The act enacts the "Interstate Compact on Placement of Children" (compact). The purpose of the compact is to: Provide a process through which children subject to this compact are placed in safe and suitable homes in a timely manner; Facilitate ongoing supervision of a placement, the delivery of services, and communication between the states; Provide operating procedures that will ensure that children are placed in safe and suitable homes in a timely manner; Provide for promulgation and enforcement of administrative rules implementing the compact and regulating the covered activities of the member states; Provide for uniform data collection and information sharing between member states; Promote coordination between the compact, the interstate compact for juveniles, the interstate compact on adoption and medical assistance, and other compacts affecting the placement of children and provision of services to children otherwise subject to this compact; Provide for a state's continuing legal jurisdiction and responsibility for placement and care of a child that it would have had if the placement were intrastate; and Provide for the promulgation of guidelines, in collaboration with Indian tribes, for interstate cases involving Indian children as is or may be permitted by federal law. After the act takes effect, and subject to available appropriations, the executive director of the department of human services (executive director) shall convene a working group to review the proposal for enactment of the revised interstate compact on placement of children, and conclude one year later unless amended. The working group shall review and make recommendations, according to a time frame determined by the working group, to Colorado's commissioner to the compact on the following issues: Evaluating the current compact process for children and families; Determining the status of Colorado's implementation of the national electronic interstate compact enterprise requirements and what effect the implementation of these requirements may have on Colorado; Improving the use of cross-border agreements; Identifying any barriers to placing children in residential treatment facilities out of state and options for addressing barriers within existing law; Identifying and prioritizing any alternative efforts being made to address interstate placement issues at the national level; and Identifying language and processes to improve interstate placements. The compact takes effect after the executive director provides notice to the revisor of statutes that the thirty-fifth state has enacted the compact. APPROVED by Governor May 24, 2024 EFFECTIVE August 7, 2024(Note: This summary applies to this bill as enacted.)