Date: 02/04/2009

Final
BILL SUMMARY for HB09-1141

HOUSE COMMITTEE ON BUSINESS AFFAIRS AND LABOR

Votes: View--> Action Taken:
Moved amendment L.001 (Attachment A). The motion
Moved amendment L.002 (Attachment B). The motion
Moved to refer House Bill 09-1141, as amended, to
Pass Without Objection
Pass Without Objection
PASS



09:46 AM -- House Bill 09-1141

Representative Ferrandino, prime sponsor, presented House Bill 09-1141 concerning laws enforced by the administrator of the "Uniform Consumer Credit Code". This bill modifies several provisions related to the Uniform Consumer Credit Code (UCCC) and the fees charged by the UCCC administrator, as follows:

Background. The Colorado UCCC regulates the terms and conditions of certain consumer credit. It sets maximum rates and charges for some fees, requires disclosure of the cost of credit so consumers may shop for the best rates, and provides remedies for consumers in default. The UCCC administrator in the Department of Law monitors and investigates complaints filed against lenders and creditors.


09:50 AM

Representative Ferrandino responded to questions from the committee about nonprofits being removed in the bill. Representative Liston asked about the fees on the bottom of page five.

09:57 AM --
Laura Udis, representing the Colorado Attorney General's Office, testified in support of the bill. She said the bill would modernizes and simplifies the law. Ms. Udis said for consumer leases there are no limits for late fees and bounced checks, and the bill would provide caps on them. She walked the committee through the rest of the changes in the bill. There was a discussion about why nonprofits are being removed on page six.

10:15 AM --
Peter Minahan, representing the Colorado Financial Services Association, testified in support of the bill.


10:18 AM -- Recess

The committee took a recess while waiting for the drafter to draft a conceptual amendment that would include any nonprofit organization in the definition of "credit services organization."
BILL:HB09-1141
TIME: 10:28:17 AM
MOVED:Stephens
MOTION:Moved amendment L.001 (Attachment A). The motion passed without objection.
09HouseBus0204AttachA.pdf
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:HB09-1141
TIME: 10:28:40 AM
MOVED:Balmer
MOTION:Moved amendment L.002 (Attachment B). The motion passed without objection.
09HouseBus0204AttachB.pdf
SECONDED:Stephens
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:HB09-1141
TIME: 10:29:14 AM
MOVED:Balmer
MOTION:Moved to refer House Bill 09-1141, as amended, to the Committee of the Whole. The motion passed 11-0.
SECONDED:Priola
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