The passage of Colorado’s Senate Bill 11-031 modifies titling and registration procedures for collector car owners.
Car collectors found the previous laws to be confusing because they were strewn throughout a few different statutes. A July 8 article by the Journal Advocate out of Sterling, Colorado said,
“Just about a year ago this week, Republican Rep. Marsha Looper, of Calhan, was approached by a group of her constituents who said they couldn’t make heads or tails of the laws governing collector cars — and neither could those responsible for administering the laws.”
Senate Bill 11-031 regrouped all of the regulations into one law and also altered some of the previous requirements. One such change was the elimination of a Colorado surety bond requirement that car owners had to supply when registering an older vehicle.
The new law gives car collectors a few options when applying to convert a re-builder’s title to a standard certificate of title. Instead of being required to provide a surety bond, the applicant has the choice to provide one of four financial guarantees:
- a savings account
- a deposit
- a certificate of deposit (must meet the requirements of section 11-35-101, C.R.S.)
- a surety bond
According to the law, the account, deposit, certificate or surety amount fixed will be determined by the director for an amount not less than twice the reasonable value of the vehicle, which is determined at the time of application.
Gov. John Hickenlooper signed the bill on March 31, and it will go into effect on August 10.