155C6F927ACF186C8725897F0078FCA4 Hearing Summary CLICS/CLICS2023A/commsumm.nsf PUBLICBILL SUMMARY For HB23-1229HOUSE COMMITTEE ON FINANCEDate Mar 27, 2023 Location HCR 0112 HB23-1229 - Amended, referred to the Committee of the Whole Attachment Tag File Name Attachment http://www2.leg.state.co.us/CLICS/CLICS2023A/commsumm.nsf/0/D5C17B4EF287...$File/Attachment B HB1229.pdf?OpenElement Attachment B HB1229.pdf Attachment http://www2.leg.state.co.us/CLICS/CLICS2023A/commsumm.nsf/0/D4200D36CF12...$File/Attachment C HB1229_L.001.pdf?OpenElement Attachment C HB1229_L.001.pdf Attachment http://www2.leg.state.co.us/CLICS/CLICS2023A/commsumm.nsf/0/B2F34ABDF195...$File/Attachment D HB1229_L.002.pdf?OpenElement Attachment D HB1229_L.002.pdf Attachment http://www2.leg.state.co.us/CLICS/CLICS2023A/commsumm.nsf/0/DE7B509192ED...$File/Attachment E Merged.pdf?OpenElement Attachment E Merged.pdf 04:01:36 PM Representatives Mabrey and Weissman, co-prime sponsors, presented House Bill 23-1229. The bill limits the total amount of finance charges on consumer credit transactions by requiring that a maximum finance charge include certain additional fees and charges specified in the bill. The sponsors distributed a fact sheet (Attachment B), amendment L.001 (Attachment C), and amendment L.002 (Attachment D). Written testimony is included as Attachment E. 04:17:12 PM The sponsors responded to questions from the committee. 04:20:22 PM Mr. Scott Wasserman, representing The Bell Policy Center, testified in support of the bill with the adoption of amendments L.001 and L.002. 04:24:14 PM Martha Fulford, representing the Department of Law, testified in a neutral position on the bill. 04:27:41 PM The witnesses responded to questions from the committee. 04:35:19 PM Bob Short, representing himself, testified in opposition to the bill. 04:38:50 PM Ms. Katie March, representing GoWest Credit Union Association, testified to amend the bill. 04:40:43 PM Ms. Kirsten Schatz, representing Colorado Public Interest Research Group, testified in support of the bill. 04:41:10 PM Alison Morgan, representing the Colorado Bankers Association, testified to amend the bill. 04:55:23 PM Matt McCune, representing McCune Legal, testified in support of the bill. 04:58:19 PM Ms. Jessica Whitney, representing herself, testified in support of the bill. 05:00:40 PM Ms. Karen Cody-Hopkins, representing the Cody-Hopkins Law Firm, testified in support of the bill. 05:03:09 PM The witnesses responded to questions from the committee. 05:07:51 PM Ellen Harnick, representing the Center for Responsible Lending, testified in support of the bill. 05:13:33 PM Ms. Lauren Saunders, representing the National Consumer Law Center, testified in support of the bill. 05:15:31 PM Nina DiSalvo, representing Towards Justice, testified in support of the bill. 05:22:27 PM Motion Adopt amendment L.001 (Attachment C). Moved Joseph Seconded Kipp deGruy Kennedy Daugherty Frizell Hartsook Kipp Lindstedt Marshall Taggart Weinberg Joseph Snyder YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection 05:23:57 PM Motion Adopt amendment L.002 (Attachment D). Moved Joseph Seconded Kipp deGruy Kennedy Daugherty Frizell Hartsook Kipp Lindstedt Marshall Taggart Weinberg Joseph Snyder YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection 05:24:11 PM The sponsors made closing comments. 05:34:29 PM Motion Refer House Bill 23-1229, as amended, to the Committee of the Whole. Moved Joseph Seconded Kipp deGruy Kennedy Yes Daugherty Yes Frizell No Hartsook No Kipp Yes Lindstedt Yes Marshall Yes Taggart No Weinberg No Joseph Yes Snyder Yes Final YES: 7 NO: 4 EXC: 0 ABS: 0 FINAL ACTION: PASS