Encourage Employee Ownership Of Existing Small Business
| Type | Bill |
|---|---|
| Session | 2017 Regular Session |
| Subjects |
Concerning efforts to encourage employee ownership of the state's existing small businesses.
Bill Summary:
The bill requires the Colorado office of economic development (office) to engage the services of a local nonprofit organization that supports and promotes the employee-owned business model to educate the staff at the office on the forms and merits of employee ownership in order for the office to promote employee ownership as part of its small business assistance center.
The bill requires the office to establish and administer a revolving loan program to assist transitions of existing businesses to employee-owned businesses. The bill specifies that the office may enter into a contract, following an open and competitive process, with a local nondepository nonprofit organization that supports and promotes the employee-owned business model, a bank, or a nondepository community development financial institution to establish and administer the revolving loan program. The bill allows the office to work with the Colorado housing and finance authority to assist in offering loans under the program. The bill specifies the types of businesses that may qualify for the program, sets a maximum amount of any loan, and specifies what the loans may and may not be used for. The bill also allows the office to seek matching private sector money to help capitalize the program.
The bill authorizes the office to accept and expend gifts, grants, and donations to capitalize the program, and may annually keep the first 15% of the money raised for administration purposes. The bill creates the revolving loan program cash fund and the money in the fund is continuously appropriated to the office.
The bill also specifies that the office is required to establish guidelines and post on its website administrative details about the revolving loan program, such as fees, costs, interest rates, and loan terms.
The bill includes a repeal of the section of law creating the program, effective July 1, 2022.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)
Committees
Related Documents & Information
| Date | Version | Documents |
|---|---|---|
| 03/20/2017 | PA1 |
| Activity | Vote | Documents |
|---|---|---|
| Refer House Bill 17-1214 to the Committee of the Whole. | The motion passed on a vote of 5-2. | Vote summary |
| Activity | Vote | Documents |
|---|---|---|
| Refer House Bill 17-1214 to the Committee of the Whole. | The motion passed on a vote of 5-0. | Vote summary |
| Activity | Vote | Documents |
|---|---|---|
| Adopt amendment L.002. | The motion passed without objection. | Vote summary |
| Adopt amendment L.003. | The motion passed without objection. | Vote summary |
| Refer House Bill 17-1214, as amended, to the Committee of the Whole. | The motion passed on a vote of 7-6. | Vote summary |
| Date | Calendar | Motion | Vote | Vote Document |
|---|---|---|---|---|
| 04/21/2017 | Third Reading | BILL |
20
AYE
14
NO
1
OTHER
|
Vote record |
| Date | Calendar | Motion | Vote | Vote Document |
|---|---|---|---|---|
| 03/22/2017 | Third Reading | BILL |
38
AYE
27
NO
0
OTHER
|
Vote record |
| Date | Location | Action |
|---|---|---|
| 05/18/2017 | Governor | Governor Signed |
| 05/18/2017 | Governor | Sent to the Governor |
| 05/18/2017 | Senate | Signed by the President of the Senate |
| 05/15/2017 | House | Signed by the Speaker of the House |
| 04/21/2017 | Senate | Senate Third Reading Passed - No Amendments |
| 04/20/2017 | Senate | Senate Third Reading Laid Over Daily - No Amendments |
| 04/19/2017 | Senate | Senate Second Reading Passed - No Amendments |
| 04/18/2017 | Senate | Senate Second Reading Laid Over Daily - No Amendments |
| 04/12/2017 | Senate | Senate Committee on Business, Labor, & Technology Refer Unamended to Senate Committee of the Whole |
| 04/10/2017 | Senate | Senate Second Reading Referred to Business, Labor, & Technology - No Amendments |
| 04/05/2017 | Senate | Senate Committee on State, Veterans, & Military Affairs Refer Unamended to Senate Committee of the Whole |
| 03/23/2017 | Senate | Introduced In Senate - Assigned to State, Veterans, & Military Affairs |
| 03/22/2017 | House | House Third Reading Passed - No Amendments |
| 03/21/2017 | House | House Second Reading Passed with Amendments - Committee, Floor |
| 03/16/2017 | House | House Committee on Business Affairs and Labor Refer Amended to House Committee of the Whole |
| 02/27/2017 | House | Introduced In House - Assigned to Business Affairs and Labor |
Prime Sponsor
Sponsor
Co-Sponsor
| Effective Date | Chapter # | Title | Documents |
|---|---|---|---|
| 05/18/2017 | 203 | Encourage Employee Ownership Of Existing Small Bus |