Second Regular Session
Seventy-third General Assembly
STATE OF COLORADO
ENGROSSED
This Version Includes All Amendments Adopted
on Second Reading in the House of Introduction
LLS NO. 22-0699.02 Brita Darling x2241
HOUSE BILL 22-1359
House Committees Senate Committees
Finance
Appropriations
A BILL FOR AN ACT
C
ONCERNING THE CREATION OF THE COLORADO HOUSEHOLD101
FINANCIAL RECOVERY
PILOT PROGRAM, AND, IN CONNECTION102
THEREWITH, MAKING AN APPROPRIATION .103
Bill Summary
(Note: This summary applies to this bill as introduced and does
not reflect any amendments that may be subsequently adopted. If this bill
passes third reading in the house of introduction, a bill summary that
applies to the reengrossed version of this bill will be available at
http://leg.colorado.gov
.)
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.
HOUSE
Amended 2nd Reading
April 26, 2022
HOUSE SPONSORSHIP
Bacon and Snyder,
SENATE SPONSORSHIP
Rodriguez,
Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.
Capital letters or bold & italic numbers indicate new material to be added to existing statute.
Dashes through the words indicate deletions from existing statute. 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.
Be it enacted by the General Assembly of the State of Colorado:1
SECTION 1. In Colorado Revised Statutes, add part 3 to article2
36 of title 24 as follows:3
1359-2- PART 31
COLORADO HOUSEHOLD FINANCIAL2
RECOVERY PILOT PROGRAM3
24-36-301. Short title. T
HE SHORT TITLE OF THIS PART 3 IS THE4
"C
OLORADO HOUSEHOLD FINANCIAL RECOVERY
PILOT PROGRAM ACT".5
24-36-302. Legislative declaration. (1) T
HE GENERAL ASSEMBLY6
FINDS AND DECLARES THAT:7
(a) T
HE COVID-19 PANDEMIC HAS HAD DEVASTATING ECONOMIC8
AND HEALTH CONSEQUENCES ACROSS THE STATE , NEGATIVELY IMPACTING9
MANY COLORADANS AND DISPROPORTIONATELY HARMING INDIVIDUALS10
AND HOUSEHOLDS THAT WERE ALREADY ECONOMICALLY INSECURE ;11
(b) T
HE COVID-19 PANDEMIC HAS CAUSED MANY LOW - AND12
MODERATE-INCOME INDIVIDUALS AND HOUSEHOLDS TO LOSE INCOME DUE13
TO THE LOSS OF EMPLOYMENT , SPEND DOWN THEIR SAVINGS , BORROW14
FROM FRIENDS, AND INCUR MORE DEBT;15
(c) A
S A RESULT OF THE RECESSION PRECIPITATED BY THE16
COVID-19
PANDEMIC, LONG-TERM ECONOMIC CHALLENGES CONTINUE17
FOR MANY IN COLORADO, DUE TO, AMONG OTHER FACTORS , DAMAGED18
CONSUMER CREDIT SCORES AND REDUCED FAMILIAL AND CHILDHOOD19
WELL-BEING;20
(d) F
URTHER, MANY INDIVIDUALS AND HOUSEHOLDS FACING21
FINANCIAL INSECURITY, INCLUDING UNSERVED AND UNDERSERVED22
POPULATIONS, LACK ACCESS TO FINANCIAL AND BANKING SERVICES ,23
INCLUDING AFFORDABLE LOANS , TO HELP ADDRESS ECONOMIC24
INSECURITY;25
(e) T
OGETHER WITH FINANCIAL COACHING AND SAFE AND26
