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Legislative Year: 2023 Change

Bill Detail: HB23-1229

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Title Amending Terms Consumer Lending Laws
Status Sent to the Governor (05/22/2023)
Bill Subjects
  • Financial Services & Commerce
House Sponsors M. Weissman (D)
J. Mabrey (D)
Senate Sponsors J. Gonzales (D)
House Committee Finance
Senate Committee Business, Labor and Technology
Date Introduced 03/03/2023

The bill amends the Colorado Uniform Consumer Credit Code
to change the terms and interest rates that a lender may charge in a
consumer credit transaction.
The bill amends the calculation of the total amount of the finance
charge that a supervised lender or seller may contract for and receive to
include the total cost of specific additional charges in connection with a
consumer credit transaction.
The bill modifies the requirements for alternative charges for loans
not exceeding $1,000 as follows:
  • Reduces the permissible acquisition charge on the original
loan or any refinanced loan to 5% of the amount financed;
  • Reduces the permissible amount for a monthly installment
account handling charge;
  • Increases the minimum loan term;
  • Eliminates delinquency charges for the loan;
  • Amends the conditions upon which an acquisition charge
must be refunded to the consumer;
  • Details the requirements for an application for the loan and
specifies how the loan application requirements impact a
determination of unconscionability of the loan; and
  • Limits the number of times a lender may refinance a
consumer loan to once in a year.
The bill also opts Colorado out of the amendments to the Federal
Deposit Insurance Act, the federal National Housing Act, and the
Federal Credit Union Act and specifies that rates established in the
Colorado Uniform Consumer Credit Code apply to consumer credit
transactions in this state.

Committee Reports
with Amendments
Full Text
Full Text of Bill (pdf) (most recent)
Fiscal Notes Fiscal Notes (04/18/2023) (most recent)  
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