BILL SUMMARY for SB09-150
SENATE COMMITTEE ON STATE, VETERANS & MILITARY AFFAIRS
|Votes: View--> ||Action Taken: |
|Moved that Senate Bill 09-150 be referred to the C||PASS|
Senator Williams, Chair, called the meeting to order.
01:34 PM -- Senate Bill 09-150
Senator Heath, prime sponsor, presented Senate Bill 09-150 concerning the priority of a purchase-money lien for a motor vehicle. He said that Senate Bill 09-150 will address problems with the declaration of bankruptcy prior to the filing of liens on automobiles. He noted that Senate Bill 09-150 will address these problems, and protect sellers of automobiles. He noted that, under current law, liens become effective on the date on which a car is sold, rather than on the date on which the lien was filed.
The following persons testified on Senate Bill 09-150:
01:37 PM -- Tom Helmers, representing CU Direct Connect, said that his organization perfects the liens on 40 percent of car sales in Colorado. He said that the filing of bankruptcy prior to the filing of liens on automobiles places unnecessary costs on the industry.
01:40 PM -- Mark Robby, representing the Credit Union Association of Colorado, said that Senate Bill 09-150 will make the process of selling a car much more equitable.
|TIME: || 01:42:27 PM|
|MOTION:||Moved that Senate Bill 09-150 be referred to the Committee of the Whole, and with a recommendation that it be placed on the consent calendar. The motion passed on a 4-0-1 roll call vote.|
Final YES: 4 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: PASS