CO SB215

Modifies Colorado Revised Statutes 24-50-104 to implement a twice-monthly payroll system for all state employees paid through the state's payroll system, with implementation required by July 1, 2017.

Establishes three repayment options for state employee loans: repayment over three years using annual leave, or repayment over three years with after-tax paycheck deductions equal to one seventy-second of the loan amount plus simple interest at the state treasury's incremental borrowing rate.

Allows employees to repay loans early with no prepayment penalty, and requires any remaining loan balance to be deducted from the employee's final paycheck if they separate from state employment before full repayment.

Permits the State Personnel Director to delay the July 1, 2017 deadline if implementation of the Human Resources Information System makes twice-monthly payroll impossible, requiring written notice to employers, employees, and the General Assembly by June 1, 2017 with a new implementation date.

Authorizes state employees to apply for a one-time loan from the Department of Personnel to cover expenses in the first month of twice-monthly payroll if implementation is delayed beyond July 2017.