C.R.S. Section 42-7-421
When director may release proof of financial responsibility

(1)

The director, upon request, shall cancel any bond or return any certificate of insurance, or the director shall direct and the state treasurer shall return to the person entitled thereto any money or securities deposited pursuant to this article as proof of financial responsibility, or waive the requirement of filing proof of financial responsibility in any of the following events:

(a)

At any time after three years from the date such proof was required, or after any other period during which proof was required pursuant to section 42-7-408 (1) in the case of certain violations for an alcohol-related driving offense, if, during such three-year or other period preceding the request, the person furnishing such proof has not been convicted of any offense referred to in section 42-7-406; or

(b)

In the event of the death of the person on whose behalf such proof was filed, or the permanent incapacity of such person to operate a motor vehicle; or

(c)

In the event the person who has given proof of financial responsibility surrenders the person’s license to the director, but the director shall not release such proof in the event any action for damages upon a liability referred to in this article is then pending or any judgment upon any such liability is then outstanding and unsatisfied or in the event the director has received notice that such person has within the period of three months immediately preceding been involved as a driver in any motor vehicle accident. An affidavit of the applicant of the nonexistence of such facts shall be sufficient evidence thereof in the absence of evidence to the contrary in the records of the department.

(2)

Whenever any person to whom proof has been surrendered, as provided in paragraph (c) of subsection (1) of this section, applies for a license within a period of three years from the date proof of financial responsibility was originally required, or within any other period during which proof of financial responsibility was required pursuant to section 42-7-408 (1), any such application shall be refused unless the applicant establishes such proof for the remainder of such period.

Source: Section 42-7-421 — When director may release proof of financial responsibility, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-42.­pdf (accessed Oct. 20, 2023).

42‑7‑101
Short title 42‑7‑102
Legislative declaration 42‑7‑103
Definitions 42‑7‑201
Director to administer article 42‑7‑301
Security and proof of financial responsibility for the future required under certain circumstances 42‑7‑301.5
Proof of financial responsibility 42‑7‑302
Exemptions from requirement of filing security and proof of financial responsibility for the future 42‑7‑303
Duration of suspension 42‑7‑304
Custody and disposition of security 42‑7‑401
Proof required on judgments 42‑7‑402
Suspension, duration, bankruptcy 42‑7‑403
Sufficiency of payments 42‑7‑404
Payment of judgment in installments 42‑7‑405
Suspension upon second judgment 42‑7‑406
Proof required under certain conditions 42‑7‑407
Duty of courts to report 42‑7‑408
Proof of financial responsibility - methods of giving proof - duration - exception 42‑7‑409
Proof for member of family or chauffeur 42‑7‑410
Certificate for insurance policy 42‑7‑411
Restrictions in certain type of policy 42‑7‑412
Certificate furnished by nonresident 42‑7‑413
Motor vehicle liability policy 42‑7‑414
Requirements to be complied with 42‑7‑415
When insurance carrier to issue certificate 42‑7‑416
Notice required upon cancellation 42‑7‑417
Article not to affect other policies 42‑7‑418
Money - securities for financial responsibility 42‑7‑419
Substitution of proof 42‑7‑420
Failure of proof - other proof 42‑7‑421
When director may release proof of financial responsibility 42‑7‑422
No proof when proof required 42‑7‑501
Self-insurers 42‑7‑502
Action against nonresident - reciprocity with other states 42‑7‑503
Director to furnish operating record 42‑7‑504
Matters not to be evidence in litigation 42‑7‑505
Forging ability to respond in damages 42‑7‑505.5
Motor carrier indemnity agreements void - choice of law for transportation contracts 42‑7‑506
Surrender of license 42‑7‑507
Penalty 42‑7‑508
No repeal of motor vehicle laws 42‑7‑509
Article does not prevent other process 42‑7‑510
Insurance or bond required 42‑7‑601
Short title 42‑7‑602
Uninsured motorist identification database program - creation 42‑7‑603
Definitions 42‑7‑604
Motorist insurance identification database program - creation - administration - selection of designated agent - legislative declaration 42‑7‑606
Disclosure of insurance information - penalty 42‑7‑607
Part 6 not to supersede other provisions 42‑7‑609
Report
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Current through Fall 2024

§ 42-7-421’s source at colorado​.gov