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July 13, 2023 HB 23-1162
Legislative Council Staff
Nonpartisan Services for Colorado’s Legislature
Final Fiscal Note
Drafting Number:
Prime Sponsors:
LLS 23-0703
Rep. Woodrow
Sen. Rodriguez
Date:
Bill Status:
Fiscal Analyst:
July 13, 2023
Signed into Law
John Armstrong | 303-866-6289
john.armstrong@coleg.gov
Bill Topic: CONSUMER LEGAL FUNDING TRANSACTIONS
Summary of
Fiscal Impact:
☐ State Revenue
☒ State Expenditure
☐ State Transfer
☐ TABOR Refund
☐ Local Government
☐ Statutory Public Entity
The bill allows the Attorney General to adopt rules for certain charges for loans on a
consumer’s legal claim. The bill will increase workload in the Department of law for
FY 2023-24 only.
Appropriation
Summary:
No appropriation is required.
Fiscal Note
Status:
The fiscal note reflects the enacted bill.
Summary of Legislation
The bill permits the Department of Law to make rules regarding consumer legal funding (CLF) loan
deferral charges. CLF is an agreement between a person with a pending legal claim and a company
that offers the person cash assistance in exchange for a percentage of the settlement or award.
State Expenditures
The bill will increase workload for the Department of Law in FY 2023-24 for associated rulemaking.
This workload increase is assumed to minimal and not require any appropriation.
Effective Date
The bill was signed into law by the Governor on June 1, 2023 and takes effect on August 7. 2023,
assuming no referendum petition is filed.
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July 13, 2023 HB 23-1162
State and Local Government Contacts
Information Technology Judicial Law
Personnel Regulatory Agencies
The revenue and expenditure impacts in this fiscal note represent changes from current law under the bill for each
fiscal year. For additional information about fiscal notes, please visit: leg.colorado.gov/fiscalnotes.