AFFORDABLE BANKING PRODUCTS , LOW-COST LOANS ARE AN IMPORTANT27
1359
-3- TOOL TO BUILD LONG-TERM FINANCIAL HEALTH;1
(f) B
Y INCENTIVIZING FINANCIAL INSTITUTIONS TO ISSUE LOANS TO2
IMPACTED INDIVIDUALS AND HOUSEHOLDS THROUGH A LOAN LOSS3
RESERVE, BUYING DOWN INTEREST RATES , OR PROVIDING LENDING4
CAPITAL, THE STATE CAN FOSTER LONG-TERM TRANSFORMATIVE CHANGE5
FOR INDIVIDUALS AND HOUSEHOLDS IMPACTED BY THE COVID-196
PANDEMIC OR ITS NEGATIVE ECONOMIC IMPACTS ;7
(g) W
ITH ONE-TIME MONEY, THE STATE CAN CATALYZE POSITIVE8
MARKET FORCES THAT EXIST OUTSIDE OF STATE GOVERNMENT ,9
LEVERAGING NEW, OR FREEING UP EXISTING, RESOURCES TO SUPPORT THE10
CREATION OF AFFORDABLE LENDING PRODUCTS CURRENTLY UNAVAILABLE11
TO MANY COLORADANS; AND12
(h) T
HEREFORE, THE CREATION OF A HOUSEHOLD FINANCIAL13
RECOVERY
PILOT PROGRAM SUPPORTS THE LONG -TERM RECOVERY OF14
C
OLORADO INDIVIDUALS AND HOUSEHOLDS IMPACTED BY THE COVID-1915
PANDEMIC AND IS AN APPROPRIATE RESPONSE TO THE HARM CAUSED BY16
THE COVID-19 PANDEMIC OR ITS NEGATIVE ECONOMIC IMPACTS .17
24-36-303. Definitions. A
S USED IN THIS PART 3, UNLESS THE18
CONTEXT OTHERWISE REQUIRES :19
(1) "A
DMINISTRATOR" MEANS AN ENTITY THAT THE STATE20
TREASURER CONTRACTS WITH PURSUANT TO SECTION 24-36-304 TO21
ADMINISTER THE PROGRAM .22
(2) "C
OUNCIL" MEANS THE COUNCIL ESTABLISHED PURSUANT TO23
SECTION 24-31-1102 (3)(c) BY THE FINANCIAL EMPOWERMENT OFFICE24
CREATED IN SECTION 24-31-1101.25
(3) "COVID-19"
MEANS THE CORONAVIRUS DISEASE CAUSED BY26
THE SEVERE ACUTE RESPIRATORY SYNDROME CORONAVIRUS 2, ALSO27
1359
-4- KNOWN AS SARS-COV-2.1
(4) "F
UND" MEANS THE COLORADO HOUSEHOLD FINANCIAL2
RECOVERY
PILOT PROGRAM FUND CREATED IN SECTION 24-36-306.3
(5) "P
ROGRAM" MEANS THE COLORADO HOUSEHOLD FI NANCIAL4
RECOVERY
PILOT PROGRAM CREATED IN THIS PART 3.5
24-36-304. Colorado household financial recovery pilot6
program - created - selection of administrators - grants. (1) T
HE7
STATE TREASURER SHALL ESTABLISH THE COLORADO HOUSEHOLD8
FINANCIAL RECOVERY
PILOT PROGRAM ADMINISTERED IN ACCORDANCE9
WITH THE REQUIREMENTS OF THIS PART 3 AND ANY POLICIES ESTABLISHED10
FOR THE PROGRAM BY THE STATE TREASURER OR BY AN ADMINISTRATOR11
PURSUANT TO SUBSECTION (8) OF THIS SECTION. THE PURPOSE OF THE12
PROGRAM IS TO FACILITATE LENDING TO INDIVIDUALS AND HOUSEHOLDS13
IMPACTED BY THE COVID-19 PANDEMIC WHO FACE FINANCIAL14
INSECURITY AND WHO HAVE DIFFICULTY ACCESSING AFFORDABLE LOANS15
TO ADDRESS THE FINANCIAL INSECURITY .16
(2) (a) I
N RESPONSE TO THE COVID-19 PANDEMIC AND THE HARM17
CAUSED TO INDIVIDUALS AND HOUSEHOLDS BY ITS NEGATIVE ECONOMIC18
IMPACTS, MONEY FOR THE PROGRAM MAY BE USED FOR ONE OR MORE OF19
