s_fin_2016a_2016-04-19t14:05:00z1 Hearing Summary

Date: 04/19/2016

02:14 PM



The committee took a recess.





02:17 PM -- SB16-185



The committee returned to order. Senator Scott, prime sponsor, presented Senate Bill 16-185, which requires the administrator of the Consumer Credit Code to adjust the financed dollar amounts for supervised loans and consumer credit sales issued by a Colorado lender based on the consumer price index for the Denver-Boulder-Greeley metropolitan statistical area. The administrator must adjust these amounts for inflation no later than January 1, 2017, and each January 1 thereafter.



02:20 PM -- Ms. Kara Birnbaum, representing Colorado Latino Leadership, Advocacy and Research Organization, testified in opposition to the bill. Ms. Birnbaum addressed several questions from the committee.



02:34 PM -- Mr. Greg Glischinski, representing AARP, testified in opposition to the bill. Mr. Glischinski distributed a letter of opposition from the Urban League of Metropolitan Denver (Attachment A).



16SenateFin0419AttachA.pdf



02:38 PM -- Mr. Tim Gaudette, representing the Small Business Majority, testified in opposition to the bill. Mr. Gaudette addressed comments and questions from the committee.



02:52 PM -- Mr. Rich Jones, representing The Bell Policy Center, testified in opposition to the bill. Mr. Jones addressed comments and questions from the committee.



03:10 PM -- Ms. Michelle Webster, representing the Colorado Center on Law and Policy, testified in opposition to the bill.



03:18 PM -- Reverend Amanda Henderson, representing the Interfaith Alliance of Colorado, testified in opposition to the bill.



03:22 PM -- Ms. Julie Meade, representing the Colorado Attorney Generals Office, testified from a neutral position on the bill and addressed questions from the committee.



03:29 PM -- Mr. Phil Hitz, representing OneMain, Springleaf Financial Services, testified in support of the bill. Mr. Hitz distributed a page listing myths and facts concerning SB 16-185 (Attachment B) and a letter of support from Renewal Financial Services, LLC (Attachment C). He addressed questions from the committee.



16SenateFin0419AttachB.pdf 16SenateFin0419AttachC.pdf



03:46 PM



Senator Scott made some closing remarks on the bill.