Amendments for HB25-1020
House Journal, January 31
20 HB25-1020 be amended as follows, and as so amended, be referred to
21 the Committee on Finance with favorable
22 recommendation:
23
24 Amend printed bill, page 2, after line 1 insert:
25
26 "SECTION 1. In Colorado Revised Statutes, 5-1-301, add (19.5)
27 as follows:
28 5-1-301. General definitions. In addition to definitions appearing
29 in subsequent articles, as used in this code, unless the context otherwise
30 requires:
31 (19.5) "EMPLOYER-INTEGRATED WAGE ACCESS SERVICE" MEANS
32 A CONSUMER CREDIT TRANSACTION THAT PROVIDES A CONSUMER ACCESS
33 TO EARNED BUT UNPAID INCOME THAT IS BASED ON EMPLOYMENT INCOME,
34 OR ATTENDANCE DATA OBTAIN DIRECTLY FROM AN EMPLOYER OR AN
35 EMPLOYER'S PAYROLL SERVICE PROVIDER.".
36 SECTION 2. In Colorado Revised Statutes, add 5-2-215 as
37 follows:
38 5-2-215. Employer-integrated wage access service - consumer
39 protections - rules. (1) NOTWITHSTANDING ANY OTHER PROVISION OF
40 THE CODE, A PERSON MAY OFFER AN EMPLOYER-INTEGRATED WAGE
41 ACCESS SERVICE SUBJECT TO CONSUMER PROTECTION RULES ADOPTED BY
42 THE ADMINISTRATOR THAT ENSURE SAFETY AND AFFORDABILITY. IN
43 ADOPTING THE CONSUMER PROTECTION RULES, THE ADMINISTRATOR
44 SHALL:
45 (a) NOT REQUIRE THAT THE FEE FOR DELIVERY OR EXPEDITED
46 DELIVERY OF SERVICES BE LESS THAN THREE DOLLARS FIFTY CENTS;
47 (b) NOT REQUIRE THAT A PROVIDER DISCLOSE THE ANNUAL
48 PERCENTAGE RATE OF AN EARNED-WAGE ACCESS SERVICES TRANSACTION
49 TO THE EMPLOYER OR CONSUMER; AND
50 (c) COMPLY WITH SECTION 5-22-108 (3).".
51
52 Renumber succeeding sections accordingly.
53
54 Page 5, line 7, strike "ONE" and substitute "SIX".
55
56
1 Page 6, lines 15 and 16, strike "ADMINISTRATOR, NOT TO EXCEED TWO
2 HUNDRED DOLLARS PER YEAR." and substitute "ADMINISTRATOR."
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