(1) Beginning January 1, 2019, the department shall create and implement an expedited registration program. The expedited registration program authorizes private providers to register commercial vehicles that are classified as Class A personal property in section 42-3-106. This includes collecting and remitting the taxes and fees for the registration to the department.

(2)

(a) The department shall promulgate rules authorizing a private provider to participate in the expedited registration program if the provider:

(I) Has been approved by the department;

(II) Uses software that is approved by the department to calculate the amount of taxes and fees imposed in this title 42 and that is updated regularly to take into account any changes to the taxes and fees imposed in this title 42; and

(III) Procures and files with the department evidence of any of the following in an amount determined by rule by the department:

(A) A savings account, deposit, or certificate of deposit meeting the requirements of section 11-35-101; or

(B) A bond issued by a licensed corporate surety.

(b) The financial commitment required in subsection (2)(a)(III) of this section must provide for the reimbursement of any damages caused to the state of Colorado, a political subdivision of Colorado, or the owner of personal property registered through the expedited registration program by an act or omission of the private provider.

(c) A private provider may collect and retain a convenience fee for the services provided in the expedited registration program.

(3)

(a) The department may accept financial assistance from a private party to implement the expedited registration program if the financial assistance is directly related to the expedited registration program and is not conditional upon an act or circumstance that conflicts with state law.

(b) The department shall transfer any money accepted under this subsection (3) to the state treasurer, who shall credit it to the Colorado DRIVES vehicle services account created in section 42-1-211 (2)(b)(I).

(c) The department shall use any money accepted under this subsection (3) to implement this section.

(4) To implement the expedited registration program, the department shall ensure that the expedited registration program:

(a) Operates efficiently;

(b) Provides additional services or increases the speed or quality of services at an overall cost savings to the state; and

(c) Registers commercial vehicles and collects and remits taxes and fees in compliance with state law.

(5) To implement this section, the department may promulgate rules in addition to the rules required under subsection (2)(a) of this section and may enter into contracts with private providers.

(6) Subject to article 4 of title 24, the department may approve, deny approval, suspend approval, or revoke approval of a private provider who:

(a) Violates the law in the provision of services approved under this section;

(b) Makes a material misstatement to the department or any county in seeking approval to provide expedited registration services;

(c) Fails to comply with this section or any rules promulgated under this section; or

(d) Fails to satisfactorily provide expedited registration services or to collect or remit appropriate taxes and fees.