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Legislative Year: 2022 Change
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Bill Detail: HB22-1359

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Title Colorado Household Financial Recovery Program
Status Governor Signed (06/03/2022)
Bill Subjects
  • Business & Economic Development
  • State Government
House Sponsors M. Snyder (D)
J. Bacon (D)
Senate Sponsors P. Lee (D)
R. Rodriguez (D)
House Committee Finance
Senate Committee Finance
Date Introduced 04/04/2022
Summary

The bill requires the state treasurer to establish the Colorado
household financial recovery program (program) in the department of the
treasury to partner with financial institutions to incentivize lending to
low-income individuals and 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 program administrators,
including banks, community development financial institutions, or credit
unions, 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 bill 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.
The state treasurer shall report annually to the governor and certain
committees of the general assembly concerning the use of program money
and other information concerning the program.
The bill creates a fund for the program and identifies allowable
uses of the money in the fund.

Committee Reports
with Amendments
Full Text
Full Text of Bill (pdf) (most recent)
Fiscal Notes Fiscal Notes (04/26/2022) (most recent)  
Additional Bill Documents Bill Documents
Including:
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  • Past fiscal notes
  • Committee activity and documents
  • Bill History
 
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