THE FOLLOWING PURPOSES UNDER THE PROGRAM TO ASSIST INDIVIDUALS20
AND HOUSEHOLDS IMPACTED BY THE COVID-19 PANDEMIC:21
(I) T
O ESTABLISH A LOAN LOSS RESERVE IN ACCOR DANCE WITH22
SUBSECTION (9) OF THIS SECTION TO PARTIALLY OFFSET RISK TO LENDERS23
IN MAKING LOANS TO INDIVIDUALS AND HOUSEHOLDS IMPACTED BY THE24
COVID-19
PANDEMIC;25
(II) T
O MAKE PAYMENTS TO LENDERS TO BUY DOWN THE INTEREST26
RATE ON LOANS MADE TO INDIVIDUALS AND HOUSEHOLDS IMPACTED BY27
1359
-5- THE COVID-19 PANDEMIC;1
(III) T
O PROVIDE LENDING CAPITAL FOR UNCOLLATERALIZED2
LOANS TO INDIVIDUALS AND HOUSEHOLDS IMPACTED BY THE COVID-193
PANDEMIC. ALL LOANS MADE OR INCENTIVIZED UNDER THE PROGRAM4
MUST INCLUDE THE FOLLOWING TERMS :5
(A) A
MAXIMUM LOAN AM OUNT OF FIVE THOUSAND DOLLARS ,6
WHICH LOAN AMOUNT MAY OTHERWISE VARY IN PROPORTION TO THE7
HARM EXPERIENCED BY THE INDIVIDUALS OR HOUSEHOLDS IMPACTED BY8
THE COVID-19 PANDEMIC;9
(B) A
MAXIMUM ANNUAL PERCENTAGE RATE OF FIVE PERCENT ;10
(C) B
ORROWER REPORTING; AND11
(D) R
EPORTING TO MAJOR CREDIT AGENCIES CONCERNING12
REQUIRED PAYMENTS ON THE LOAN .13
(IV) T
O AWARD GRANTS TO NONPROFIT COMMUNITY -BASED14
ORGANIZATIONS IN ACCORDANCE WITH SUBSECTION (10) OF THIS SECTION15
TO CONDUCT MARKETING AND OUTREACH TO INDIVIDUALS AND16
HOUSEHOLDS IMPACTED BY THE COVID-19 PANDEMIC WHO MAY BE17
ELIGIBLE TO PARTICIPATE IN THE PROGRAM, INCLUDING MARKETING AND18
OUTREACH TO INDIVIDUALS AND HOUSEHOLDS THAT ARE ECONOMICALLY19
INSECURE AND FINANCIALLY UNSERVED AND UNDERSERVED .20
(b) T
HE STATE TREASURER MAY CONTRACT WITH ONE OR MORE21
FINANCIAL INSTITUTIONS, INCLUDING BANKS, COMMUNITY DEVELOPMENT22
FINANCIAL INSTITUTIONS, OR CREDIT UNIONS, TO ADMINISTER ALL OR A23
PORTION OF THE MONEY AVAILABLE FOR THE PROGRAM .24
(3) T
HE STATE TREASURER SHALL:25
(a) U
SE AN OPEN AND COMPETITIVE PROCESS FOR SELECTING ONE26
OR MORE ADMINISTRATORS ; AND27
1359
-6- (b) SELECT AN APPLICANT OR APPLICANTS TO ADMINISTER THE1
PROGRAM BASED ON THE FOLLOWING CRITERIA :2
(I) T
HE APPLICANT'S PROPOSED USE OF MONEY AND WHETHER THE3
PROPOSED USE ALIGNS WITH PROGRAM GOALS ;4
(II) T
HE STRENGTH OF THE APPLICANT 'S RELATIONSHIPS WITH5
NONPROFIT COMMUNITY-BASED ORGANIZATIONS THAT SERVE INDIVIDUALS6
AND HOUSEHOLDS IMPACTED BY THE COVID-19 PANDEMIC WHO:7
(A) A
RE TRADITIONALLY UNSERVED OR UNDERSERVED BY THE8
CURRENT BANKING SYSTEM ; AND9
(B) S
UFFERED THE GREATEST HARM FROM THE NEGATIVE10
ECONOMIC IMPACTS OF THE COVID-19 PANDEMIC, INCLUDING PEOPLE OF11
COLOR, INDIVIDUALS IN LOW -WAGE EMPLOYMENT , WOMEN, AND12
INDIVIDUALS WITHOUT COLLEGE DEGREES ;13
(III) T
HE APPLICANT'S ABILITY TO CONNECT BORROWERS TO :14
(A) S
AFE AND AFFORDABLE BANKING PRODUCTS WITH LOW FEES15
AND EASY ACCESS TO ACCOUNTS ; AND16
