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C06E8CAB95B836588725899C007CE52C Hearing Summary




PUBLIC
BILL SUMMARY For HB23-1229

SENATE COMMITTEE ON BUSINESS, LABOR, & TECHNOLOGY
Date Apr 25, 2023      
Location Old Supreme Court



HB23-1229 - Amended, referred to the Committee of the Whole

04:44:25 PM  
The committee took a recess.
04:45:14 PM  
The committee came back to order.
04:56:03 PM  
Senator Gonzales
introduced House Bill 23-1229, concerning amendments to consumer lending
laws.  The bill modifies the requirements for loans not exceeding
$1000 and provides that state law applies to interest rates on consumer
credit transactions. The sponsor distributed Amendments L.008 and L.010
to the committee (Attachments G and H).

04:56:57 PM  
Cheye-Ann Corona, representing Affirm, testified in opposition to the bill.
05:06:54 PM  
Mr. Gilberto Mendoza, representing Upstart, testified in opposition to the bill.
05:09:14 PM  
Mr. Jabo Covert, representing Community Choice Financial Inc., testified in opposition to the bill.
05:12:41 PM  
Gerron Levi, representing American Fintech Council, testified in opposition to the bill.
05:15:54 PM  
The panelists responded to questions from the committee.
05:21:16 PM  
Mr. Parris Sanz, representing Webbank, testified in opposition to the bill.
05:27:08 PM  
Jean Traub, representing Best Egg, testified in opposition to the bill.
05:31:12 PM  
Tara Rider, representing Cross River Bank, testified in opposition to the bill.
05:34:31 PM  
Mr. David Melcer, representing themself, testified to amend the bill.
05:38:16 PM  
Martha Fulford, representing the Department of law, testified in support of the bill.
05:50:58 PM  
Mr. Scott Wasserman, representing the Bell Policy Center, testified in support of the bill.
05:54:07 PM  
Melissa Mejia, representing the Community Economic Defense Project, testified in support of the bill.
05:57:29 PM  
Ms. Naomi Amaha, representing The Denver Foundation, testified in support of the bill.
06:00:42 PM  
The panelists responded to questions from the committee.
06:03:23 PM  
Ms. Carolyn Carter, representing the National Consumer Law Center, testified in support of the bill.
06:09:53 PM  
Ellen Harnick, representing the Center for Responsible Lending, testified in support of the bill.
06:12:39 PM  
Ms. Jessica Whitney, representing themself, testified in support of the bill.
06:15:47 PM  
Ed Perlmutter, representing Synchrony Bank, testified to amend the bill.
06:15:48 PM  
Additional written
testimony that was provided to the committee may be found in Attachment
I.
06:27:36 PM  
Senator Gonzales explained the purpose of Amendment L.008.


06:28:45 PM
Motion Adopt amendment L.008
Moved Ginal
Seconded
Baisley
Coleman
Ginal
Hinrichsen
Liston
Sullivan
Will
Danielson
Rodriguez
YES: 0   NO: 0   EXC: 0   ABS:  0   FINAL ACTION:  Pass Without Objection
06:28:56 PM  
Senator Gonzales
explained the purpose of Amendment L.010.


06:29:37 PM
Motion Adopt amendment L.010
Moved Ginal
Seconded
Baisley
Coleman
Ginal
Hinrichsen
Liston
Sullivan
Will
Danielson
Rodriguez
YES: 0   NO: 0   EXC: 0   ABS:  0   FINAL ACTION:  Pass Without Objection
06:33:46 PM  
Senator Will distributed
and explained Amendment L.011 (Attachment J).



06:37:07 PM
Motion Adopt amendment L.011
Moved Will
Seconded
Baisley Yes
Coleman No
Ginal No
Hinrichsen No
Liston Yes
Sullivan No
Will Yes
Danielson No
Rodriguez No
YES: 3   NO: 6   EXC: 0   ABS:  0   FINAL ACTION:  FAIL
06:37:15 PM  
Senator Will distributed
and explained Amendment L.013 (Attachment K).



06:39:14 PM
Motion Adopt amendment L.013
Moved Will
Seconded
Baisley Yes
Coleman No
Ginal No
Hinrichsen No
Liston Yes
Sullivan No
Will Yes
Danielson No
Rodriguez No
YES: 3   NO: 6   EXC: 0   ABS:  0   FINAL ACTION:  FAIL
06:39:21 PM  
The sponsor made closing comments on the merits of the bill.
06:41:06 PM  
Committee members made closing comments on the merits of the bill.


06:44:56 PM
Motion Refer House Bill 23-1229, as amended, to the Committee of the Whole.
Moved Ginal
Seconded
Baisley No
Coleman Yes
Ginal Yes
Hinrichsen Yes
Liston No
Sullivan Yes
Will No
Danielson Yes
Rodriguez Yes
Final YES: 6   NO: 3   EXC: 0   ABS:  0   FINAL ACTION:  PASS






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