The committee took a recess.

The committee came back to order.

Senator Gonzales introduced House Bill 23-1229, concerning amendments to consumer lending laws.  The bill modifies the requirements for loans not exceeding $1000 and provides that state law applies to interest rates on consumer credit transactions. The sponsor distributed Amendments L.008 and L.010 to the committee (Attachments G and H).

Cheye-Ann Corona, representing Affirm, testified in opposition to the bill.

Mr. Gilberto Mendoza, representing Upstart, testified in opposition to the bill.

Mr. Jabo Covert, representing Community Choice Financial Inc., testified in opposition to the bill.

Gerron Levi, representing American Fintech Council, testified in opposition to the bill.

The panelists responded to questions from the committee.

Mr. Parris Sanz, representing Webbank, testified in opposition to the bill.

Jean Traub, representing Best Egg, testified in opposition to the bill.

Tara Rider, representing Cross River Bank, testified in opposition to the bill.

Mr. David Melcer, representing themself, testified to amend the bill.

Martha Fulford, representing the Department of law, testified in support of the bill.

Mr. Scott Wasserman, representing the Bell Policy Center, testified in support of the bill.

Melissa Mejia, representing the Community Economic Defense Project, testified in support of the bill.

Ms. Naomi Amaha, representing The Denver Foundation, testified in support of the bill.

The panelists responded to questions from the committee.

Ms. Carolyn Carter, representing the National Consumer Law Center, testified in support of the bill.

Ellen Harnick, representing the Center for Responsible Lending, testified in support of the bill.

Ms. Jessica Whitney, representing themself, testified in support of the bill.

Ed Perlmutter, representing Synchrony Bank, testified to amend the bill.

Additional written testimony that was provided to the committee may be found in Attachment I.

Senator Gonzales explained the purpose of Amendment L.008.

Senator Will distributed and explained Amendment L.011 (Attachment J).

Senator Will distributed and explained Amendment L.013 (Attachment K).

The sponsor made closing comments on the merits of the bill.

Committee members made closing comments on the merits of the bill.