{"data":{"id":"us-co/c.r.s.-39-22-4707","jurisdiction":"us-co","citation":"C.R.S. § 39-22-4707","heading":"Financial institutions.","body":"(1) A financial institution is not required to:\n\n(a) Designate an account as a first-time home buyer savings account, or designate the beneficiaries of an account, in the financial institution's account contracts or systems or in any other way;\n\n(b) Track the use of money withdrawn from a first-time home buyer savings account; or\n\n(c) Report any information to the department or any other governmental agency that is not otherwise required by law.\n\n(2) A financial institution is not responsible or liable for:\n\n(a) Determining or ensuring that an account holder is eligible for a subtraction under section 39-22-104 (4)(w)(I);\n\n(b) Determining or ensuring that money in the account is used for an eligible expense; or\n\n(c) Reporting or remitting taxes or penalties related to use of money in a first-time home buyer savings account.\n\n(3) In implementing this part 47 and section 39-22-104 (3)(k) and (4)(w), the department shall not establish any administrative, reporting, or other requirements on financial institutions that are outside the scope of normal account procedures.","path":["Title 39 - Taxation","Article 22 - Income Tax","Part 47 - FIRST-TIME HOME BUYER SAVINGS ACCOUNT"],"source_url":"https://olls.info/crs/crs2026-title-39.htm","current_through":"Colorado Revised Statutes 2026","vintage":"","retrieved_at":"2026-09-14T18:37:45Z","sha256":"5baa9a09a824e029c8465811841e62c34f73db1ab5cec8704cbe869ba33de5cf","source_id":"us-co","stale":false,"prev":"us-co/c.r.s.-39-22-4706","next":"us-co/c.r.s.-39-22-4708"},"notice":"GroundRules: Original legal text. Not legal advice."}