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Legislative Year: 2021 Change
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Bill Detail: SB21-148

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Title Creation Of Financial Empowerment Office
Status Governor Signed (06/24/2021)
Bill Subjects
  • State Government
House Sponsors D. Esgar (D)
K. Tipper (D)
Senate Sponsors J. Gonzales (D)
C. Kolker (D)
House Committee State, Civic, Military and Veterans Affairs
Senate Committee Finance
Date Introduced 03/01/2021
Summary

The bill creates the financial empowerment office (office) and the
director of the office (director) in the department of law to grow the
financial resilience and well-being of Coloradans through specified
community-derived goals and strategies. The director is appointed by the
attorney general and may hire staff as necessary to perform the duties and
functions of the office. The office also consists of a manager who is

appointed by the director.
The office is authorized to partner with governmental bodies,
community organizations, financial institutions, local service providers,
philanthropic organizations, and other organizations as necessary to
achieve the purposes of the office. The office is also authorized to
develop or promote new or existing:
  • Methods to increase access to safe and affordable financial
products;
  • Tools and resources that advance, increase, and improve
Colorado residents' financial management;
  • Community-informed strategies that dismantle systemic
barriers to building ownership and wealth for all, especially
low-income communities and communities of color; and
  • Tools that promote financial stability such as those that
assist with service navigation, eviction avoidance, or
connections to income supports.
The financial empowerment office is required to:
  • Support the organization of community efforts to define
and lead financial resilience strategies;
  • Align, support, and build ties to build financial education
and well-being in communities across the state;
  • Establish a council to assist the director in increasing
access to ownership, financial well-being, and safe and
affordable banking and financial services that help improve
the financial stability of Colorado residents and in
identifying products and practices that may undermine
financial stability;
  • Work with stakeholders to increase access to safe and
affordable credit-building loans and financial products;
  • Work with state authorities and other stakeholders to
expand access to safe and affordable banking products with
low fees and easy account access, as well as safe and
affordable credit-building loans offered by financial service
providers licensed in Colorado at costs that do not exceed
the finance charges permitted by Colorado law;
  • Work with stakeholders to identify products and practices
that may undermine financial stability;
  • Develop technical assistance to launch or expand local
financial coaching and counseling efforts;
  • Raise money to support coaching, safe and affordable
banking, and potential loan funds; and
  • Track community feedback on consumer financial abuses
and coordinate with various state agencies, connect
consumers with existing resources, and educate the public
on their related consumer rights.
The office is also required to submit an annual report to the
general assembly regarding the activities of the office, the state of
affordable banking access in Colorado, and other specified information.

Committee Reports
with Amendments
Full Text
Full Text of Bill (pdf) (most recent)
Fiscal Notes Fiscal Notes (03/12/2021) (most recent)  
Additional Bill Documents Bill Documents
Including:
  • Past bill versions
  • Past fiscal notes
  • Committee activity and documents
  • Bill History
 
Lobbyists Lobbyists
Audio [This feature is available by subscription.]  
Votes House and Senate Votes
Vote Totals Vote Totals by Party
 
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