Section 12-10-903 - Contract requirements(1) Every home warranty service contract shall contain the following information: (a) A specific listing of all items or elements excluded from coverage;(b) A specific listing of all other limitations in coverage, including the exclusion of preexisting conditions if applicable;(c) The procedure that is required to be followed in order to obtain repairs or replacements;(d) A statement as to the time period, following notification to the company, within which the requested repairs will be made or replacements will be provided;(e) The specific duration of the home warranty service contract, including an exact termination date that is not contingent upon an unspecified future closing date or other indefinite event;(f) A statement as to whether the home warranty service contract is transferable;(g) A statement that actions under a home warranty service contract may be covered by the provisions of the "Colorado Consumer Protection Act" or the "Unfair Practices Act", articles 1 and 2 of title 6, and that a party to such a contract may have a right of civil action under those laws, including obtaining the recourse or penalties specified in those laws.(2)(a) A home warranty service contract issued or renewed in this state on or after July 1, 2024, that provides coverage for the replacement of a gas-fueled appliance must include terms: (I) Allowing the homeowner the option to replace the gas-fueled appliance with a similar device of the homeowner's choosing that operates on electricity rather than gas. A home warranty service contract may require a homeowner to pay any additional cost to replace a gas-fueled appliance with an appliance that has a cost that exceeds the cost of replacing the gas-fueled appliance with another gas-fueled appliance under the terms of the home warranty service contract; except that any additional cost to the homeowner for the replacement electric appliance, excluding any installation or other associated costs, must not exceed the retail cost of the replacement electric appliance minus the retail cost of a replacement gas-fueled appliance.(II) Providing that the home warranty service company is required to provide a replacement appliance that satisfies the efficiency requirements set forth in article 7.5 of title 6 and any other state law.(b)(I) In the case of replacement of a gas-fueled furnace, HVAC system, boiler, or water heater, a home warranty service contract must include terms that allow the homeowner to replace the furnace, HVAC system, boiler, or water heater with a heat pump-based system.(II) In the case of replacement of a gas-fueled stove, a home warranty service contract must include terms that allow the homeowner to replace the gas-fueled stove with either an electric stove or an induction stove, at the homeowner's discretion.Amended by 2023 Ch. 43, § 3, eff. 8/7/2023, app. to home warranty service contracts executed or renewed on or after 7/1/2024.Renumbered from C.R.S. § 12-61-611.5 and amended by 2019 Ch. 136, § 1, eff. 10/1/2019.Amended by 2015 Ch. 81, § 3, eff. 8/5/2015.L. 89: Entire section added, p. 744, § 22, effective July 1. L. 2015: IP(1) and (1)(e) to (1)(g) amended, (HB 15-1223), ch. 81, p. 234, § 3, effective August 5.This section is similar to former § 12-61-611.5 as it existed prior to 2019.
2023 Ch. 43, was passed without a safety clause. See Colo. Const. art. V, § 1(3).