HB21-1134 Summary

• Creates a pilot program allowing tenants to voluntarily elect to have their rent payments reported to consumer reporting agencies to build credit, administered by the Colorado Housing and Finance Authority through a third-party contractor.

• Requires participating tenants to complete a financial education course before rent reporting can begin; participation is voluntary and can be terminated at any time.

• Recruits up to 10 landlords with at least 100 participating tenants, emphasizing underserved populations, with landlords prohibited from charging tenants for participation and required to participate for at least 14 months through April 1, 2024.

• Appropriates $205,000 from the general fund to the Department of Treasury for program implementation in fiscal year 2021-22.

• Program and related statutes automatically repeal September 1, 2024; requires a report to the Governor and General Assembly by June 1, 2024 on program outcomes including participant demographics, costs, and credit impact assessment.