HB 21-1241 CO

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Became Law

The act modifies requirements for an existing loan program (program) created to assist transitions of businesses to employee-owned businesses. The act repeals statutory eligibility requirements and requires the office of economic development (office) to establish eligibility criteria for the program. The criteria must include an annual gross revenues limitation for participation in the program for businesses, which amount may be set at up to or less than $50 million. The criteria must also establish requirements for the number of employees who will be offered the option to participate in the employee-ownership opportunity.A loan under the program may be used toward the purchase of the business by the employees. The act repeals requirements related to the size of the loans and how the loans must be held and requires the office to establish requirements for the terms of the loans pursuant to existing statutory requirements.Under the current statute, the program is repealed effective July 1, 2022. The act extends the program through July 1, 2025.(Note: This summary applies to this bill as enacted.)

• Lindsey Daugherty Democratic · primary
• Mike Lynch · primary
• Robert Rodriguez Democratic · primary
• Kevin Priola · primary

1. May 21, 2021 Governor Signed · executive
2. May 11, 2021 Sent to the Governor · executive
3. May 11, 2021 Signed by the Speaker of the House · lower
4. May 11, 2021 Signed by the President of the Senate · upper
5. Apr 30, 2021 Senate Third Reading Passed - No Amendments · upper
6. Apr 29, 2021 Senate Second Reading Passed - No Amendments · upper
7. Apr 26, 2021 Senate Committee on Business, Labor, & Technology Refer Unamended - Consent Calendar to Senate Committee of the Whole · upper
8. Apr 22, 2021 Introduced In Senate - Assigned to Business, Labor, & Technology · upper
9. Apr 19, 2021 House Third Reading Passed - No Amendments · lower
10. Apr 16, 2021 House Third Reading Laid Over Daily - No Amendments · lower
11. Apr 15, 2021 House Second Reading Passed - No Amendments · lower
12. Apr 13, 2021 House Second Reading Laid Over Daily - No Amendments · lower
13. Apr 8, 2021 House Committee on Business Affairs & Labor Refer Unamended to House Committee of the Whole · lower
14. Mar 24, 2021 Introduced In House - Assigned to Business Affairs & Labor · 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 (05/21/2021) · PDF
• Final Act (05/11/2021) · PDF
• Rerevised (04/30/2021) · PDF
• Revised (04/29/2021) · PDF
• Reengrossed (04/19/2021) · PDF
• Engrossed (04/15/2021) · PDF
• Introduced (03/24/2021) · PDF
• Committee Amendment · PDF