Colorado 2022 Regular Session

Colorado House Bill HB1359 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
	1	+	Second Regular Session
	2	+	Seventy-third General Assembly
	3	+	STATE OF COLORADO
	4	+	REREVISED
	5	+	This Version Includes All Amendments
	6	+	Adopted in the Second House
	7	+	LLS NO. 22-0699.02 Brita Darling x2241
1	8		HOUSE BILL 22-1359
2		-	BY REPRESENTATIVE(S) Bacon and Snyder, Benavidez, Bernett, Bird,
3		-	Boesenecker, Caraveo, Cutter, Esgar, Gonzales-Gutierrez, Hooton, Jodeh,
4		-	Kennedy, Lindsay, Lontine, McCluskie, Michaelson Jenet, Sirota,
5		-	Valdez D., Weissman, Garnett, Herod, Kipp, Ricks, Valdez A., Woodrow;
6		-	also SENATOR(S) Rodriguez and Lee, Bridges, Buckner, Coleman, Ginal,
7		-	Gonzales, Moreno, Winter, Zenzinger, Fenberg.
	9	+	House Committees Senate Committees
	10	+	Finance Finance
	11	+	Appropriations Appropriations
	12	+	A BILL FOR AN ACT
8	13		C
9		-	ONCERNING THE CREATION OF THE COLORADO HOUSEHOLD FINANCIAL
10		-	RECOVERY PILOT PROGRAM
11		-	, AND, IN CONNECTION THEREWITH ,
12		-	MAKING AN APPROPRIATION.
13		-
14		-	Be it enacted by the General Assembly of the State of Colorado:
15		-	SECTION 1. In Colorado Revised Statutes, add part 3 to article 36
16		-	of title 24 as follows:
17		-	PART 3
18		-	COLORADO HOUSEHOLD FINANCIAL
19		-	RECOVERY PILOT PROGRAM
	14	+	ONCERNING THE CREATION OF THE COLORADO HOUSEHOLD101
	15	+	FINANCIAL RECOVERY
	16	+	PILOT PROGRAM, AND, IN CONNECTION102
	17	+	THEREWITH, MAKING AN APPROPRIATION .103
	18	+	Bill Summary
	19	+	(Note: This summary applies to this bill as introduced and does
	20	+	not reflect any amendments that may be subsequently adopted. If this bill
	21	+	passes third reading in the house of introduction, a bill summary that
	22	+	applies to the reengrossed version of this bill will be available at
	23	+	http://leg.colorado.gov
	24	+	.)
	25	+	The bill requires the state treasurer to establish the Colorado
	26	+	household financial recovery program (program) in the department of the
	27	+	treasury to partner with financial institutions to incentivize lending to
	28	+	low-income individuals and households impacted by the COVID-19
	29	+	pandemic or its negative economic impacts.
	30	+	SENATE
	31	+	3rd Reading Unamended
	32	+	May 5, 2022
	33	+	SENATE
	34	+	Amended 2nd Reading
	35	+	May 4, 2022
	36	+	HOUSE
	37	+	3rd Reading Unamended
	38	+	April 27, 2022
	39	+	HOUSE
	40	+	Amended 2nd Reading
	41	+	April 26, 2022
	42	+	HOUSE SPONSORSHIP
	43	+	Bacon and Snyder, Benavidez, Bernett, Bird, Boesenecker, Caraveo, Cutter, Esgar,
	44	+	Garnett, Gonzales-Gutierrez, Hooton, Jodeh, Kennedy, Lindsay, Lontine, McCluskie,
	45	+	Michaelson Jenet, Sirota, Valdez D., Weissman
	46	+	SENATE SPONSORSHIP
	47	+	Rodriguez and Lee, Bridges, Buckner, Coleman, Fenberg, Ginal, Gonzales, Moreno,
	48	+	Winter, Zenzinger
	49	+	Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.
	50	+	Capital letters or bold & italic numbers indicate new material to be added to existing statute.
	51	+	Dashes through the words indicate deletions from existing statute. Money available for the program must be used for one or more of
	52	+	the following purposes:
	53	+	! To establish a loan loss reserve to partially offset risk to
	54	+	lenders in making loans to individuals and households
	55	+	impacted by the COVID-19 pandemic;
	56	+	! To make payments to lenders to buy down interest rates on
	57	+	loans made to individuals and households impacted by the
	58	+	COVID-19 pandemic;
	59	+	! To provide lending capital for affordable, small loans to
	60	+	individuals and households impacted by the COVID-19
	61	+	pandemic; or
	62	+	! To award grants to nonprofit community-based
	63	+	organizations to conduct marketing and outreach to
	64	+	individuals and households impacted by the COVID-19
	65	+	pandemic who may be eligible to participate in the
	66	+	program.
	67	+	The state treasurer may select one or more program administrators,
	68	+	including banks, community development financial institutions, or credit
	69	+	unions, to administer all or a portion of the money available for the
	70	+	program. The administrator or administrators are selected based, in part,
	71	+	on their proposed use of the money, their ability to partner with nonprofit
	72	+	community-based organizations that work with individuals and
	73	+	households impacted by the COVID-19 pandemic, and to connect
	74	+	borrowers to affordable banking products and other financial services.
	75	+	The bill specifies program policies, including loan terms, and
	76	+	requires the state treasurer and administrators to establish and publicize
	77	+	additional program policies as necessary.
	78	+	The state treasurer or an administrator may establish a loan loss
	79	+	reserve to partially offset loan losses and thereby incentivize lending by
	80	+	financial institutions to individuals and households impacted by the
	81	+	COVID-19 pandemic. The state treasurer shall determine the amount of
	82	+	the offset and shall establish and publicize policies for participating
	83	+	financial institutions.
	84	+	The state treasurer shall report annually to the governor and certain
	85	+	committees of the general assembly concerning the use of program money
	86	+	and other information concerning the program.
	87	+	The bill creates a fund for the program and identifies allowable
	88	+	uses of the money in the fund.
	89	+	Be it enacted by the General Assembly of the State of Colorado:1
	90	+	SECTION 1. In Colorado Revised Statutes, add part 3 to article2
	91	+	36 of title 24 as follows:3
	92	+	1359-2- PART 31
	93	+	COLORADO HOUSEHOLD FINANCIAL2
	94	+	RECOVERY PILOT PROGRAM3
20	95		24-36-301. Short title. T
21		-	HE SHORT TITLE OF THIS PART 3 IS THE
22		-	"COLORADO HOUSEHOLD FINANCIAL RECOVERY PILOT PROGRAM ACT".
23		-	NOTE: This bill has been prepared for the signatures of the appropriate legislative
24		-	officers and the Governor. To determine whether the Governor has signed the bill
25		-	or taken other action on it, please consult the legislative status sheet, the legislative
26		-	history, or the Session Laws.
