HB 22-1359 CO

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Became Law

The act requires the state treasurer to establish the Colorado household financial recovery pilot program (program) in the department of the treasury to partner with financial institutions to incentivize lending to low-income individuals and households, including households impacted by the COVID-19 pandemic or its negative economic impacts. Money available for the program must be used for one or more of the following purposes: To establish a loan loss reserve to partially offset risk to lenders in making loans to individuals and households impacted by the COVID-19 pandemic; To make payments to lenders to buy down interest rates on loans made to individuals and households impacted by the COVID-19 pandemic; To provide lending capital for affordable, small loans to individuals and households impacted by the COVID-19 pandemic; or To award grants to nonprofit community-based organizations to conduct marketing and outreach to individuals and households impacted by the COVID-19 pandemic who may be eligible to participate in the program. The state treasurer may select one or more community development financial institutions to administer all or a portion of the money available for the program. The administrator or administrators are selected based, in part, on their proposed use of the money, their ability to partner with nonprofit community-based organizations that work with individuals and households impacted by the COVID-19 pandemic, and to connect borrowers to affordable banking products and other financial services. The act specifies program policies, including loan terms, and requires the state treasurer and administrators to establish and publicize additional program policies as necessary. The state treasurer or an administrator may establish a loan loss reserve to partially offset loan losses and thereby incentivize lending by financial institutions to individuals and households impacted by the COVID-19 pandemic. The state treasurer shall determine the amount of the offset and shall establish and publicize policies for participating financial institutions. On or before November 1, 2023, and on or before November 1 each year thereafter, the selected administrators shall report to the governor and to house of representatives business affairs and labor committee and the senate business, labor, and technology committee, or any success committees, concerning the use of program money and other information concerning the program. The act creates the Colorado household financial recovery pilot program fund (fund) and identifies allowable uses of the money in the fund. $5,200,000 is appropriated from the general fund to the fund to implement the pilot program. From this appropriation, $59,142 is reappropriated to the department of law for legal services for the department of the treasury. The appropriation is based on the assumption that the department of law will require an additional 0.3 FTE. (Note: This summary applies to this bill as enacted.)

• Jennifer Bacon Democratic · primary
• Marc Snyder Democratic · primary
• Robert Rodriguez Democratic · primary
• Pete Lee · primary

1. Jun 3, 2022 Governor Signed · executive
2. May 31, 2022 Sent to the Governor · executive
3. May 31, 2022 Signed by the President of the Senate · upper
4. May 26, 2022 Signed by the Speaker of the House · lower
5. May 10, 2022 House Considered Senate Amendments - Result was to Concur - Repass · lower
6. May 9, 2022 House Considered Senate Amendments - Result was to Laid Over Daily · lower
7. May 5, 2022 Senate Third Reading Passed - No Amendments · upper
8. May 4, 2022 Senate Second Reading Special Order - Passed with Amendments - Committee · upper
9. May 3, 2022 Senate Second Reading Laid Over Daily - No Amendments · upper
10. May 3, 2022 Senate Committee on Appropriations Refer Unamended to Senate Committee of the Whole · upper
11. Apr 29, 2022 Senate Committee on Finance Refer Amended to Appropriations · upper
12. Apr 27, 2022 Introduced In Senate - Assigned to Finance · upper
13. Apr 27, 2022 House Third Reading Passed - No Amendments · lower
14. Apr 26, 2022 House Second Reading Special Order - Passed with Amendments - Committee, Floor · lower
15. Apr 26, 2022 House Committee on Appropriations Refer Amended to House Committee of the Whole · lower
16. Apr 21, 2022 House Committee on Finance Refer Amended to Appropriations · lower
17. Apr 4, 2022 Introduced In House - Assigned to Finance · lower

The published texts of this bill as it moves through the legislature. Each links to the official document on the state legislature site. Data from OpenStates.

• Signed Act (06/03/2022) · PDF
• Final Act (05/31/2022) · PDF
• Rerevised (05/05/2022) · PDF
• Revised (05/04/2022) · PDF
• Reengrossed (04/27/2022) · PDF
• Engrossed (04/26/2022) · PDF
• Introduced (04/04/2022) · PDF
• PA3 (04/29/2022) · PDF
• PA1 (04/26/2022) · PDF
• PA2 (04/26/2022) · PDF
• Committee Amendment · PDF