CO Code § 15-14-720 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 14 - Persons Under Disability - Protection|Part 7 - Uniform Power of Attorney Act|§ 15-14-720. Liability for Refusal to Accept Acknowledged Power of Attorney

  Except as otherwise provided in subsection (2) of this section:   A person shall either accept an acknowledged power of attorney or request a certification, a translation, or an opinion of counsel under section 15-14-719 (4) no later than seven business days after presentation of the power of attorney for acceptance.    If a person requests a certification, a translation, or an opinion of counsel under section 15-14-719 (4), the person shall accept the power of attorney no later than five business days after receipt of the certification, translation, or opinion of counsel.    A person may not require an additional or different form of power of attorney for authority granted in the power of attorney presented.       A person is not required to accept an acknowledged power of attorney if:   The person is not otherwise required to engage in a transaction with the principal in the same circumstances, including, without limitation, the circumstances set forth in paragraphs (a.3) and (a.5) of this subsection (2);  (a.3) The agent seeks to establish a customer relationship under the power of attorney and the principal is not currently a customer;   (a.5) The agent seeks services under the power of attorney that the person does not offer;     Engaging in a transaction with the agent or the principal in the same circumstances or acceptance of the power of attorney in the same circumstances would be inconsistent with any federal or state law, rule, or regulation other than as set forth in this part 7;    The person has actual knowledge of the termination of the agent's authority or of the power of attorney before exercise of the power;    A request for a certification, a translation, or an opinion of counsel under section 15-14-719 (4) is refused;    The person in good faith believes that the power is not valid or that the agent does not have the authority to perform the act requested, whether or not a certification, a translation, or an opinion of counsel under section 15-14-719 (4) has been requested or provided;    The person makes, or has actual knowledge that another person has made, a report to a governmental agency having authority to protect the welfare of the principal stating a good faith belief that the principal may be subject to physical or financial abuse, neglect, exploitation, or abandonment by the agent or a person acting for or with the agent; or  (f.5) The person has an apprehension, formed in good faith, that the agent or person acting for or with the agent has acted or is acting, in any capacity, either unlawfully or not in good faith in dealing with the person and the person is investigating in good faith to determine whether the person may, based on the results of the investigation, form a good faith belief that the principal may be subject to financial abuse, neglect, exploitation, or abandonment by the agent or a person acting for or with the agent.        A person that refuses in violation of this section to accept an acknowledged power of attorney is subject to:   A court order mandating acceptance of the power of attorney; and    Liability for reasonable attorney's fees and costs incurred in any action or proceeding that confirms the validity of the power of attorney or mandates acceptance of the power of attorney.        History. Source: L. 2009: Entire part added,(HB 09-1198), ch. 106, p. 394, § 1, effective April 9. L. 2011: (2)(f) amended,(SB 11-083), ch. 101, p. 311, § 22, effective August 10.    OFFICIAL COMMENT TO ALTERNATIVE A   As a complement to Section 15-14-719 , Section 15-14-720 enumerates the bases for legitimate refusals of a power of attorney as well as sanctions for refusals that violate the Act. Like Section 15-14-719 , Section 15-14-720 does not apply to unacknowledged powers of attorney. Enacting jurisdictions are provided a choice between alternative Sections 15-14-720. Alternatives A and B are identical except that Alternative B applies only to acknowledged statutory form powers of attorney while Alternative A applies to all acknowledged powers of attorney.   Subsection (2) of Alternative A provides the bases upon which an acknowledged power of attorney may be refused without liability. The last paragraph of subsection (2) permits refusal of an otherwise valid acknowledged power of attorney that does not meet any of the other bases for refusal if the person in good faith believes that the principal is subject to abuse by the agent or someone acting in concert with the agent (paragraph (2)(f)). A refusal under this paragraph is protected if the person makes, or knows another person has made, a report to the governmental agency authorized to protect the welfare of the principal. Pennsylvania has a similar provision. 20 Pa. Cons. Stat. Ann. § 5608(a) (West 2005).  See  Unless a basis exists in subsection (2) for refusing an acknowledged power of attorney, subsection (1) requires that, within seven business days after the power of attorney is presented, a person must either accept the power of attorney or request a certification, a translation, or an opinion of counsel pursuant to Section 15-14-719 . If a request under Section 15-14-719 is made, the person must decide to accept or reject the power of attorney no later than five business days after receipt of the requested document (subsection (1)(b)). Provided no basis exists for refusing the power of attorney, subsection (1)(c) prohibits a person from requesting an additional or different form of power of attorney for authority granted in the power of attorney presented.   Subsection (3) of Alternative A provides that a person that refuses an acknowledged power of attorney in violation of Section 15-14-720 is subject to a court order mandating acceptance and to reasonable attorney's fees and costs incurred in the action to confirm the validity of the power of attorney or to mandate acceptance. Statutory liability for unreasonable refusal of a power of attorney is based on a growing state legislative trend. , Alaska Stat. § 13.26.353(c) (2004); Cal. Prob. Code § 4306(a) (West Supp. 2006); Fla. Stat. Ann. § 709.08(11) (West 2000 & Supp. 2006); 755 Ill. Comp. Stat. Ann. 45/ 2-8 (West 1992); Ind. Code Ann. § 30-5-9 -9 (West Supp. 2005); Minn. Stat. Ann. § 523.20 (West 2006); N.Y. Gen. Oblig. Law § 5-1504 (McKinney 2001); N.C. Gen. Stat. § 32A-41 (2005); 20 Pa. Cons. Stat. Ann. § 5608 (West 2005); S.C. Code Ann. § 62-5-501(F)(1) (Supp. 2005).  See, e.g.