27		-	________
28		-	Capital letters or bold & italic numbers indicate new material added to existing law; dashes
29		-	through words or numbers indicate deletions from existing law and such material is not part of
30		-	the act. 24-36-302. Legislative declaration. (1) T HE GENERAL ASSEMBLY
31		-	FINDS AND DECLARES THAT
32		-	:
	96	+	HE SHORT TITLE OF THIS PART 3 IS THE4
	97	+	"C
	98	+	OLORADO HOUSEHOLD FINANCIAL RECOVERY
	99	+	PILOT PROGRAM ACT".5
	100	+	24-36-302. Legislative declaration. (1) T
	101	+	HE GENERAL ASSEMBLY6
	102	+	FINDS AND DECLARES THAT:7
33	103		(a) T
34		-	HE COVID-19 PANDEMIC HAS HAD DEVASTATING EC ONOMIC
35		-	AND HEALTH CONSEQUENCES ACROSS THE STATE
36		-	, NEGATIVELY IMPACTING
37		-	MANY
38		-	COLORADANS AND DISPROPORTIONATELY HARMING INDIVIDUALS AND
39		-	HOUSEHOLDS THAT WERE ALREADY ECONOMICALLY INSECURE
40		-	;
	104	+	HE COVID-19 PANDEMIC HAS HAD DEVASTATING ECONOMIC8
	105	+	AND HEALTH CONSEQUENCES ACROSS THE STATE , NEGATIVELY IMPACTING9
	106	+	MANY COLORADANS AND DISPROPORTIONATELY HARMING INDIVIDUALS10
	107	+	AND HOUSEHOLDS THAT WERE ALREADY ECONOMICALLY INSECURE ;11
41	108		(b) T
42		-	HE COVID-19 PANDEMIC HAS CAUSED MANY LOW - AND
43		-	MODERATE
44		-	-INCOME INDIVIDUALS AND HOUSEHOLDS TO LOSE INCOME DUE
45		-	TO THE LOSS OF EMPLOYMENT
46		-	, SPEND DOWN THEIR SAVINGS, BORROW FROM
47		-	FRIENDS
48		-	, AND INCUR MORE DEBT;
	109	+	HE COVID-19 PANDEMIC HAS CAUSED MANY LOW - AND12
	110	+	MODERATE-INCOME INDIVIDUALS AND HOUSEHOLDS TO LOSE INCOME DUE13
	111	+	TO THE LOSS OF EMPLOYMENT , SPEND DOWN THEIR SAVINGS , BORROW14
	112	+	FROM FRIENDS, AND INCUR MORE DEBT;15
49	113		(c) A
50		-	S A RESULT OF THE RECESSION PRECIPITATED BY THE COVID-19
51		-	PANDEMIC, LONG-TERM ECONOMIC CHALLENGES CONTINUE FOR MANY IN
52		-	COLORADO, DUE TO, AMONG OTHER FACTORS, DAMAGED CONSUMER CREDIT
53		-	SCORES AND REDUCED FAMILIAL AND CHILDHOOD WELL
54		-	-BEING;
	114	+	S A RESULT OF THE RECESSION PRECIPITATED BY THE16
	115	+	COVID-19
	116	+	PANDEMIC, LONG-TERM ECONOMIC CHALLENGES CONTINUE17
	117	+	FOR MANY IN COLORADO, DUE TO, AMONG OTHER FACTORS , DAMAGED18
	118	+	CONSUMER CREDIT SCORES AND REDUCED FAMILIAL AND CHILDHOOD19
	119	+	WELL-BEING;20
55	120		(d) F
56		-	URTHER, MANY INDIVIDUALS AND HOUSEHOLDS FACING
57		-	FINANCIAL INSECURITY
58		-	, INCLUDING UNSERVED AND UNDERSERVED
59		-	POPULATIONS
60		-	, LACK ACCESS TO FINANCIAL AND BANKING SERVICES ,
61		-	INCLUDING AFFORDABLE LOANS , TO HELP ADDRESS ECONOMIC INSECURITY ;
	121	+	URTHER, MANY INDIVIDUALS AND HOUSEHOLDS FACING21
	122	+	FINANCIAL INSECURITY, INCLUDING UNSERVED AND UNDERSERVED22
	123	+	POPULATIONS, LACK ACCESS TO FINANCIAL AND BANKING SERVICES ,23
	124	+	INCLUDING AFFORDABLE LOANS , TO HELP ADDRESS ECONOMIC24
	125	+	INSECURITY;25
62	126		(e) T
63		-	OGETHER WITH FINANCIAL COACHING AND SAFE AND
64		-	AFFORDABLE BANKING PRODUCTS
65		-	, LOW-COST LOANS ARE AN IMPORTANT
66		-	TOOL TO BUILD LONG
67		-	-TERM FINANCIAL HEALTH;
	127	+	OGETHER WITH FINANCIAL COACHING AND SAFE AND26
	128	+	AFFORDABLE BANKING PRODUCTS , LOW-COST LOANS ARE AN IMPORTANT27
	129	+	1359
	130	+	-3- TOOL TO BUILD LONG-TERM FINANCIAL HEALTH;1
68	131		(f) B
69		-	Y INCENTIVIZING FINANCIAL INSTITUTIONS TO ISSUE LOANS TO
70		-	IMPACTED INDIVIDUALS AND HOUSEHOLDS THROUGH A LOAN LOSS RESERVE
71		-	,
72		-	BUYING DOWN INTEREST RATES, OR PROVIDING LENDING CAPITAL, THE STATE
73		-	CAN FOSTER LONG
74		-	-TERM TRANSFORMATIVE CHANGE FOR INDIVIDUALS AND
75		-	HOUSEHOLDS IMPACTED BY THE
76		-	COVID-19 PANDEMIC OR ITS NEGATIVE
77		-	ECONOMIC IMPACTS
78		-	;
	132	+	Y INCENTIVIZING FINANCIAL INSTITUTIONS TO ISSUE LOANS TO2
	133	+	IMPACTED INDIVIDUALS AND HOUSEHOLDS THROUGH A LOAN LOSS3
	134	+	RESERVE, BUYING DOWN INTEREST RATES , OR PROVIDING LENDING4
	135	+	CAPITAL, THE STATE CAN FOSTER LONG-TERM TRANSFORMATIVE CHANGE5
	136	+	FOR INDIVIDUALS AND HOUSEHOLDS IMPACTED BY THE COVID-196
	137	+	PANDEMIC OR ITS NEGATIVE ECONOMIC IMPACTS ;7
79	138		(g) W
80		-	ITH ONE-TIME MONEY, THE STATE CAN CATALYZE ~~POSITIVE~~
81		-	MARKET FORCES THAT EXIST OUTSIDE OF STATE GOVERNMENT
82		-	, ~~LEVERAGING~~
83		-	~~NEW~~
84		-	~~, OR FREEING UP EXISTING, RESOURCES~~ TO ~~SUPPORT THE CREATION OF~~
85		-	~~AFFORDABLE LENDING PRODUCTS CURRENTLY UNAVAILABLE TO MANY~~
86		-	~~COLORADANS; AND~~
87		-	~~PAGE 2-HOUSE BILL 22-1359 (h) THEREFORE, THE CREATION OF A HOUSEHOLD FINANCIAL~~
88		-	~~RECOVERY~~ PILOT PROGRAM SUPPORTS THE LONG
89		-	~~-TERM RECOVERY OF~~
90		-	~~COLORADO~~ INDIVIDUALS AND HOUSEHOLDS IMPACTED BY THE COVID-19
91		-	PANDEMIC AND IS AN APPROPRIATE RESPONSE TO THE HARM CAUSED ~~BY THE~~
92		-	COVID-19 PANDEMIC OR ITS NEGATIVE ECONOMIC IMPACTS .
	139	+	ITH ONE-TIME MONEY, THE STATE CAN CATALYZE POSITIVE8
	140	+	MARKET FORCES THAT EXIST OUTSIDE OF STATE GOVERNMENT ,9
	141	+	LEVERAGING NEW, OR FREEING UP EXISTING, RESOURCES TO SUPPORT THE10
	142	+	CREATION OF AFFORDABLE LENDING PRODUCTS CURRENTLY UNAVAILABLE11
	143	+	TO MANY COLORADANS; AND12
	144	+	(h) T
	145	+	HEREFORE, THE CREATION OF A HOUSEHOLD FINANCIAL13
	146	+	RECOVERY
	147	+	PILOT PROGRAM SUPPORTS THE LONG -TERM RECOVERY OF14
	148	+	C
	149	+	OLORADO INDIVIDUALS AND HOUSEHOLDS IMPACTED BY THE COVID-1915
	150	+	PANDEMIC AND IS AN APPROPRIATE RESPONSE TO THE HARM CAUSED BY16
	151	+	THE COVID-19 PANDEMIC OR ITS NEGATIVE ECONOMIC IMPACTS .17
93	152		24-36-303. Definitions. A
94		-	S USED IN THIS PART 3, UNLESS THE
95		-	CONTEXT OTHERWISE REQUIRES
96		-	:
	153	+	S USED IN THIS PART 3, UNLESS THE18
	154	+	CONTEXT OTHERWISE REQUIRES :19
97	155		(1) "A
98		-	DMINISTRATOR" MEANS AN ENTITY THAT THE STATE
99		-	TREASURER CONTRACTS WITH PURSUANT TO SECTION
100		-	24-36-304 TO
101		-	ADMINISTER THE PROGRAM
102		-	.
