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s_jud_2016a_2016-05-04t14:37:54z0 Hearing Summary

Date: 05/04/2016



Final

BILL SUMMARY for SB16-184



SENATE COMMITTEE ON JUDICIARY


Votes: View--> Action Taken:
Refer Senate Bill 16-184 to the Committee of the W PASS







02:38 PM -- SB16-184



Senator Roberts, chair, called the committee to order. A quorum was present. Senator Lundberg described Senate Bill 16-184, concerning market-based rates for interest on judgments.





02:39 PM



The committee recessed.





02:41 PM



The committee returned to order. President Cadman and Senator Scheffel, co-prime sponsors, presented SB 16-184. Senator Scheffel discussed the effect of the bill.



02:44 PM --
Mr. Corwin Meichtry, representing himself, testified in support of the bill. Mr. Meichtry discussed the economic effects of the bill, and how interest rate selection affects compensation.



02:47 PM --
Mr. Ross Pulkrabek, representing the Colorado Trial Lawyers Association, testified in opposition to the bill. He discussed interest rates on different types of claims and agreements, and how the bill affects injured persons' ability to repay certain loans.



02:49 PM --
Mr. Ethan McQuinn, representing the Colorado Trial Lawyers Association, testified in opposition to the bill. Mr. McQuinn discussed specific cases relating to payment of claims, and incentives for parties to pay claims. He responded to a question relating to incentivizing claims payment.



02:54 PM --
Mr. Jeff Ruebel, representing the Colorado Defense Lawyers Association, testified in support of the bill. Mr. Ruebel discussed the effect of interest rates on judgments and borrowing.



02:58 PM --
Mr. Andrew LaFontaine, representing the Colorado Civil Justice League, testified in support of the bill. He discussed court decisions about the purpose of monetary judgments, including a discussion of the time-value of money, interest rates for borrowing, and the effect of high interest rates on judgments. Mr. LaFontaine responded to questions about incentives for parties to settle cases, and the differences between federal and state interest rates on judgments.





03:04 PM



President Cadman provided closing remarks on the bill.

BILL: SB16-184
TIME: 03:05:42 PM
MOVED: Roberts
MOTION: Refer Senate Bill 16-184 to the Committee of the Whole. The motion passed on a vote of 3-1.
SECONDED:
VOTE
Aguilar
No
Cooke
Yes
Merrifield
Excused
Lundberg
Yes
Roberts
Yes
Final YES: 3 NO: 1 EXC: 1 ABS: 0 FINAL ACTION: PASS







03:06 PM



The committee adjourned.




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