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First Regular Session | 75th General Assembly
Colorado General Assembly

PUBLIC
BILL SUMMARY For HB23-1229

HOUSE COMMITTEE ON FINANCE
Date Mar 27, 2023       Location HCR 0112

HB23-1229 - Amended, referred to the Committee of the Whole
04:01:36 PM  

Representatives Mabrey and Weissman, co-prime sponsors, presented House Bill 23-1229. The bill limits the total amount of finance charges on consumer credit transactions by requiring that a maximum finance charge include certain additional fees and charges specified in the bill. The sponsors distributed a fact sheet (Attachment B), amendment L.001 (Attachment C), and amendment L.002 (Attachment D).  Written testimony is included as Attachment E.
04:17:12 PM  
The sponsors responded to questions from the committee.
04:20:22 PM  
Mr. Scott Wasserman, representing The Bell Policy Center, testified in support of the bill with the adoption of amendments L.001 and L.002.
04:24:14 PM  
Martha Fulford, representing the Department of Law, testified in a neutral position on the bill.
04:27:41 PM  
The witnesses responded to questions from the committee.
04:35:19 PM  
Bob Short, representing himself, testified in opposition to the bill.
04:38:50 PM  
Ms. Katie March, representing GoWest Credit Union Association, testified to amend the bill.
04:40:43 PM  
Ms. Kirsten Schatz, representing Colorado Public Interest Research Group, testified in support of the bill.
04:41:10 PM  
Alison Morgan, representing the Colorado Bankers Association, testified to amend the bill.
04:55:23 PM  
Matt McCune, representing McCune Legal, testified in support of the bill.
04:58:19 PM  
Ms. Jessica Whitney, representing herself, testified in support of the bill.
05:00:40 PM  
Ms. Karen Cody-Hopkins, representing the Cody-Hopkins Law Firm, testified in support of the bill.
05:03:09 PM  
The witnesses responded to questions from the committee.
05:07:51 PM  
Ellen Harnick, representing the Center for Responsible Lending, testified in support of the bill.
05:13:33 PM  
Ms. Lauren Saunders, representing the National Consumer Law Center, testified in support of the bill.
05:15:31 PM  
Nina DiSalvo, representing Towards Justice, testified in support of the bill.

05:22:27 PM
 Motion Adopt amendment L.001 (Attachment C).
Moved Joseph
Seconded Kipp
deGruy Kennedy
Daugherty
Frizell
Hartsook
Kipp
Lindstedt
Marshall
Taggart
Weinberg
Joseph
Snyder
YES: 0   NO: 0   EXC: 0   ABS:  0   FINAL ACTION:  Pass Without Objection

05:23:57 PM
 Motion Adopt amendment L.002 (Attachment D).
Moved Joseph
Seconded Kipp
deGruy Kennedy
Daugherty
Frizell
Hartsook
Kipp
Lindstedt
Marshall
Taggart
Weinberg
Joseph
Snyder
YES: 0   NO: 0   EXC: 0   ABS:  0   FINAL ACTION:  Pass Without Objection
05:24:11 PM  
The sponsors made closing comments.

05:34:29 PM
 Motion Refer House Bill 23-1229, as amended, to the Committee of the Whole.
Moved Joseph
Seconded Kipp
deGruy Kennedy Yes
Daugherty Yes
Frizell No
Hartsook No
Kipp Yes
Lindstedt Yes
Marshall Yes
Taggart No
Weinberg No
Joseph Yes
Snyder Yes
Final YES: 7   NO: 4   EXC: 0   ABS:  0   FINAL ACTION:  PASS