	156	+	DMINISTRATOR" MEANS AN ENTITY THAT THE STATE20
	157	+	TREASURER CONTRACTS WITH PURSUANT TO SECTION 24-36-304 TO21
	158	+	ADMINISTER THE PROGRAM .22
103	159		(2) "C
104		-	OUNCIL" MEANS THE COUNCIL ESTABLISHED PURSUANT TO
105		-	SECTION
106		-	24-31-1102 (3)(c) BY THE FINANCIAL EMPOWERMENT OFFICE
107		-	CREATED IN SECTION
108		-	24-31-1101.
	160	+	OUNCIL" MEANS THE COUNCIL ESTABLISHED PURSUANT TO23
	161	+	SECTION 24-31-1102 (3)(c) BY THE FINANCIAL EMPOWERMENT OFFICE24
	162	+	CREATED IN SECTION 24-31-1101.25
109	163		(3) "COVID-19"
110		-	MEANS THE CORONAVIRUS DISEASE CAUSED ~~BY THE~~
111		-	SEVERE ACUTE RESPIRATORY SYNDROME CORONAVIRUS
112		-	~~2, ALSO KNOWN AS~~
113		-	SARS-COV-2.
	164	+	MEANS THE CORONAVIRUS DISEASE CAUSED BY26
	165	+	THE SEVERE ACUTE RESPIRATORY SYNDROME CORONAVIRUS 2, ALSO27
	166	+	1359
	167	+	-4- KNOWN AS SARS-COV-2.1
114	168		(4) "F
115		-	UND" MEANS THE COLORADO HOUSEHOLD ~~FINANCIAL~~
116		-	RECOVERY ~~PILOT PROGRAM FUND CREATED IN SECTION~~
117		-	24-36-306.
	169	+	UND" MEANS THE COLORADO HOUSEHOLD FINANCIAL2
	170	+	RECOVERY
	171	+	PILOT PROGRAM FUND CREATED IN SECTION 24-36-306.3
118	172		(5) "P
119		-	ROGRAM" MEANS THE COLORADO HOUSEHOLD FINANCIAL
120		-	RECOVERY PILOT PROGRAM CREATED IN THIS PART
121		-	3.
122		-	24-36-304. Colorado household financial recovery pilot program
123		-	- created - selection of administrators - grants. (1) T
124		-	HE STATE
125		-	TREASURER SHALL ESTABLISH THE
126		-	COLORADO HOUSEHOLD FINANCIAL
	173	+	ROGRAM" MEANS THE COLORADO HOUSEHOLD FI NANCIAL4
127	174		RECOVERY
128		-	PILOT PROGRAM ADMINISTERED IN ACCORDANCE WITH THE
129		-	REQUIREMENTS OF THIS PART
130		-	3 AND ANY POLICIES ESTABLISHED FOR THE
131		-	PROGRAM BY THE STATE TREASURER OR BY AN ADMINISTRATOR PURSUANT
132		-	TO SUBSECTION
133		-	(8) OF THIS SECTION. THE PURPOSE OF THE PROGRAM IS TO
134		-	FACILITATE LENDING TO INDIVIDUALS AND HOUSEHOLDS IMPACTED BY THE
135		-	COVID-19 PANDEMIC WHO FACE FINANCIAL INSECURITY AND WHO HAVE
136		-	DIFFICULTY ACCESSING AFFORDABLE LOANS TO ADDRESS THE FINANCIAL
137		-	INSECURITY
138		-	.
	175	+	PILOT PROGRAM CREATED IN THIS PART 3.5
	176	+	24-36-304. Colorado household financial recovery pilot6
	177	+	program - created - selection of administrators - grants. (1) T
	178	+	HE7
	179	+	STATE TREASURER SHALL ESTABLISH THE COLORADO HOUSEHOLD8
	180	+	FINANCIAL RECOVERY
	181	+	PILOT PROGRAM ADMINISTERED IN ACCORDANCE9
	182	+	WITH THE REQUIREMENTS OF THIS PART 3 AND ANY POLICIES ESTABLISHED10
	183	+	FOR THE PROGRAM BY THE STATE TREASURER OR BY AN ADMINISTRATOR11
	184	+	PURSUANT TO SUBSECTION (8) OF THIS SECTION. THE PURPOSE OF THE12
	185	+	PROGRAM IS TO FACILITATE LENDING TO INDIVIDUALS AND HOUSEHOLDS13
	186	+	IMPACTED BY THE COVID-19 PANDEMIC WHO FACE FINANCIAL14
	187	+	INSECURITY AND WHO HAVE DIFFICULTY ACCESSING AFFORDABLE LOANS15
	188	+	TO ADDRESS THE FINANCIAL INSECURITY .16
139	189		(2) (a) I
140		-	N RESPONSE TO THE COVID-19 PANDEMIC AND THE HARM
141		-	PAGE 3-HOUSE BILL 22-1359 CAUSED TO INDIVIDUALS AND HOUSEHOLDS BY ITS NEGATIVE ECONOMIC
142		-	IMPACTS
143		-	, MONEY FOR THE PROGRAM MAY BE USED FOR ONE OR MORE OF THE
144		-	FOLLOWING PURPOSES UNDER THE PROGRAM TO ASSIST INDIVIDUALS AND
145		-	HOUSEHOLDS IMPACTED BY THE
146		-	COVID-19 PANDEMIC:
	190	+	N RESPONSE TO THE COVID-19 PANDEMIC AND THE HARM17
	191	+	CAUSED TO INDIVIDUALS AND HOUSEHOLDS BY ITS NEGATIVE ECONOMIC18
	192	+	IMPACTS, MONEY FOR THE PROGRAM MAY BE USED FOR ONE OR MORE OF19
	193	+	THE FOLLOWING PURPOSES UNDER THE PROGRAM TO ASSIST INDIVIDUALS20
	194	+	AND HOUSEHOLDS IMPACTED BY THE COVID-19 PANDEMIC:21
147	195		(I) T
148		-	O ESTABLISH A LOAN LOSS RESERVE IN ~~ACCORDANCE WITH~~
149		-	SUBSECTION
150		-	~~(9) OF THIS SECTION~~ TO ~~PARTIALLY OFFSET RISK TO LENDERS IN~~
151		-	~~MAKING LOANS TO INDIVI DUALS AND HOUSEHOLDS IMPACTED BY THE~~
152		-	~~COVID-19~~ PANDEMIC;
	196	+	O ESTABLISH A LOAN LOSS RESERVE IN ACCOR DANCE WITH22
	197	+	SUBSECTION (9) OF THIS SECTION TO PARTIALLY OFFSET RISK TO LENDERS23
	198	+	IN MAKING LOANS TO INDIVIDUALS AND HOUSEHOLDS IMPACTED BY THE24
	199	+	COVID-19
	200	+	PANDEMIC;25
153	201		(II) T
154		-	O MAKE PAYMENTS TO LENDERS TO BUY DOWN THE INTEREST
155		-	RATE ON LOANS MADE TO INDIVIDUALS AND HOUSEHOLDS IMPACTED BY THE
156		-	COVID-19 PANDEMIC;
	202	+	O MAKE PAYMENTS TO LENDERS TO BUY DOWN THE INTEREST26
	203	+	RATE ON LOANS MADE TO INDIVIDUALS AND HOUSEHOLDS IMPACTED BY27
	204	+	1359
	205	+	-5- THE COVID-19 PANDEMIC;1
157	206		(III) T
158		-	O PROVIDE LENDING CAPITAL FOR UNCOLLATERALIZED LOANS
159		-	TO INDIVIDUALS AND HOUSEHOLDS IMPACTED BY THE
160		-	COVID-19 PANDEMIC.
