Last Wednesday, Gov. Hickenlooper signed the bill that exempts banks and financial institutions from restrictions imposed by Colorado’s Employment Opportunity Act. The bill went into effect upon his signature. Banks and financial institutions can once again conduct credit screening of tellers and other front-line positions.
The law prohibits other Colorado employers with four or more employees, except law enforcement and domestic and farm labor, from using credit information in employment decisions unless credit is “substantially related” to the job. For credit to be “substantially related,” the position must constitute executive or management personnel, an officer, or professional staff to executive or management personnel, and the position must perform certain high-level duties. Contact MSEC with questions about how to comply with this law.
The full text of the new law is available here.