Danielson Bill to Protect Older Coloradans from Being Scammed Passes Committee Unanimously

DENVER, CO – The Senate Business, Labor, and Technology Committee unanimously passed bipartisan legislation to prevent scams targeting older Coloradans today. 

HB26-1110, the Adults’ Security and Safeguards from Exploitations in Transactions (ASSET) Act, is sponsored by Senators Jessie Danielson, D-Wheat Ridge, and Marc Catlin, R-Montrose. It would help prevent older Coloradans and other vulnerable people from being defrauded by scammers.

“Older Coloradans deserve to live with financial security – but years of hard work and saving can be ruined in an instant by a scammer,” said Danielson. “My bill will allow bankers and credit unions to stop fraudulent transactions before they go through. It’s about putting safeguards in place to prevent scams and keep Coloradans’ hard-earned money in their bank accounts.”

Under the bill, bank and credit union professionals would notify authorities and could pause transactions for additional review if they have reason to believe that their client is the victim of financial exploitation. The bill would also offer legal protection for these professionals if their action, or failure to act, was in good faith.

In 2024, Coloradans aged 60 years old and older reported losing over $74 million to scams. They were also the age group that experienced the most scams, with 3,125 individuals losing an average of $24,000.

In 2025, Colorado Democrats passed a law, sponsored by Senator Dylan Roberts, D-Frisco, that protects Coloradans from scams involving cryptocurrency kiosks, which target the elderly and other vulnerable populations. The law established a transaction limit of $2,000 per day for new customers and $10,500 for existing customers to help limit the amount of money that scammers can steal.

HB26-1110 now heads to the Senate floor for further consideration. Track its progress HERE.