161		-	A
162		-	LL LOANS MADE OR INCENTIVIZED UNDER THE PROGRAM MUST INCLUDE
163		-	THE FOLLOWING TERMS
164		-	:
	207	+	O PROVIDE LENDING CAPITAL FOR UNCOLLATERALIZED2
	208	+	LOANS TO INDIVIDUALS AND HOUSEHOLDS IMPACTED BY THE COVID-193
	209	+	PANDEMIC. ALL LOANS MADE OR INCENTIVIZED UNDER THE PROGRAM4
	210	+	MUST INCLUDE THE FOLLOWING TERMS :5
165	211		(A) A
166		-	MAXIMUM LOAN ~~AMOUNT~~ OF FIVE ~~T HOUSAND~~ DOLLARS , ~~WHICH~~
167		-	LOAN AMOUNT MAY OTHERWISE VARY IN PROPORTION TO ~~THE HARM~~
168		-	EXPERIENCED BY THE INDIVIDUALS OR HOUSEHOLDS IMPACTED ~~BY THE~~
169		-	COVID-19 PANDEMIC;
	212	+	MAXIMUM LOAN AM OUNT OF FIVE THOUSAND DOLLARS ,6
	213	+	WHICH LOAN AMOUNT MAY OTHERWISE VARY IN PROPORTION TO THE7
	214	+	HARM EXPERIENCED BY THE INDIVIDUALS OR HOUSEHOLDS IMPACTED BY8
	215	+	THE COVID-19 PANDEMIC;9
170	216		(B) A
171		-	MAXIMUM ANNUAL PERCENTAGE RATE OF FIVE PERCENT ;
	217	+	MAXIMUM ANNUAL PERCENTAGE RATE OF FIVE PERCENT ;10
172	218		(C) B
173		-	ORROWER REPORTING; ~~AND~~
174		-	(D) ~~REPORTING TO MAJOR CREDIT AGENCIES CONCERNING REQUIRED~~
175		-	~~PAYMENTS ON THE LOAN~~
176		-	.
	219	+	ORROWER REPORTING; AND11
	220	+	(D) R
	221	+	EPORTING TO MAJOR CREDIT AGENCIES CONCERNING12
	222	+	REQUIRED PAYMENTS ON THE LOAN .13
177	223		(IV) T
178		-	O AWARD GRANTS TO NONPROFIT COMMUNITY -BASED
179		-	ORGANIZATIONS IN ACCORDANCE WITH SUBSECTION
180		-	(10) OF THIS SECTION TO
181		-	CONDUCT MARKETING AND OUTREACH TO INDIVIDUALS AND HOUSEHOLDS
182		-	IMPACTED BY THE
183		-	COVID-19 PANDEMIC WHO MAY BE ELIGIBLE TO
184		-	PARTICIPATE IN THE PROGRAM
185		-	, INCLUDING MARKETING AND OUTREACH TO
186		-	INDIVIDUALS AND HOUSEHOLDS THAT ARE ECONOMICALLY INSECURE AND
187		-	FINANCIALLY UNSERVED AND UNDERSERVED
188		-	.
	224	+	O AWARD GRANTS TO NONPROFIT COMMUNITY -BASED14
	225	+	ORGANIZATIONS IN ACCORDANCE WITH SUBSECTION (10) OF THIS SECTION15
	226	+	TO CONDUCT MARKETING AND OUTREACH TO INDIVIDUALS AND16
	227	+	HOUSEHOLDS IMPACTED BY THE COVID-19 PANDEMIC WHO MAY BE17
	228	+	ELIGIBLE TO PARTICIPATE IN THE PROGRAM, INCLUDING MARKETING AND18
	229	+	OUTREACH TO INDIVIDUALS AND HOUSEHOLDS THAT ARE ECONOMICALLY19
	230	+	INSECURE AND FINANCIALLY UNSERVED AND UNDERSERVED .20
189	231		(b) T
190		-	HE STATE TREASURER MAY CONTRACT WITH ONE OR ~~MORE~~
191		-	~~PAGE 4-HOUSE BILL 22-1359~~ COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS TO ADMINISTER ALL
192		-	~~OR A PORTION OF THE MONEY AVAILABLE FOR THE PROGRAM~~
193		-	.
	232	+	HE STATE TREASURER MAY CONTRACT WITH ONE OR MORE21
	233	+	COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS TO ADMINISTER ALL
	234	+	22
	235	+	OR A PORTION OF THE MONEY AVAILABLE FOR THE PROGRAM .23
194	236		(3) T
195		-	HE STATE TREASURER SHALL:
	237	+	HE STATE TREASURER SHALL:24
196	238		(a) U
197		-	SE AN OPEN AND COMPETITIVE PROCESS FOR SELECTING ~~ONE OR~~
198		-	MORE ADMINISTRATORS
199		-	~~; AND~~
200		-	~~(b) SELECT~~ AN APPLICANT OR APPLICANTS TO ADMINISTER ~~THE~~
201		-	~~PROGRAM BASED ON THE FOLLOWING CRITERIA~~
202		-	:
	239	+	SE AN OPEN AND COMPETITIVE PROCESS FOR SELECTING ONE25
	240	+	OR MORE ADMINISTRATORS ; AND26
	241	+	(b) S
	242	+	ELECT AN APPLICANT OR APPLICANTS TO ADMINISTER THE27
	243	+	1359
	244	+	-6- PROGRAM BASED ON THE FOLLOWING CRITERIA :1
203	245		(I) T
204		-	HE APPLICANT'S PROPOSED USE OF MONEY AND WHETHER THE
205		-	PROPOSED USE ALIGNS WITH PROGRAM GOALS
206		-	;
	246	+	HE APPLICANT'S PROPOSED USE OF MONEY AND WHETHER THE2
	247	+	PROPOSED USE ALIGNS WITH PROGRAM GOALS ;3
207	248		(II) T
208		-	HE STRENGTH OF THE APPLICANT 'S RELATIONSHIPS WITH
209		-	NONPROFIT COMMUNITY
210		-	-BASED ORGANIZATIONS THAT SERVE INDIVIDUALS
211		-	AND HOUSEHOLDS IMPACTED BY THE
212		-	COVID-19 PANDEMIC WHO:
	249	+	HE STRENGTH OF THE APPLICANT 'S RELATIONSHIPS WITH4
	250	+	NONPROFIT COMMUNITY-BASED ORGANIZATIONS THAT SERVE INDIVIDUALS5
	251	+	AND HOUSEHOLDS IMPACTED BY THE COVID-19 PANDEMIC WHO:6
213	252		(A) A
214		-	RE TRADITIONALLY UNSERVED OR UNDERSERVED BY THE
215		-	CURRENT BANKING SYSTEM
216		-	; AND
217		-	(B) SUFFERED THE GREATEST HARM FROM THE NEGATIVE ECONOMIC
218		-	IMPACTS OF THE
219		-	COVID-19 PANDEMIC, INCLUDING PEOPLE OF COLOR ,
220		-	INDIVIDUALS IN LOW-WAGE EMPLOYMENT , WOMEN, AND INDIVIDUALS
221		-	WITHOUT COLLEGE DEGREES
222		-	;
	253	+	RE TRADITIONALLY UNSERVED OR UNDERSERVED BY THE7
	254	+	CURRENT BANKING SYSTEM ; AND8
	255	+	(B) S
	256	+	UFFERED THE GREATEST HARM FROM THE NEGATIVE9
	257	+	ECONOMIC IMPACTS OF THE COVID-19 PANDEMIC, INCLUDING PEOPLE OF10
	258	+	COLOR, INDIVIDUALS IN LOW -WAGE EMPLOYMENT , WOMEN, AND11
	259	+	INDIVIDUALS WITHOUT COLLEGE DEGREES ;12
