(1) The committee shall:

(a) Make an ongoing examination of the statutes of the state and current judicial decisions for the purpose of discovering defects and anachronisms in the law and recommending needed reforms; except that the committee shall not consider any matter that is currently pending or appealable before any court;

(b) Receive, solicit, and consider proposed changes in the law recommended by the American law institute, any bar association, or other learned bodies;

(c) Receive, solicit, and consider suggestions from justices, judges, legislators, and other public officials, lawyers, and the public generally as to defects and anachronisms in the law;

(d) Recommend, upon an affirmative vote by at least five legislative members of the committee, and in accordance with subsection (3) of this section, legislation annually to effect such changes in the law as it deems necessary in order to modify or eliminate antiquated, redundant, or contradictory rules of law and to bring the law of this state into harmony with modern conditions; and

(e) Report its findings and recommendations on or before November 15 of each year to the legislature and, if it deems advisable, attach to its report copies of any proposed bills intended to carry out any of its recommendations.

(2) Any legislation proposed by the committee and sponsored by a committee member under paragraph (d) of subsection (1) of this section is exempt from the five-bill limitation specified in rule 24 of the joint rules of the senate and the house of representatives.

(3) The committee shall propose legislation only to streamline, reduce, or repeal provisions of the Colorado Revised Statutes. The committee shall endeavor to recommend legislation that cumulatively has, in each legislative session, no net increase in the number of laws or pages of laws in the Colorado Revised Statutes.