Bill Summary for Bill Number HB15-1390

Date: 04/30/2015

Final
BILL SUMMARY for HB15-1390

HOUSE COMMITTEE ON BUSINESS AFFAIRS AND LABOR

Votes: View-->	Action Taken:
Refer House Bill 15-1390 to the Committee of the W	PASS

02:08 PM -- HB 15-1390

Representative Melton and Representative Tate, co-sponsors, introduced House Bill 15-1390. The bill increases the applicable finance charge limits that are currently in statute on certain unsupervised loans and consumer credit sales based on the unpaid balances of the amount financed to:

36% per year on an unpaid balance of the amount financed that is $3,000 (changed from $1,000 or less);
21% per year on an unpaid balance of the amount financed that is more than $3,000, but less than $5,000 (changed from more than $1,000, but less than $3,000); and
15% per year on an unpaid balance of the amount financed that is more than $5,000 (changed from more than $5,000).

Representative Melton and Representative Tate responded to questions from the committee.

02:15 PM -- Rich Jones, Bell Policy Center, testified in opposition to the bill. Mr. Jones provided a handout to the committee (Attachment C). Mr. Jones responded to questions from the committee.

150430 AttachC.pdf

02:31 PM -- Casey O'Donnell, Colorado Center on Law and Policy, testified in opposition to the bill. Mr. O'Donnell responded to questions from the committee.

02:42 PM -- Libby Witman and Brandon Reyna, OneMain Financial, testified in support of the bill. Ms. Witman responded to questions from the committee.

02:51 PM -- Megan Dubray, Springleaf Finance, testified in support of the bill.

02:53 PM -- Julie Meade, Department of Law, spoke about the bill. Ms. Meade responded to questions from the committee.

03:03 PM -- Sophia, representing herself, testified in opposition to the bill.

03:05 PM

The committee took a brief recess.

03:06 PM

The committee reconvened.

Representative Melton and Representative Tate made closing remarks regarding the bill.


BILL:	HB15-1390
TIME:	03:08:14 PM
MOVED:	Tate
MOTION:	Refer House Bill 15-1390 to the Committee of the Whole. The motion passed on a vote of 13-0.
SECONDED:	Nordberg
		VOTE
	Arndt	Yes
	Garnett	Yes
	Keyser	Yes
	Navarro	Yes
	Nordberg	Yes
	Pabon	Yes
	Rosenthal	Yes
	Roupe	Yes
	Tate	Yes
	Thurlow	Yes
	Winter	Yes
	Kraft-Tharp	Yes
	Williams	Yes

Final YES: 13 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: PASS

03:10 PM

The committee adjourned.