(B) F
INANCIAL C OUNSELING AND COACHING AND17
WEALTH-BUILDING SERVICES;18
(IV) T
HE APPLICANT'S ABILITY TO SERVE INDIVIDUALS WHO ARE19
UNDERSERVED BY TRADITIONAL LENDERS , INCLUDING INDIVIDUALS WHO20
HAVE NO CREDIT HISTORY;21
(V) T
HE ABILITY OF THE APPLICANT TO DEVISE LOAN PAYMENT22
PLANS THAT INCLUDE OPPORTUNITIES TO BUILD SAVINGS ; AND23
(VI) T
HE APPLICANT'S ABILITY TO ATTRACT LENDING CAPITAL.24
(4) I
N SELECTING AN APPLICANT OR APPLICANTS TO ADMINISTER25
THE PROGRAM, THE STATE TREASURER SHALL CONSULT WITH THE26
COUNCIL. MEMBERS OF THE COUNCIL WHO ARE OFFICIALS IN OR27
1359
-7- EMPLOYEES OF THE DEPARTMENT OF LAW SHALL RECUSE THEMSELVES1
FROM THE EVALUATION AND SELECTION PROCESS .2
(5) T
HE STATE TREASURER MAY ADVANCE MONEY UNDER A3
CONTRACT TO AN APPLICANT SELECTED TO ADMINISTER THE PROGRAM IN4
ORDER TO PAY FOR INITIAL COSTS.5
(6) T
HE STATE TREASURER'S CONTRACT WITH AN ADMINISTRATOR6
MAY REQUIRE THE RETURN OF MONEY FROM THE ADMINISTRATOR FOR7
REALLOCATION UNDER THE PROGRAM IF THE ADMINISTRATOR HAS BEEN8
UNABLE TO EFFECTIVELY USE MONEY ALLOCATED FOR THE PROGRAM .9
(7) T
HE STATE TREASURER'S CONTRACT WITH AN ADMINISTRATOR10
MAY REQUIRE AN ADMINISTRATION FEE IN AN AMOUNT REASONABLY11
CALCULATED TO COVER THE ONGOING COSTS OF THE STATE TREASURER IN12
OVERSEEING THE PROGRAM ADMINISTRATION . THE STATE TREASURER13
SHALL DEPOSIT THE ADMINISTRATION FEE IN THE FUND .14
(8) T
HE STATE TREASURER , IN COLLABORATION WITH ANY15
ADMINISTRATOR SELECTED BY THE STATE TREASURER , SHALL ESTABLISH16
AND PUBLICIZE POLICIES FOR THE USE OF MONEY UNDER THE PROGRAM , TO17
INCLUDE:18
(a) P
ROGRAM DEADLINES, APPLICATION PROCEDURES AND FEES ,19
AND ANY OTHER COSTS ASSOCIATED WITH THE USE OF MONEY UNDER THE20
PROGRAM;21
(b) U
NDERWRITING OR RISK MANAGEMENT POLICIES ; AND22
(c) E
LIGIBILITY REQUIREMENTS TO INCLUDE INDIVIDUALS AND23
HOUSEHOLDS IMPACTED BY THE COVID-19 PANDEMIC.24
(9) (a) I
F THE STATE TREASURER DETERMINES THAT A LOAN LOSS25
RESERVE WILL INCENTIVIZE LENDING TO INDIVIDUALS AND HOUSEHOLDS26
IMPACTED BY THE COVID-19 PANDEMIC, THE STATE TREASURER MAY27
1359
-8- ESTABLISH A LOAN LOSS RESERVE FOR THE PROGRAM IN THE DEPARTMENT1
OF THE TREASURY, OR MAY SELECT ONE OR MORE ADMINISTRATORS2
PURSUANT TO SUBSECTION (3) OF THIS SECTION TO ESTABLISH A LOAN3
LOSS RESERVE. THE LOAN LOSS RESERVE MAY BE USED TO PROVIDE4
GRANTS TO FINANCIAL INSTITUTIONS PARTICIPATING IN THE PROGRAM TO5
PARTIALLY OFFSET LOSSES ON LOANS MADE TO INDIVIDUALS AND6
HOUSEHOLDS IMPACTED BY THE COVID-19 PANDEMIC.7
(b) T
HE STATE TREASURER SHA LL DETERMINE THE AMOUNT AND8
CONDITIONS FOR THE OFFSET OF LOSSES THROUGH THE LOAN LOSS9
RESERVE AND SHALL ESTABLISH AND PUBLICIZE POLICIES FOR10
