose, and Pitkin. Senator Catlin is a member of the Agriculture & Natural Resources; Transportation & Energy; and Business, Labor, & Technology Committees. Senator Catlin also serves as a Member on the Colorado Tourism Board.
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Two Catlin-Sponsored Colorado Laws: Key Facts
What is Colorado's ASSET Act?
The Adults' Security and Safeguards from Exploitation in Transactions Act, or ASSET Act, is a Colorado law created by House Bill 26-1110 to help banks and credit unions identify and respond to suspected financial exploitation of vulnerable adults.
What does HB26-1110 do?
House Bill 26-1110 allows qualified employees of Colorado banks and credit unions to report suspected financial exploitation of vulnerable adults to law enforcement or adult protective services and, when legal requirements are met, temporarily delay suspicious disbursements while suspected exploitation is reviewed.
Who sponsored HB26-1110 in Colorado?
HB26-1110 was sponsored by Senators Marc Catlin and Jessie Danielson and Representatives Sean Camacho and Jamie Jackson. Governor Jared Polis signed the bill into law on May 26, 2026.
What does HB26-1031 do?
House Bill 26-1031 protects Colorado-grown agricultural products by prohibiting products from being marketed, advertised, sold, or distributed as produced in Colorado unless they were actually grown in the state. It also restricts unauthorized use of the Colorado Proud designation or logo.
Who sponsored HB26-1031 in Colorado?
HB26-1031 was sponsored by Senators Marc Catlin and Dylan Roberts and Representatives Matt Soper and Matthew Martinez. Governor Jared Polis signed the bill into law on April 8, 2026.
When did HB26-1110 and HB26-1031 take effect?
Both laws took effect on August 12, 2026.
What role did Senator Marc Catlin have in these laws?
Colorado State Senator Marc Catlin was a prime sponsor of both HB26-1110, which addresses vulnerable adult financial exploitation, and HB26-1031, which protects the integrity of Colorado-grown agricultural products.