Colorado Senior Lobby is a proud member of the Colorado Consumer Protection Coalition. We choose to be included because older adults are frequent victims of both contract disputes involving arbitration, and of financial abuse. At a recent meeting, we had a great discussion about a proposed bill focused on increasing transparency and ethics around the practice of forced arbitration.
Forced arbitration has become a common part of contracts with long term care facilities, nursing homes, credit cards, and many other consumer contracts. The proposed legislation does not seek to eliminate forced arbitration – it is now a firmly entrenched practice – but the proposed legislation would make the process more fair and transparent for consumers.
It has three primary points:
- Addresses the existing lack of professional standards for arbitrators, requires disclosures by arbitrator of potential bias and provides the ability to disqualify an arbitrator on that basis.
- Provides the opportunity to investigate the record of arbitration service provider that would indicate patterns in their decisions which may indicate bias.
- Provides the opportunity to declare null and void any obvious arbitration provisions that are obviously unfair to the consumer.
It is important to us that when Coloradans are subject to arbitration that they have a fighting chance, and this legislation would give them just that.
Have you or someone you know been subject to unfair arbitration proceedings? Would you be open to sharing your story with the coalition? If so please email Jillian Coffey at Jillian@Siegelpa.com.
Find out more and add your name to our petition to local legislators, asking them to take action now!
Link to Petition: https://www.coloradoconsumerprotection.org/petition
Article by Colorado Senior Lobby