SENATE
                       3rd Reading Unamended
       April 27, 2016         SENATE
                       2nd Reading Unamended
                      April 25, 2016Second Regular Session
               Seventieth General Assembly
                    STATE OF COLORADO
                                                REENGROSSED
                       This Version Includes All Amendments
                       Adopted in the House of Introduction
 LLS NO. 16-1224.01 Yelana Love x2295    SENATE BILL 16-185
                   SENATE SPONSORSHIP
 Scott,
 
                    HOUSE SPONSORSHIP
 Melton,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Senate Committees
 House Committees
 
 
 Finance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                         A BILL FOR AN ACT
       Concerning the allowable finance charge for certain
            consumer credit transactions.
       
       
                           Bill Summary
       
            (Note:  This summary applies to this bill as introduced and does
       not reflect any amendments that may be subsequently adopted. If this bill
       passes third reading in the house of introduction, a bill summary that
       applies to the reengrossed version of this bill will be available at
       http://www.leg.state.co.us/billsummaries.)
       
            Current law limits the permissible finance charge on certain
       supervised loans and consumer credit sales based on the unpaid balances
       of the amounts financed. The amounts financed were established in
       statute in 2000.
            The bill requires the administrator to make an initial adjustment of
       the amounts financed for inflation and then continue to adjust the
       amounts annually by January 1 of each year. 
       
       
       
       Be it enacted by the General Assembly of the State of Colorado:
            SECTION 1.  In Colorado Revised Statutes, 5-2-201, add (9) as
       follows:
            5-2-201.  Finance charge for consumer credit transactions.
       (9)  Not later than January 1, 2017, the administrator shall
       adjust the dollar amounts in paragraph (a) of subsection (2) of
       this section to account for inflation from 2000 to 2017 and shall
       annually adjust for inflation each January 1 thereafter. The
       administrator shall make the adjustments based on the
       consumer price index for the Denver-Boulder-Greeley
       metropolitan statistical area.
            SECTION 2.  Act subject to petition - effective date. This act
       takes effect at 12:01 a.m. on the day following the expiration of the
       ninety-day period after final adjournment of the general assembly (August
       10, 2016, if adjournment sine die is on May 11, 2016); except that, if a
       referendum petition is filed pursuant to section 1 (3) of article V of the
       state constitution against this act or an item, section, or part of this act
       within such period, then the act, item, section, or part will not take effect
       unless approved by the people at the general election to be held in
       November 2016 and, in such case, will take effect on the date of the
       official declaration of the vote thereon by the governor.