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HB24-1453

Relocate Title 24 CLIMBER Act

Concerning the relocation of the CLIMBER Act from the department of the treasury to the office of economic development.
Session:
2024 Regular Session
Subjects:
Business & Economic Development
State Government
Bill Summary

The bill relocates the "Colorado Loans for Increasing Main Street Business Economic Recovery Act" and renames it the "Colorado Loans for Increasing Main Street Business Economic Resiliency Act" (CLIMBER Act). Specifically, the bill moves the administration of the CLIMBER Act loan program and insurance premium tax credits from the department of the treasury (department) to the office of economic development (office) and transfers the associated powers, duties, and functions of the administration of the CLIMBER Act from the department to the office. Along with this relocation, the bill makes the following changes to the CLIMBER Act:

  • For the small business recovery and resiliency loan program, removes the requirement that at least 90% of the money in any prior tranche be invested in small business loans before the office can provide another tranche to a loan program or to the Colorado credit reserve;
  • Allows the office to accept and expend gifts, grants, donations, and federal funds to support the CLIMBER Act and credits this money to the existing small business recovery and resiliency fund; and
  • Removes the future repeal of the CLIMBER Act and other future repeal dates located within the individual provisions of the CLIMBER Act.

The bill also makes a conforming amendment and repeals the provisions of law where the CLIMBER Act was previously codified.


(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

Status

Introduced
Passed
Became Law

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Bill Text

  • All Versions (7 )
    Date Bill Type Documents
    06/03/2024 Signed Act PDF
    05/17/2024 Final Act PDF
    05/03/2024 Rerevised PDF
    05/02/2024 Revised PDF
    04/26/2024 Reengrossed PDF
    04/25/2024 Engrossed PDF
    04/15/2024 Introduced PDF

The effective date for bills enacted without a safety clause is August 7, 2024, if the General Assembly adjourns sine die on May 8, 2024, unless otherwise specified. Details