Amending Terms of Consumer Lending Laws
| Type | Bill |
|---|---|
| Session | 2024 Regular Session |
| Subjects |
Concerning a more inclusive calculation of the finance charge applicable to certain consumer lending transactions, and, in connection therewith, requiring a more accurate disclosure of the cost of credit for certain loans.
Bill Summary:
The bill amends the Colorado "Uniform Consumer Credit Code" (UCCC) to change the terms and interest rates a nondepository institution may charge in a consumer credit transaction.
For a consumer credit transaction in which a nondepository institution makes a supervised loan or a consumer credit sale, the bill amends the calculation of the total amount of the finance charge that the nondepository institution may contract for and receive to include the total cost of specific additional charges. The bill amends the additional charges that the nondepository institution may contract for and receive and subjects specified additional charges to rule-making by the administrator of the UCCC (administrator).
The bill removes the requirement that the rules issued by the administrator be consistent with the federal "Truth in Lending Act" and the federal "Consumer Leasing Act".
(Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.)
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)
Related Documents & Information
| Date | Version | Documents |
|---|---|---|
| 02/27/2024 | PA1 |
| Activity | Vote | Documents |
|---|---|---|
| Postpone House Bill 24-1148 indefinitely. | The motion passed on a vote of 5-0. | Vote summary |
| Activity | Vote | Documents |
|---|---|---|
| Adopt amendment L.001 (Attachment F). | The motion passed without objection. | Vote summary |
| Refer House Bill 24-1148, as amended, to the Committee of the Whole. | The motion passed on a vote of 6-5. | Vote summary |
| Date | Calendar | Motion | Vote | Vote Document |
|---|---|---|---|---|
| 03/28/2024 | Third Reading | BILL |
40
AYE
18
NO
7
OTHER
|
Vote record |
| 03/26/2024 | Committee of the Whole | AMD (H.001) |
23
AYE
38
NO
4
OTHER
|
Vote record |
| Date | Location | Action |
|---|---|---|
| 05/06/2024 | Senate | Senate Committee on Finance Postpone Indefinitely |
| 04/02/2024 | Senate | Introduced In Senate - Assigned to Finance |
| 03/28/2024 | House | House Third Reading Passed - No Amendments |
| 03/27/2024 | House | House Third Reading Laid Over Daily - No Amendments |
| 03/26/2024 | House | House Second Reading Special Order - Passed with Amendments - Committee, Floor |
| 02/29/2024 | House | House Second Reading Laid Over Daily - No Amendments |
| 02/26/2024 | House | House Committee on Finance Refer Amended to House Committee of the Whole |
| 01/29/2024 | House | Introduced In House - Assigned to Finance |
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