223	260		(III) T
224		-	HE APPLICANT'S ABILITY TO CONNECT BORROWERS TO :
	261	+	HE APPLICANT'S ABILITY TO CONNECT BORROWERS TO :13
225	262		(A) S
226		-	AFE AND AFFORDABLE BANKING PRODUCTS WITH LOW FEES AND
227		-	EASY ACCESS TO ACCOUNTS
228		-	; AND
229		-	(B) FINANCIAL COUNSELING AND COACHING AND WEALTH -BUILDING
230		-	SERVICES
231		-	;
	263	+	AFE AND AFFORDABLE BANKING PRODUCTS WITH LOW FEES14
	264	+	AND EASY ACCESS TO ACCOUNTS ; AND15
	265	+	(B) F
	266	+	INANCIAL COUNSELING AND COACHING AND16
	267	+	WEALTH-BUILDING SERVICES;17
232	268		(IV) T
233		-	HE APPLICANT'S ABILITY TO SERVE INDIVIDUALS WHO ARE
234		-	UNDERSERVED BY TRADITIONAL LENDERS
235		-	, INCLUDING INDIVIDUALS WHO
236		-	HAVE NO CREDIT HISTORY
237		-	;
	269	+	HE APPLICANT'S ABILITY TO SERVE INDIVIDUALS WHO ARE18
	270	+	UNDERSERVED BY TRADITIONAL LENDERS , INCLUDING INDIVIDUALS WHO19
	271	+	HAVE NO CREDIT HISTORY;20
238	272		(V) T
239		-	HE ABILITY OF THE APPLICANT TO DEVISE LOAN ~~PAYMENT~~
240		-	PLANS THAT INCLUDE OPPORTUNITIES TO BUILD SAVINGS
241		-	~~; AND~~
242		-	~~PAGE 5-HOUSE BILL 22-1359 (VI) THE~~ APPLICANT'S ABILITY TO ATTRACT LENDING CAPITAL.
	273	+	HE ABILITY OF THE APPLICANT TO DEVISE LOAN PAYMENT21
	274	+	PLANS THAT INCLUDE OPPORTUNITIES TO BUILD SAVINGS ; AND22
	275	+	(VI) T
	276	+	HE APPLICANT'S ABILITY TO ATTRACT LENDING CAPITAL.23
243	277		(4) I
244		-	N SELECTING AN APPLICANT OR APPLICANTS TO ADMINISTER THE
245		-	PROGRAM
246		-	, THE STATE TREASURER SHALL CONSULT WITH THE COUNCIL .
247		-	M
248		-	EMBERS OF THE COUNCIL WHO ARE OFFICIALS IN OR EMPLOYEES OF THE
249		-	DEPARTMENT OF LAW SHALL RECUSE THEMSELVES FROM THE EVALUATION
250		-	AND SELECTION PROCESS
251		-	.
	278	+	N SELECTING AN APPLICANT OR APPLICANTS TO ADMINISTER24
	279	+	THE PROGRAM, THE STATE TREASURER SHALL CONSULT WITH THE25
	280	+	COUNCIL. MEMBERS OF THE COUNCIL WHO ARE OFFICIALS IN OR26
	281	+	EMPLOYEES OF THE DEPARTMENT OF LAW SHALL RECUSE THEMSELVES27
	282	+	1359
	283	+	-7- FROM THE EVALUATION AND SELECTION PROCESS .1
252	284		(5) T
253		-	HE STATE TREASURER MAY ADVANCE MONEY UNDER A
254		-	CONTRACT TO AN APPLICANT SELECTED TO ADMINISTER THE PROGRAM IN
255		-	ORDER TO PAY FOR INITIAL COSTS
256		-	.
	285	+	HE STATE TREASURER MAY ADVANCE MONEY UNDER A2
	286	+	CONTRACT TO AN APPLICANT SELECTED TO ADMINISTER THE PROGRAM IN3
	287	+	ORDER TO PAY FOR INITIAL COSTS.4
257	288		(6) T
258		-	HE STATE TREASURER'S CONTRACT WITH AN ADMINISTRATOR
259		-	MAY REQUIRE THE RETURN OF MONEY FROM THE ADMINISTRATOR FOR
260		-	REALLOCATION UNDER THE PROGRAM IF THE ADMINISTRATOR HAS BEEN
261		-	UNABLE TO EFFECTIVELY USE MONEY ALLOCATED FOR THE PROGRAM
262		-	.
	289	+	HE STATE TREASURER'S CONTRACT WITH AN ADMINISTRATOR5
	290	+	MAY REQUIRE THE RETURN OF MONEY FROM THE ADMINISTRATOR FOR6
	291	+	REALLOCATION UNDER THE PROGRAM IF THE ADMINISTRATOR HAS BEEN7
	292	+	UNABLE TO EFFECTIVELY USE MONEY ALLOCATED FOR THE PROGRAM .8
263	293		(7) T
264		-	HE STATE TREASURER'S CONTRACT WITH AN ADMINISTRATOR
265		-	MAY REQUIRE AN ADMINISTRATION FEE IN AN AMOUNT REASONABLY
266		-	CALCULATED TO COVER THE ONGOING COSTS OF THE STATE TREASURER IN
267		-	OVERSEEING THE PROGRAM ADMINISTRATION
268		-	. THE STATE TREASURER SHALL
269		-	DEPOSIT THE ADMINISTRATION FEE IN THE FUND
270		-	.
	294	+	HE STATE TREASURER'S CONTRACT WITH AN ADMINISTRATOR9
	295	+	MAY REQUIRE AN ADMINISTRATION FEE IN AN AMOUNT REASONABLY10
	296	+	CALCULATED TO COVER THE ONGOING COSTS OF THE STATE TREASURER IN11
	297	+	OVERSEEING THE PROGRAM ADMINISTRATION . THE STATE TREASURER12
	298	+	SHALL DEPOSIT THE ADMINISTRATION FEE IN THE FUND .13
271	299		(8) T
272		-	HE STATE TREASURER , IN COLLABORATION WITH ANY
273		-	ADMINISTRATOR SELECTED BY THE STATE TREASURER
274		-	, SHALL ESTABLISH
275		-	AND PUBLICIZE POLICIES FOR THE USE OF MONEY UNDER THE PROGRAM
276		-	, TO
277		-	INCLUDE
278		-	:
	300	+	HE STATE TREASURER , IN COLLABORATION WITH ANY14
	301	+	ADMINISTRATOR SELECTED BY THE STATE TREASURER , SHALL ESTABLISH15
	302	+	AND PUBLICIZE POLICIES FOR THE USE OF MONEY UNDER THE PROGRAM , TO16
	303	+	INCLUDE:17
279	304		(a) P
280		-	ROGRAM DEADLINES, APPLICATION PROCEDURES AND FEES, AND
281		-	ANY OTHER COSTS ASSOCIATED WITH THE USE OF MONEY UNDER THE
282		-	PROGRAM
283		-	;
	305	+	ROGRAM DEADLINES, APPLICATION PROCEDURES AND FEES ,18
	306	+	AND ANY OTHER COSTS ASSOCIATED WITH THE USE OF MONEY UNDER THE19
	307	+	PROGRAM;20
284	308		(b) U
285		-	NDERWRITING OR RISK MANAGEMENT POLICIES ; ~~AND~~
286		-	(c) ~~ELIGIBILITY REQUIREMENTS TO INCLUDE INDIVIDUALS AND~~
287		-	~~HOUSEHOLDS IMPACTED BY THE~~
288		-	COVID-19 PANDEMIC.
