155C6F927ACF186C8725897F0078FCA4 Hearing Summary

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.

The sponsors responded to questions from the committee.

Mr. Scott Wasserman, representing The Bell Policy Center, testified in support of the bill with the adoption of amendments L.001 and L.002.

Martha Fulford, representing the Department of Law, testified in a neutral position on the bill.

The witnesses responded to questions from the committee.

Ms. Kirsten Schatz, representing Colorado Public Interest Research Group, testified in support of the bill.

Alison Morgan, representing the Colorado Bankers Association, testified to amend the bill.

Matt McCune, representing McCune Legal, testified in support of the bill.

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

Ms. Karen Cody-Hopkins, representing the Cody-Hopkins Law Firm, testified in support of the bill.

The witnesses responded to questions from the committee.

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

Ms. Lauren Saunders, representing the National Consumer Law Center, testified in support of the bill.

Nina DiSalvo, representing Towards Justice, testified in support of the bill.

The sponsors made closing comments.