House Finance

Thursday, January 29, 2026·1h 19m·▶ Watch / Listen

Key Actions

·Sunset Review – Colorado Securities Act (Draft Bill)Passed

+ 2 more actions

Controversies

Incongruent enforcement trends in Division of Securities data

Representative You Marshall argued that complaints to the Division nearly doubling (from 181 in FY19-20 to 355 in FY23-24) while restitution orders dropped from almost $30 million to $2 million and total cases opened halved was 'very incongruent' and 'troubling,' and stated Chan's explanations still did not fully account for the trend. Commissioner Tung Chan countered with multiple explanations including the 2017 Senior Exploitation Act adding a clearinghouse function that inflated complaint counts, crypto scams falling outside the Division's jurisdiction, post-pandemic vacancies, and that restitution figures vary based on individual case size. Marshall acknowledged the senior exploitation explanation 'helps a bit' but maintained the underlying trend remained unexplained.

+ 1 more controversy

Notable Quotes

“You've almost doubled the number of complaints, but have like less than 10% of restitution orders and your total case is opened even though you had almost doubled the complaints halved. So that really seems very incongruent and I'm trying to wrap my head around this.”
Representative Bob Marshall — Marshall was questioning Commissioner Tung Chan about declining restitution orders and total cases opened in the face of rising complaint volumes at the Division of Securities, citing data from page 46 of the sunset review report.

+ 4 more quotes

Votes

Motion to introduce the draft bill for the securities act sunset as draftedPassed

Motion to send HB 26-1032 to the House Committee on Appropriations with the most favorable of recommendationsPassed

Yes (10)Brooks, Camacho, Garcia, Gonzalez, Hartsook, Richardson, Stewart, Zokaie, Titone, Mr. Chair Woodrow

Absent (1)Marshall (excused)

Motion to send HB 26-1059 to the Committee on Appropriations with a favorable actionPassed

Yes (10)Brooks, Camacho, Garcia, Gonzalez, Hartsook, Richardson, Stewart, Zokaie, Titone, Mr. Chair Woodrow

Absent (1)Marshall (excused)

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TranscriptPreview

The House Finance Committee will come to order. Ms. Culver, please call the roll. Representatives Brooks. Present. Camacho. Excused. DeGraff. Richardson. Richardson. Yes. Thank you. Last minute substitution. Garcia. Here. Gonzalez. Buenos dias. Hartsuk. Here. Marshall. Here. Stuart. Here. Zokai. Tatone. Excused. And Mr. Chair. Here. Okay, folks, we have three items on the agenda for our first meeting of the House Finance Committee. Welcome. We have the sunset review of the Colorado securities act, followed by public testimony, and then we will have hearings on House Bill 1032 and House Bill 1059. We will start with the sunset. So, you know, the way it works is that we've got our OLS drafter to come up and talk to us about the process on our sunset hearing on the Colorado Securities Act. Mr. Payne, please come up. Mr. Dewise, nice to see you both. Please proceed. Good morning. Nice to see you, too. Who'd like to go first? Mr. Twise Floor is yours. Thank you. Mr. Chair. Excuse me, members of the committee, my name is Brian Tavias. I'm the director of the Colorado Office of Policy, Research and Regulatory Forum located within the Department of Regulatory Agencies. And before…

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