	309	+	NDERWRITING OR RISK MANAGEMENT POLICIES ; AND21
	310	+	(c) E
	311	+	LIGIBILITY REQUIREMENTS TO INCLUDE INDIVIDUALS AND22
	312	+	HOUSEHOLDS IMPACTED BY THE COVID-19 PANDEMIC.23
289	313		(9) (a) I
290		-	F THE STATE TREASURER DETERMINES THAT A LOAN LOSS
291		-	RESERVE WILL INCENTIVIZE LENDING TO INDIVIDUALS AND HOUSEHOLDS
292		-	IMPACTED BY THE
293		-	COVID-19 PANDEMIC, THE STATE TREASURER MAY
294		-	PAGE 6-HOUSE BILL 22-1359 ESTABLISH A LOAN LOSS RESERVE FOR THE PROGRAM IN THE DEPARTMENT
295		-	OF THE TREASURY
296		-	, OR MAY SELECT ONE OR MORE ADMINISTRATORS
297		-	PURSUANT TO SUBSECTION
298		-	(3) OF THIS SECTION TO ESTABLISH A LOAN LOSS
299		-	RESERVE
300		-	. THE LOAN LOSS RESERVE MAY BE USED TO PROVIDE GRANTS TO
301		-	FINANCIAL INSTITUTIONS PARTICIPATING IN THE PROGRAM TO PARTIALLY
302		-	OFFSET LOSSES ON LOANS MADE TO INDIVIDUALS AND HOUSEHOLDS
303		-	IMPACTED BY THE
304		-	COVID-19 PANDEMIC.
	314	+	F THE STATE TREASURER DETERMINES THAT A LOAN LOSS24
	315	+	RESERVE WILL INCENTIVIZE LENDING TO INDIVIDUALS AND HOUSEHOLDS25
	316	+	IMPACTED BY THE COVID-19 PANDEMIC, THE STATE TREASURER MAY26
	317	+	ESTABLISH A LOAN LOSS RESERVE FOR THE PROGRAM IN THE DEPARTMENT27
	318	+	1359
	319	+	-8- OF THE TREASURY, OR MAY SELECT ONE OR MORE ADMINISTRATORS1
	320	+	PURSUANT TO SUBSECTION (3) OF THIS SECTION TO ESTABLISH A LOAN2
	321	+	LOSS RESERVE. THE LOAN LOSS RESERVE MAY BE USED TO PROVIDE3
	322	+	GRANTS TO FINANCIAL INSTITUTIONS PARTICIPATING IN THE PROGRAM TO4
	323	+	PARTIALLY OFFSET LOSSES ON LOANS MADE TO INDIVIDUALS AND5
	324	+	HOUSEHOLDS IMPACTED BY THE COVID-19 PANDEMIC.6
305	325		(b) T
306		-	HE STATE TREASURER SHALL DETERMINE THE AMOUNT AND
307		-	CONDITIONS FOR THE OFFSET OF LOSSES THROUGH THE LOAN LOSS RESERVE
308		-	AND SHALL ESTABLISH AND PUBLICIZE POLICIES FOR PARTICIPATING
309		-	FINANCIAL INSTITUTIONS
310		-	.
	326	+	HE STATE TREASURER SHA LL DETERMINE THE AMOUNT AND7
	327	+	CONDITIONS FOR THE OFFSET OF LOSSES THROUGH THE LOAN LOSS8
	328	+	RESERVE AND SHALL ESTABLISH AND PUBLICIZE POLICIES FOR9
	329	+	PARTICIPATING FINANCIAL INSTITUTIONS.10
311	330		(10) (a) T
312		-	HE STATE TREASURER, OR AN ADMINISTRATOR SELECTED
313		-	PURSUANT TO SUBSECTION
314		-	(3) OF THIS SECTION, MAY AWARD GRANTS TO
315		-	NONPROFIT COMMUNITY
316		-	-BASED ORGANIZATIONS TO CONDUCT MARKETING
317		-	AND OUTREACH TO INDIVI DUALS AND HOUSEHOLDS IMPACTED BY THE
318		-	COVID-19 PANDEMIC WHO MAY BE ELIGIBLE TO PARTICIPATE IN THE
319		-	PROGRAM
320		-	, INCLUDING MARKETING AND OUTREACH TO INDIVIDUALS AND
321		-	HOUSEHOLDS THAT ARE ECONOMICALLY INSECURE AND FINANCIALLY
322		-	UNSERVED AND UNDERSERVED
323		-	. THE STATE TREASURER, IN COLLABORATION
324		-	WITH ANY ADMINISTRATOR SELECTED PURS UANT TO SUBSECTION
325		-	(3) OF THIS
326		-	SECTION
327		-	, SHALL DEVELOP PROCEDURES FOR APPLYING FOR A GRANT , FOR
328		-	ALLOWABLE USES OF GRANT MONEY
329		-	, AND FOR REPORTING ON THE USE OF
330		-	GRANT MONEY
331		-	.
	331	+	HE STATE TREASURER, OR AN ADMINISTRATOR SELECTED11
	332	+	PURSUANT TO SUBSECTION (3) OF THIS SECTION, MAY AWARD GRANTS TO12
	333	+	NONPROFIT COMMUNITY-BASED ORGANIZATIONS TO CONDUCT MARKETING13
	334	+	AND OUTREACH TO INDIVIDUALS AND HOUSEHOLDS IMPACTED BY THE14
	335	+	COVID-19
	336	+	PANDEMIC WHO MAY BE ELIGIBLE TO PARTICIPATE IN THE15
	337	+	PROGRAM, INCLUDING MARKETING AND OUTREACH TO INDIVIDUALS AND16
	338	+	HOUSEHOLDS THAT ARE ECONOMICALLY INSECURE AND FINANCIALLY17
	339	+	UNSERVED AND UNDERSERVED . THE STATE TREASURER , IN18
	340	+	COLLABORATION WITH ANY ADMINISTRATOR SELECTED PURSUANT TO19
	341	+	SUBSECTION (3) OF THIS SECTION, SHALL DEVELOP PROCEDURES FOR20
	342	+	APPLYING FOR A GRANT, FOR ALLOWABLE USES OF GRANT MONEY , AND21
	343	+	FOR REPORTING ON THE USE OF GRANT MONEY .22
332	344		(b) A
333		-	NONPROFIT COMMUNITY -BASED ORGANIZATION MAY USE A
334		-	GRANT TO PROVIDE SERVICES AND ASSISTANCE TO THE PROGRAM
335		-	,
336		-	INCLUDING:
	345	+	NONPROFIT COMMUNITY-BASED ORGANIZATION MAY USE A23
	346	+	GRANT TO PROVIDE SERVICES AND ASSISTANCE TO THE PROGRAM ,24
	347	+	INCLUDING:25
337	348		(I) E
338		-	DUCATIONAL AND OUTREACH ACTIVITIES , INCLUDING STAFF
339		-	SUPPORT FOR THESE ACTIVITIES
340		-	;
341		-	(II) T
342		-	ECHNICAL ASSISTANCE RELATING TO THE PROGRAM ; AND
343		-	(III) OTHER ACTIVITIES THAT HELP CONNECT INDIVIDUALS AND
344		-	HOUSEHOLDS IMPACTED BY THE
345		-	COVID-19 PANDEMIC TO THE PROGRAM.
