Latest from PPIAC:
As of this morning, the Colorado PI licensing page is still up on DORA’s website. To my knowledge, DORA has issued no further guidance specific to this profession since their windup document several months ago. https://docs.google.com/document/d/1mgfuegw8kN8Y7n8ZJruRx2mlXEW_krdHpnXptaxQa7g/mobilebasic
According to this document, all functions of the Colorado PI licensing program have now sunset. I’ve received several questions about the CO bond that licensees were required to carry. According to DORA’s doc, there will no longer be a need to carry a bond. Also, according to a previous presentation that Mike Yergey gave to PPIAC, a CO bond is not transferable to another state, because they are written specific to what the regulatory authority requires. As I understood in his presentation, this applies even though, as an example, Utah also requires a $10K bond just as Colorado did. Again, as I understand, the ONLY reason to have a bond at this point is if you are licensed in another state that requires it. Please contact your bonding company for further guidance, and make sure to ask if they will give you a prorated refund for your CO bond that is no longer valid.
If you’ve read the Standards of Practice document that I sent out to members, it does recommend for PIs to carry insurance and/or a bond. The only reason the bond wording is there is because of the bond requirements some states have. If you are not licensed in a state that has bonding requirements, then the bonding wording in the Standards of Practice does not apply to you. The only recommendation to you would be to carry general liability and errors and omissions insurance. There is no minimum recommended amount because that can vary depending on your clientele and/or PI license.
Colorado has now entered a completely unregulated environment for this profession. To my knowledge, Colorado is the only state in the country to hold the dubious distinction of repealing a PI licensing law, and it holds that distinction not once, but twice. Some of you may be wondering what comes next. History has shown us what comes next. Those of us who were PIs in CO prior to 2015 know the environment that will be created due to a non-regulated profession. Oddly, one of DORA’s primary reasons for their recommendation to Sunset the PI law was due to the lack of harm to consumers during the time of licensing requirements, which PPIAC quickly pointed out was actually an indicator of the success of the program. Should DORA one day realize this profession and consumers know what’s best for the profession, PPIAC will be there to provide guidance and input.
VP of Legislative Affairs – PPIAC
Advanced Professional Investigations/API
PO Box 654
Castle Rock, CO 80104
P. (720)933-9301 F. (303)957-2388
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