PARTICIPATING FINANCIAL INSTITUTIONS.11
(10) (a) T
HE STATE TREASURER, OR AN ADMINISTRATOR SELECTED12
PURSUANT TO SUBSECTION (3) OF THIS SECTION, MAY AWARD GRANTS TO13
NONPROFIT COMMUNITY-BASED ORGANIZATIONS TO CONDUCT MARKETING14
AND OUTREACH TO INDIVIDUALS AND HOUSEHOLDS IMPACTED BY THE15
COVID-19
PANDEMIC WHO MAY BE ELIGIBLE TO PARTICIPATE IN THE16
PROGRAM, INCLUDING MARKETING AND OUTREACH TO INDIVIDUALS AND17
HOUSEHOLDS THAT ARE ECONOMICALLY INSECURE AND FINANCIALLY18
UNSERVED AND UNDERSERVED . THE STATE TREASURER , IN19
COLLABORATION WITH ANY ADMINISTRATOR SELECTED PURSUANT TO20
SUBSECTION (3) OF THIS SECTION, SHALL DEVELOP PROCEDURES FOR21
APPLYING FOR A GRANT, FOR ALLOWABLE USES OF GRANT MONEY , AND22
FOR REPORTING ON THE USE OF GRANT MONEY .23
(b) A
NONPROFIT COMMUNITY-BASED ORGANIZATION MAY USE A24
GRANT TO PROVIDE SERVICES AND ASSISTANCE TO THE PROGRAM ,25
INCLUDING:26
(I) E
DUCATIONAL AND OUTREACH ACTIVITIES , INCLUDING STAFF27
1359
-9- SUPPORT FOR THESE ACTIVITIES;1
(II) T
ECHNICAL ASSISTANCE RELATING TO THE PROGRAM ; AND2
(III) O
THER ACTIVITIES THAT HELP CONNECT INDIVIDUALS AND3
HOUSEHOLDS IMPACTED BY THE COVID-19 PANDEMIC TO THE PROGRAM.4
24-36-305. Report. (1) O
N OR BEFORE NOVEMBER 1, 2023, AND5
ON OR BEFORE NOVEMBER 1 OF EACH YEAR THEREAFTER IN WHICH THE6
PROGRAM IS BEING ADMINISTERED BY THE STATE TREASURER OR A7
SELECTED ADMINISTRATOR , THE
SELECTED ADMINISTRATOR OR8
ADMINISTRATORS SHALL SUBMIT A COMBINED REPORT TO THE GOVERNOR9
AND TO THE HOUSE OF REPRESENTATIVES BUSINESS AFFAIRS AND LABOR10
COMMITTEE AND THE SENATE BUSINESS , LABOR, AND TECHNOLOGY11
COMMITTEE, OR THEIR SUCCESSOR COMMITTEES , DETAILING THE12
EXPENDITURE OF MONEY APPROPRIATED FOR THE PROGRAM AND THE13
IMPACT OF THE PROGRAM ON INDIVIDUALS AND HOUSEHOLDS IMPACTED14
BY THE COVID-19 PANDEMIC OR ITS NEGATIVE ECONOMIC IMPACTS .15
N
OTWITHSTANDING THE REQUIREMENTS OF SECTION 24-1-136 (11)(a)(I),16
THE REQUIREMENT IN THIS SUBSECTION (1) TO SUBMIT THE REPORT17
CONTINUES INDEFINITELY.18
(2) A
T A MINIMUM, THE REPORT SUBMITTED PURSUANT TO19
SUBSECTION (1) OF THIS SECTION MUST INCLUDE:20
(a) T
HE PURPOSES, AS SPECIFIED IN SECTION 24-36-304 (2)(a), FOR21
WHICH PROGRAM MONEY WAS USED , AND THE NUMBER AND A22
DESCRIPTION OF THE INDIVIDUALS AND HOUSEHOLDS BENEFITTING FROM23
THE PROGRAM;24
(b) T
HE GEOGRAPHIC DISTRIBUTION OF PROGRAM BENEFICIARIES ;25
(c) T
HE NUMBER OF LOAN DEFAULTS ;26
(d) I
NFORMATION CONCERNING THE USE AND IMPACT OF A LOAN27
1359
-10- LOSS RESERVE; AND1
(e) A
SUMMARY OF GRANTS AWARDED TO NONPROFIT2
COMMUNITY-BASED ORGANIZATIONS TO PROVIDE EDUCATIONAL AND3
OUTREACH ACTIVITIES AND ASSISTANCE TO THE PROGRAM .4