	349	+	DUCATIONAL AND OUTREACH ACTIVITIES , INCLUDING STAFF26
	350	+	SUPPORT FOR THESE ACTIVITIES;27
	351	+	1359
	352	+	-9- (II) TECHNICAL ASSISTANCE RELATING TO THE PROGRAM ; AND1
	353	+	(III) O
	354	+	THER ACTIVITIES THAT HELP CONNECT INDIVIDUALS AND2
	355	+	HOUSEHOLDS IMPACTED BY THE COVID-19 PANDEMIC TO THE PROGRAM.3
346	356		24-36-305. Report. (1) O
347		-	N OR BEFORE NOVEMBER 1, 2023, AND ON
348		-	OR BEFORE
349		-	NOVEMBER 1 OF EACH YEAR THEREAFTER IN WHICH THE
350		-	PAGE 7-HOUSE BILL 22-1359 PROGRAM IS BEING ADMINISTERED BY THE STATE TREASURER OR A SELECTED
351		-	ADMINISTRATOR
352		-	, THE SELECTED ADMINISTRATOR OR ADMINISTRATORS
353		-	SHALL SUBMIT A COMBINED REPORT TO THE GOVERNOR AND TO THE HOUSE
354		-	OF REPRESENTATIVES BUSINESS AFFAIRS AND LABOR COMMITTEE AND THE
355		-	SENATE BUSINESS
356		-	, LABOR, AND TECHNOLOGY COMMITTEE , OR THEIR
357		-	SUCCESSOR COMMITTEES
358		-	, DETAILING THE EXPENDITURE OF MONEY
359		-	APPROPRIATED FOR THE PROGRAM AND THE IMPACT OF THE PROGRAM ON
360		-	INDIVIDUALS AND HOUSEHOLDS IMPACTED BY THE
361		-	COVID-19 PANDEMIC OR
362		-	ITS NEGATIVE ECONOMIC IMPACTS
363		-	. NOTWITHSTANDING THE REQUIREMENTS
364		-	OF SECTION
365		-	24-1-136 (11)(a)(I), THE REQUIREMENT IN THIS SUBSECTION (1)
366		-	TO SUBMIT THE REPORT CONTINUES INDEFINITELY .
	357	+	N OR BEFORE NOVEMBER 1, 2023, AND4
	358	+	ON OR BEFORE NOVEMBER 1 OF EACH YEAR THEREAFTER IN WHICH THE5
	359	+	PROGRAM IS BEING ADMINISTERED BY THE STATE TREASURER OR A6
	360	+	SELECTED ADMINISTRATOR , THE
	361	+	SELECTED ADMINISTRATOR OR7
	362	+	ADMINISTRATORS SHALL SUBMIT A COMBINED REPORT TO THE GOVERNOR8
	363	+	AND TO THE HOUSE OF REPRESENTATIVES BUSINESS AFFAIRS AND LABOR9
	364	+	COMMITTEE AND THE SENATE BUSINESS , LABOR, AND TECHNOLOGY10
	365	+	COMMITTEE, OR THEIR SUCCESSOR COMMITTEES , DETAILING THE11
	366	+	EXPENDITURE OF MONEY APPROPRIATED FOR THE PROGRAM AND THE12
	367	+	IMPACT OF THE PROGRAM ON INDIVIDUALS AND HOUSEHOLDS IMPACTED13
	368	+	BY THE COVID-19 PANDEMIC OR ITS NEGATIVE ECONOMIC IMPACTS .14
	369	+	N
	370	+	OTWITHSTANDING THE REQUIREMENTS OF SECTION 24-1-136 (11)(a)(I),15
	371	+	THE REQUIREMENT IN THIS SUBSECTION (1) TO SUBMIT THE REPORT16
	372	+	CONTINUES INDEFINITELY.17
367	373		(2) A
368		-	T A MINIMUM, THE REPORT SUBMITTED PURSUANT TO
369		-	SUBSECTION
370		-	(1) OF THIS SECTION MUST INCLUDE:
	374	+	T A MINIMUM, THE REPORT SUBMITTED PURSUANT TO18
	375	+	SUBSECTION (1) OF THIS SECTION MUST INCLUDE:19
371	376		(a) T
372		-	HE PURPOSES, AS SPECIFIED IN SECTION 24-36-304 (2)(a), FOR
373		-	WHICH PROGRAM MONEY WAS USED
374		-	, AND THE NUMBER AND A DESCRIPTION
375		-	OF THE INDIVIDUALS AND HOUSEHOLDS BENEFITTING FROM THE PROGRAM
376		-	;
	377	+	HE PURPOSES, AS SPECIFIED IN SECTION 24-36-304 (2)(a), FOR20
	378	+	WHICH PROGRAM MONEY WAS USED , AND THE NUMBER AND A21
	379	+	DESCRIPTION OF THE INDIVIDUALS AND HOUSEHOLDS BENEFITTING FROM22
	380	+	THE PROGRAM;23
377	381		(b) T
378		-	HE GEOGRAPHIC DISTRIBUTION OF PROGRAM BENEFICIARIES ;
	382	+	HE GEOGRAPHIC DISTRIBUTION OF PROGRAM BENEFICIARIES ;24
379	383		(c) T
380		-	HE NUMBER OF LOAN DEFAULTS ;
	384	+	HE NUMBER OF LOAN DEFAULTS ;25
381	385		(d) I
382		-	NFORMATION CONCERNING THE USE AND IMPACT OF A LOAN
383		-	LOSS RESERVE
384		-	; AND
385		-	(e) A SUMMARY OF GRANTS AWARDED TO NONPROFIT
386		-	COMMUNITY
387		-	-BASED ORGANIZATIONS TO PROVIDE EDUCATIONAL AND
388		-	OUTREACH ACTIVITIES AND ASSISTANCE TO THE PROGRAM
389		-	.
390		-	24-36-306. Colorado household financial recovery pilot program
391		-	fund - created - transfer - gifts, grants, and donations authorized.
392		-	(1) (a) T
393		-	HE COLORADO HOUSEHOLD FINANCIAL RECOVERY PILOT PROGRAM
394		-	FUND IS HEREBY CREATED IN THE STATE TREASURY
395		-	.
	386	+	NFORMATION CONCERNING THE USE AND IMPACT OF A LOAN26
	387	+	LOSS RESERVE; AND27
	388	+	1359
	389	+	-10- (e) A SUMMARY OF GRANTS AWARDED TO NONPROFIT1
	390	+	COMMUNITY-BASED ORGANIZATIONS TO PROVIDE EDUCATIONAL AND2
	391	+	OUTREACH ACTIVITIES AND ASSISTANCE TO THE PROGRAM .3
	392	+	24-36-306. Colorado household financial recovery pilot4
	393	+	program fund - created - transfer - gifts, grants, and donations5
	394	+	authorized. (1) (a) T
	395	+	HE COLORADO HOUSEHOLD FINANCIAL RECOVERY6
	396	+	PILOT PROGRAM FUND IS HEREBY CREATED IN THE STATE TREASURY .7
396	397		(b) T
397		-	HE STATE TREASURER SHALL CREDIT ALL INTEREST AND INCOME
398		-	DERIVED FROM THE DEPOSIT AND INVESTMENT OF MONEY IN THE FUND TO
399		-	THE FUND
400		-	.
