Date: 03/10/2009

Final
BILL SUMMARY for SB09-150

HOUSE COMMITTEE ON BUSINESS AFFAIRS AND LABOR

Votes: View--> Action Taken:
Moved amendment L.002 (Attachment A). The motion
Moved to refer Senate Bill 09-150, as amended, to 		Pass Without Objection
PASS


09:53 AM -- Senate Bill 09-150

Representative Levy, prime sponsor, presented Senate Bill 09-150 concerning the priority of a purchase-money lien for a motor vehicle. When a party is providing financing to sell a motor vehicle, that party is said to have a purchase-money security interest in the vehicle. Currently, if the borrower defaults on the motor vehicle loan, lien holders are entitled to the value of the vehicle based on the order in which the lien was filed.

Under this bill, the priority of repayment is changed such that the party that made the original loan, the party with a purchase-money security interest, receives first priority for repayment. This is conditioned upon the vehicle loan being perfected (filed with the County Clerk) within 20 days of possession of the motor vehicle. This new arrangement aligns motor vehicle purchases with the Uniform Commercial Code.


09:55 AM

Representative Balmer asked whether other states have this type of law. Representative Levy said she was not sure, but her witness might be able to answer his question.

09:56 AM -- Mark Robey, representing the Credit Union Association of Colorado, testified in support of the bill.


09:59 AM

Representative Levy explained that amendment L.002 (Attachment A) strikes section three of the bill and adds a safety clause.

09HouseBus0310AttachA.pdf
BILL:SB09-150
TIME: 10:00:10 AM
MOVED:Balmer
MOTION:Moved amendment L.002 (Attachment A). The motion passed without objection.
SECONDED:Gagliardi
VOTE
Balmer
Bradford
Gagliardi
Liston
Priola
Ryden
Scanlan
Soper
Stephens
Casso
Rice
Not Final YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection
BILL:SB09-150
TIME: 10:00:39 AM
MOVED:Balmer
MOTION:Moved to refer Senate Bill 09-150, as amended, to the Committee of the Whole. The motion passed 11-0.
SECONDED:Soper
VOTE
Balmer
Yes
Bradford
Yes
Gagliardi
Yes
Liston
Yes
Priola
Yes
Ryden
Yes
Scanlan
Yes
Soper
Yes
Stephens
Yes
Casso
Yes
Rice
Yes
Final YES: 11 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: PASS