24-36-306. Colorado household financial recovery
pilot5
program fund - created - transfer - gifts, grants, and donations6
authorized. (1) (a) T
HE COLORADO HOUSEHOLD FINANCIAL RECOVERY7
PILOT PROGRAM FUND IS HEREBY CREATED IN THE STATE TREASURY .8
(b) T
HE STATE TREASURER SHALL CREDIT ALL INTEREST AND9
INCOME DERIVED FROM THE DEPOSIT AND INVESTMENT OF MONEY IN THE10
FUND TO THE FUND.11
(c) M
ONEY APPROPRIATED, TRANSFERRED, OR CREDITED TO THE12
FUND IS CONTINUOUSLY APPROPRIATED TO THE STATE TREASURER FOR THE13
PURPOSES SPECIFIED IN SUBSECTION (4) OF THIS SECTION.14
(d) T
HE STATE TREASURER MAY EXPEND UP TO
FOUR PERCENT OF15
THE MONEY APPROPRIATED TO THE FUND TO PAY THE DIRECT AND16
INDIRECT COSTS INCURRED BY THE STATE TREASURER IN IMPLEMENTING17
OR ADMINISTERING THE PROGRAM .18
(2) T
HE FUND CONSISTS OF:19
(a) M
ONEY APPROPRIATED TO THE FUND BY THE GENERAL20
ASSEMBLY FOR PURPOSES OF THIS PART 3;21
(b) M
ONEY TRANSFERRED TO THE FUND ;22
(c) F
EES COLLECTED PURSUANT TO SECTION 24-36-304 (7); AND23
(d) G
IFTS, GRANTS, OR DONATIONS CREDITED TO THE FUND24
PURSUANT TO SUBSECTION (3) OF THIS SECTION.25
(3) T
HE STATE TREASURER MAY SEEK, ACCEPT, AND EXPEND GIFTS,26
GRANTS, OR DONATIONS FROM PRIVATE OR PUBLIC SOURCES FOR THE27
1359
-11- PURPOSES OF THIS PART 3. THE STATE TREASURER SHALL CREDIT ALL1
MONEY RECEIVED THROUGH GIFTS , GRANTS, AND DONATIONS TO THE2
FUND.3
(4) M
ONEY IN THE FUND MAY BE USED FOR:4
(a) T
HE PURPOSES SPECIFIED IN SECTION 24-36-304; AND5
(b) A
NY OTHER PURPOSE RELATING TO THE ADMINISTRATION AND6
IMPLEMENTATION OF THIS PART 3.7
SECTION 2. Appropriation. (1) For the 2022-23 state fiscal8
year, $5,200,000 is appropriated to the Colorado household financial9
recovery program fund created in section 24-36-306 (1)(a), C.R.S. This10
appropriation is from the general fund. The department of the treasury is11
responsible for the accounting related to this appropriation.12
(2) For the 2022-23 state fiscal year, $59,142 is appropriated to the13
department of law. This appropriation is from reappropriated funds14
received from the department of the treasury from the Colorado15
household financial recovery program fund created in section 24-36-30616
(1)(a), C.R.S., and is based on an assumption that the department of law17
will require an additional 0.3 FTE. To implement this act, the department18
of law may use this appropriation to provide legal services for the19
department of the treasury.20
SECTION 3. Safety clause. The general assembly hereby finds,21
determines, and declares that this act is necessary for the immediate22
preservation of the public peace, health, or safety.23
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-12-