	398	+	HE STATE TREASURER SHALL CREDIT ALL INTEREST AND8
	399	+	INCOME DERIVED FROM THE DEPOSIT AND INVESTMENT OF MONEY IN THE9
	400	+	FUND TO THE FUND.10
401	401		(c) M
402		-	ONEY APPROPRIATED, TRANSFERRED, OR CREDITED TO THE
403		-	PAGE 8-HOUSE BILL 22-1359 FUND IS CONTINUOUSLY APPROPRIATED TO THE STATE TREASURER FOR THE
404		-	PURPOSES SPECIFIED IN SUBSECTION
405		-	(4) OF THIS SECTION.
	402	+	ONEY APPROPRIATED, TRANSFERRED, OR CREDITED TO THE11
	403	+	FUND IS CONTINUOUSLY APPROPRIATED TO THE STATE TREASURER FOR THE12
	404	+	PURPOSES SPECIFIED IN SUBSECTION (4) OF THIS SECTION.13
406	405		(d) T
407		-	HE STATE TREASURER MAY EXPEND UP TO ~~FOUR PERCENT OF~~
408		-	~~THE MONEY APPROPRIATED TO THE FUND TO PAY THE DIRECT AND INDIRECT~~
409		-	~~COSTS INCURRED BY~~ THE ~~STATE TREASURER IN IMPLEMENTING OR~~
410		-	~~ADMINISTERING~~ THE ~~PROGRAM~~
411		-	.
	406	+	HE STATE TREASURER MAY EXPEND UP TO
	407	+	FOUR PERCENT OF14
	408	+	THE MONEY APPROPRIATED TO THE FUND TO PAY THE DIRECT AND15
	409	+	INDIRECT COSTS INCURRED BY THE STATE TREASURER IN IMPLEMENTING16
	410	+	OR ADMINISTERING THE PROGRAM .17
412	411		(2) T
413		-	HE FUND CONSISTS OF:
	412	+	HE FUND CONSISTS OF:18
414	413		(a) M
415		-	ONEY APPROPRIATED TO THE FUND BY THE GENERAL ASSEMBLY
416		-	FOR PURPOSES OF THIS PART
417		-	3;
	414	+	ONEY APPROPRIATED TO THE FUND BY THE GENERAL19
	415	+	ASSEMBLY FOR PURPOSES OF THIS PART 3;20
418	416		(b) M
419		-	ONEY TRANSFERRED TO THE FUND ;
	417	+	ONEY TRANSFERRED TO THE FUND ;21
420	418		(c) F
421		-	EES COLLECTED PURSUANT TO SECTION 24-36-304 (7); ~~AND~~
422		-	(d) ~~GIFTS, GRANTS, OR DONATIONS CREDITED TO THE FUND~~
423		-	~~PURSUANT~~ TO ~~SUBSECTION~~
424		-	(3) OF THIS SECTION.
	419	+	EES COLLECTED PURSUANT TO SECTION 24-36-304 (7); AND22
	420	+	(d) G
	421	+	IFTS, GRANTS, OR DONATIONS CREDITED TO THE FUND23
	422	+	PURSUANT TO SUBSECTION (3) OF THIS SECTION.24
425	423		(3) T
426		-	HE STATE TREASURER MAY SEEK , ACCEPT, AND EXPEND GIFTS,
427		-	GRANTS, OR DONATIONS FROM PRIVATE OR PUBLIC SOURCES FOR ~~THE~~
428		-	PURPOSES OF THIS PART
429		-	~~3. THE STATE TREASURER SHALL CREDIT ALL MONEY~~
430		-	RECEIVED THROUGH GIFTS
431		-	~~, GRANTS, AND DONATIONS TO THE~~ FUND.
	424	+	HE STATE TREASURER MAY SEEK, ACCEPT, AND EXPEND GIFTS,25
	425	+	GRANTS, OR DONATIONS FROM PRIVATE OR PUBLIC SOURCES FOR THE26
	426	+	PURPOSES OF THIS PART 3. THE STATE TREASURER SHALL CREDIT ALL27
	427	+	1359
	428	+	-11- MONEY RECEIVED THROUGH GIFTS , GRANTS, AND DONATIONS TO THE1
	429	+	FUND.2
432	430		(4) M
433		-	ONEY IN THE FUND MAY BE USED FOR:
	431	+	ONEY IN THE FUND MAY BE USED FOR:3
434	432		(a) T
435		-	HE PURPOSES SPECIFIED IN SECTION 24-36-304; AND
436		-	(b) ANY OTHER PURPOSE RELATING TO THE ADMINISTRATION AND
437		-	IMPLEMENTATION OF THIS PART
438		-	3.
439		-	SECTION 2. Appropriation. (1) For the 2022-23 state fiscal year,
440		-	$5,200,000 is appropriated to the Colorado household financial recovery
441		-	pilot program fund created in section 24-36-306 (1)(a), C.R.S. This
442		-	appropriation is from the general fund. The department of the treasury is
443		-	responsible for the accounting related to this appropriation.
444		-	(2) For the 2022-23 state fiscal year, $59,142 is appropriated to the
445		-	department of law. This appropriation is from reappropriated funds received
446		-	PAGE 9-HOUSE BILL 22-1359 from the department of the treasury from the Colorado household financial
447		-	recovery pilot program fund created in section 24-36-306 (1)(a), C.R.S., and
448		-	is based on an assumption that the department of law will require an
449		-	additional 0.3 FTE. To implement this act, the department of law may use
450		-	this appropriation to provide legal services for the department of the
451		-	treasury.
452		-	SECTION 3. Safety clause. The general assembly hereby finds,
453		-	PAGE 10-HOUSE BILL 22-1359 determines, and declares that this act is necessary for the immediate
454		-	preservation of the public peace, health, or safety.
455		-	____________________________ ____________________________
456		-	Alec Garnett Steve Fenberg
457		-	SPEAKER OF THE HOUSE PRESIDENT OF
458		-	OF REPRESENTATIVES THE SENATE
459		-	____________________________ ____________________________
460		-	Robin Jones Cindi L. Markwell
461		-	CHIEF CLERK OF THE HOUSE SECRETARY OF
462		-	OF REPRESENTATIVES THE SENATE
463		-	APPROVED________________________________________
464		-	(Date and Time)
465		-	_________________________________________
466		-	Jared S. Polis
467		-	GOVERNOR OF THE STATE OF COLORADO
468		-	PAGE 11-HOUSE BILL 22-1359
	433	+	HE PURPOSES SPECIFIED IN SECTION 24-36-304; AND4
	434	+	(b) A
	435	+	NY OTHER PURPOSE RELATING TO THE ADMINISTRATION AND5
	436	+	IMPLEMENTATION OF THIS PART 3.6
	437	+	SECTION 2. Appropriation. (1) For the 2022-23 state fiscal7
	438	+	year, $5,200,000 is appropriated to the Colorado household financial8
	439	+	recovery program fund created in section 24-36-306 (1)(a), C.R.S. This9
	440	+	appropriation is from the general fund. The department of the treasury is10
	441	+	responsible for the accounting related to this appropriation.11
	442	+	(2) For the 2022-23 state fiscal year, $59,142 is appropriated to the12
	443	+	department of law. This appropriation is from reappropriated funds13
	444	+	received from the department of the treasury from the Colorado14
	445	+	household financial recovery program fund created in section 24-36-30615
	446	+	(1)(a), C.R.S., and is based on an assumption that the department of law16
	447	+	will require an additional 0.3 FTE. To implement this act, the department17
	448	+	of law may use this appropriation to provide legal services for the18
	449	+	department of the treasury.19
	450	+	SECTION 3. Safety clause. The general assembly hereby finds,20
	451	+	determines, and declares that this act is necessary for the immediate21
	452	+	preservation of the public peace, health, or safety.22
	453	+	1359
	454	+	-12-