C06E8CAB95B836588725899C007CE52C Hearing Summary CLICS/CLICS2023A/commsumm.nsf PUBLICBILL SUMMARY For HB23-1229SENATE COMMITTEE ON BUSINESS, LABOR, & TECHNOLOGYDate Apr 25, 2023 Location Old Supreme Court HB23-1229 - Amended, referred to the Committee of the Whole Attachment Tag File Name Attachment G http://www2.leg.state.co.us/CLICS/CLICS2023A/commsumm.nsf/0/3124FCF2B7CF...$File/Attachment G.pdf?OpenElement Attachment G.pdf Attachment H http://www2.leg.state.co.us/CLICS/CLICS2023A/commsumm.nsf/0/39113BCE29EC...$File/Attachment H.pdf?OpenElement Attachment H.pdf Attachment I http://www2.leg.state.co.us/CLICS/CLICS2023A/commsumm.nsf/0/257C9B15AC67...$File/Attachment I - Combined.pdf?OpenElement Attachment I - Combined.pdf Attachment J http://www2.leg.state.co.us/CLICS/CLICS2023A/commsumm.nsf/0/02A3ACFE4C0E...$File/Attachment J.pdf?OpenElement Attachment J.pdf Attachment K http://www2.leg.state.co.us/CLICS/CLICS2023A/commsumm.nsf/0/0B2DEC49BF1C...$File/Attachment K.pdf?OpenElement Attachment K.pdf 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