7579AD39BBCF60ED87258ACF007B32A5 Hearing Summary

Representatives Mabrey and Weissman, co-sponsors, presented House Bill 24-1148. The bill clarifies that limits on finance charges authorized by current law also apply to nondepository institutions. The bill sponsors distributed a fact sheet (Attachment E) and amendment L.001 (Attachment F).

The committee discussed the bill with the sponsors at length.

Danny Katz, representing Colorado Public Interest Research Group, testified in support of the bill.

Ms. Andrea Kuwik, representing The Bell Policy Center, testified in support of the bill.

Melissa Mejia, representing the Community Economic Defense Project, testified in support of the bill.

Ms. Ellen Harnick, representing the Center For Responsible Lending, testified in support of the bill.

The witness panel responded to questions from the committee.

Chris McKinley, representing Lendmark, testified in opposition to the bill.

Mr. Austin Clancy, representing OneMain Financial, testified in opposition to the bill.

David Cardella, representing the Colorado Independent Auto Dealers Association, testified in opposition to the bill.

Ms. Danielle Arlowe, representing the American Financial Services Association, testified in opposition to the bill.

The panel of witnesses responded to questions from the committee.

Mr. John Euwema, representing the Consumer Credit Industry Association, testified in opposition to the bill. Committee members received handouts from the Consumer Credit Industry Association and the Colorado Financial Services Association (Attachments G, H, and I).

Mr. Phillip Holt, representing Conn's HomePlus, testified in opposition to the bill.

Alison Morgan, representing Colorado Bankers Association, testified to amend the bill.

The bill sponsors wrapped up their presentation of the bill and asked for a favorable recommendation.