I Work For A Small Company In Colorado And We Were Told Today That The Labor Laws In Colorado State That We Can No Longer Get Comp Time Instead Of Ot For Anything Worked Over 40 Hours In One Week. He Used To Pay 1-1/2 For Anything Between 40 And 41 And Everything Else Was Put To A Comp Bank To Be Used At A Later Time (added To Our Vacation Time)...they Now Say No More Comp And He Is Not Paying Ot Either...so If I Work 40 Hr 45 Min, I Only Get 40 Hours. Is This Really A Law?

We would need to know whether you are exempt or non-exempt, and if you are working for a private or a public employer.

Comp time has never been legal in the private sector for non-exempt (hourly paid) employees. If a non-exempt employee works more than 40 hours in a 7-day fixed payroll period, the employee must be paid time and a-half (with the exception of a very few very specific occupations where OT may be calculated and paid in two week increments.)

If you are an exempt employee, then your employer doesn't ever have to pay you any overtime or offer any comp time if you work beyond your standard schedule.

If you are an hourly paid employee and you work 40 hours and 45 minutes, you must be paid for the 45 minutes at time and a-half

We would need to know whether you are exempt or non-exempt, and if you are working for a private or a public employer.
I AM AN HOURLY EMPLOYEE AND THIS IS A FAMILY OWNED BUSINESS

We would need to know whether you are exempt or non-exempt, and if you are working for a private or a public employer.

THEN IF COMP TIME IS NOT LEGAL FOR ANY HOURS WORKED OVER 40 IN A PAY PERIOD, THEN CAN THE OWNER STATE "IF AN EMPLOYEE WORKS MORE THAN 40 HRS PER WEEK, THEY WILL ONLY BE COMPENSATED FOR 40 HOURS UNLESS THE ADDITIONAL TIME IS AT THE EXPRESS REQUEST AND APPROVAL OF MANAGEMENT"
IS THAT LEGAL? CAN HE ENFORCE THIS?

No, he can not. He must pay you for all hours worked, regardless of whether it had his approval or not. On the other hand, he can discipline an employee for violating company policy in that area.