Colorado HB1245 amends theft laws to include knowingly using advance payments for construction projects for unrelated purposes as theft.

Colorado HB1245 modifies the state's theft laws to explicitly include the knowing use, transfer, or diversion of advance payments for construction projects for purposes unrelated to the project as theft. This applies if such actions result in delay, cessation, abandonment, or material nonperformance of the project. The bill also mandates that contractors provide customers with a written disclosure before accepting an advance payment exceeding $300, detailing the intended use of the payment, the timing of expenses, and the projected start date of the project.

Colorado HB1245 amends theft laws to include knowingly using advance payments for construction projects for unrelated purposes as theft.

Colorado HB1245 modifies the state's theft laws to explicitly include the knowing use, transfer, or diversion of advance payments for construction projects for purposes unrelated to the project as theft. This applies if such actions result in delay, cessation, abandonment, or material nonperformance of the project. The bill also mandates that contractors provide customers with a written disclosure before accepting an advance payment exceeding $300, detailing the intended use of the payment, the timing of expenses, and the projected start date of the project.