Amendments for HB23-1229
House Journal, March 29
5 Amend printed bill, page 2, strike lines 2 through 13.
6
7 Strike page 3.
8
9 Page 4, strike lines 1 through 15.
10
11 Renumber succeeding sections accordingly.
12
13 Page 4, line 24, strike "FIVE" and substitute "EIGHT".
14
15 Page 5, strike lines 3 through 7 and substitute:
16
17 "Amount financed Per month charge
18 $100.00 - $300 $12.50 $7.
19 $300.01 - $500 $15.00 $10.
20 $500.01 - $750 $17.50 $13.
21 $750.01 - $1,000 $20.00 $16.00".
22
23 Page 7, line 17, after "THAT" insert "THE STATE OF COLORADO DOES NOT
24 WANT".
25
26 Page 7, line 24, strike "DO NOT" and substitute "TO".
27
28 Page 7, strike line 27 and insert:
29
30 "SECTION 3. Effective date - applicability. This act takes
31 effect upon passage and applies to loans made or renewed on or after the
32 applicable effective date of this act; except that section 1 of this act takes
33 effect January 1, 2024, and applies to loans made or renewed on or after
34 January 1, 2024.
35 SECTION 4. Safety clause. The general assembly hereby finds,
36 determines, and declares that this act is necessary for the immediate
37 preservation of the public peace, health, or safety.".
38
39 Strike page 8.
House Journal, April 10
45 Amend the Finance Committee Report, dated March 27, 2023, page 1,
46 strike lines 8 through 11 and substitute:
47
50 48 "$100.00 - $300 $12.50 $8.
50 49 $300.01 - $500 $15.00 $11.
50 50 $500.01 - $750 $17.50 $14.
51 $750.01 - $1,000 $20.00 $17.50".".
52
53 As amended, ordered engrossed and placed on the Calendar for Third
54 Reading and Final Passage.
Senate Journal, April 26
Amend reengrossed bill, page 2, before line 3 insert:
"SECTION 1. In Colorado Revised Statutes, repeal and reenact, with
amendments, 5-2-213 as follows:
5-2-213. General-purpose credit cards - definitions. (1) AS USED IN
THIS SECTION:
(a) "GENERAL-PURPOSE CREDIT CARD" MEANS ANY CARD, PLATE, OR
OTHER SINGLE CREDIT DEVICE THAT MAY BE USED FROM TIME TO TIME TO
OBTAIN CONSUMER CREDIT UNDER AN OPEN-END CREDIT PLAN OFFERED BY A
SUPERVISED FINANCIAL ORGANIZATION, AS DEFINED IN SECTION 5-1-301 (45),
THAT:
(I) IS ACCEPTED BY ANY MERCHANT THAT PARTICIPATES IN A WIDELY
ACCEPTED PAYMENT CARD NETWORK AND IS ACCEPTED UPON PRESENTATION AT
MULTIPLE, UNAFFILIATED MERCHANTS FOR GOODS OR SERVICES;
(II) DOES NOT CHARGE FEES, INCLUDING PRE-ACCOUNT OPENING FEES,
WHICH EXCEED FIFTEEN PERCENT OF THE CREDIT LINE; AND
(III) DOES NOT INCLUDE AN OVERDRAFT LINE OF CREDIT THAT IS
ACCESSED BY A DEBIT OR PREPAID CARD OR AN ACCOUNT NUMBER.
(b) "OPEN-END CREDIT PLAN" MEANS CONSUMER CREDIT EXTENDED BY
A CREDITOR UNDER A PLAN IN WHICH:
(I) THE CREDITOR REASONABLY CONTEMPLATES REPEATED
TRANSACTIONS;
(II) THE CREDITOR MAY IMPOSE A FINANCE CHARGE FROM TIME TO TIME
ON AN OUTSTANDING UNPAID BALANCE; AND
(III) THE AMOUNT OF CREDIT THAT MAY BE EXTENDED TO THE
CONSUMER DURING THE TERM OF THE PLAN, UP TO ANY LIMIT SET BY THE
CREDITOR, IS GENERALLY MADE AVAILABLE TO THE EXTENT THAT ANY
OUTSTANDING BALANCE IS REPAID.
(2) LIMITATIONS IN STATE LAW ON FINANCE CHARGES AND FEES
APPLICABLE TO CONSUMER CREDIT TRANSACTIONS IN SECTIONS 5-2-201,
5-2-202, AND 5-2-203 SHALL NOT APPLY TO GENERAL-PURPOSE CREDIT CARDS.".
Renumber succeeding sections accordingly.
Page 6, after line 1 insert:
"SECTION 4. In Colorado Revised Statutes, 5-1-107, amend (1) as
follows:
5-1-107. Effect of code on powers of organizations. (1) This code
prescribes maximum charges for all creditors extending consumer credit except
lessors and those excluded in sections 5-1-202 and 5-2-213 (2)(b) and displaces
existing limitations on the powers of those creditors based on maximum
charges.
SECTION 5. In Colorado Revised Statutes, 5-1-303, "Index of
definitions in code", repeal the line "Credit card bank or financial
institution" section 5-2-213 (1).".
Renumber succeeding sections accordingly.
Page 6, line 4, strike "1" and substitute "2".
Senate Journal, April 28
HB23-1229 by Representative(s) Weissman and Mabrey, Amabile, Bacon, Boesenecker, Brown,
deGruy Kennedy, Epps, Froelich, Garcia, Gonzales-Gutierrez, Jodeh, Joseph, Kipp, Lieder,
Lindstedt, Michaelson Jenet, Ortiz, Parenti, Sharbini, Sirota, Story, Titone, Velasco, Vigil,
Willford, Woodrow, Young; also Senator(s) Gonzales, Fields--Concerning changes to
consumer lending laws to limit charges to consumers.
Amendment No. 1, Business, Labor & Technology Committee Amendment.
(Printed in Senate Journal, April 26, page(s) 1081-1082 and placed in members' bill files.)
Amendment No. 2(L.015), by Senator Gonzales.
Amend the Business, Labor, and Technology Committee Report, dated April
25, 2023, page 2, strike lines 15 through 17 and substitute:
"SECTION 5. In Colorado Revised Statutes, 5-1-303, amend the
"Credit card bank or financial institution" line as follows:
"5-1-303. Index of definitions in code. Definitions in this code and the
sections in which they appear are:
"Credit card bank or
financial institution" section 5-2-213 (1)".".
Amendment No. 3(L.021), by Senator Gonzales.
Amend the Business, Labor, and Technology Committee Report, dated April
25, 2023, page 2, strike line 19 and substitute:
"Page 6 of the reengrossed bill, strike lines 2 through 6 and substitute:
"SECTION 6. Effective date - applicability. (1) Except as otherwise
provided in this section, this act takes effect on passage.
(2) Sections 1, 4, and 5 of this act take effect July 1, 2024, and apply to
consumer credit transactions made or renewed on or after July 1, 2024.
(3) Section 2 of this act takes effect January 1, 2024, and applies to
consumer credit transactions made or renewed on or after January 1, 2024.
(4) Section 3 of this act takes effect July 1, 2024, and applies to
consumer credit transactions made or renewed on or after July 1, 2024.".".
As amended, ordered revised and placed on the calendar for third reading and final
passage.