SB 23-248 CO

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Became Law

The act amends the "Uniform Consumer Credit Code" (code) by: Updating the renewal dates for entities required to be licensed under the code from January 31 of each year to July 1 of each year; Creating the consumer credit unit cash fund, into which all fees collected under the code on and after July 1, 2024, must be deposited; and Repealing the uniform consumer credit code cash fund and the collection agency cash fund and transferring the balances remaining in the funds to the consumer credit unit cash fund. The act amends language in the "Colorado Fair Debt Collection Practices Act" relating to the duty of the code administrator to maintain confidentiality to align with the code and the "Colorado Student Loan Equity Act". The act amends the "Colorado Student Loan Equity Act" by: Requiring licensed entities to include an annual report upon application for license renewal; Changing the term "private education loan" to "private education credit obligation" and updating corresponding terms accordingly; Defining the term "refinanced" and excluding student loans subject to refinancing from registration requirements; and Including a cosigner within the definition of "borrower". The act authorizes collection agencies, persons who provide debt-management services, and student loan servicers to allow their employees to work remotely. APPROVED by Governor June 5, 2023 EFFECTIVE August 7, 2023 NOTE: This act was passed without a safety clause and takes effect 90 days after sine die. (Note: This summary applies to this bill as enacted.)

• Robert Rodriguez Democratic · primary
• Larry Liston Republican · primary
• Javier Mabrey Democratic · primary
• Ron Weinberg Republican · primary

1. Jun 5, 2023 Governor Signed · executive
2. May 17, 2023 Sent to the Governor · executive
3. May 17, 2023 Signed by the President of the Senate · upper
4. May 16, 2023 Signed by the Speaker of the House · lower
5. May 6, 2023 House Third Reading Passed - No Amendments · lower
6. May 5, 2023 House Second Reading Special Order - Passed - No Amendments · lower
7. May 3, 2023 House Committee on Finance Refer Unamended to House Committee of the Whole · lower
8. Apr 24, 2023 Introduced In House - Assigned to Finance · lower
9. Apr 24, 2023 Senate Third Reading Passed - No Amendments · upper
10. Apr 21, 2023 Senate Second Reading Special Order - Passed with Amendments - Committee · upper
11. Apr 18, 2023 Senate Committee on Finance Refer Unamended - Consent Calendar to Senate Committee of the Whole · upper
12. Apr 11, 2023 Senate Committee on Business, Labor, & Technology Refer Amended to Finance · upper
13. Mar 24, 2023 Introduced In Senate - Assigned to Business, Labor, & Technology · upper