HB22-1359 Summary

• Establishes the Colorado Household Financial Recovery Pilot Program administered by the State Treasurer to facilitate affordable lending to individuals and households impacted by COVID-19 pandemic economic hardship.

• Authorizes use of program funds for: loan loss reserves to offset lender risk, interest rate buydowns, uncollateralized lending capital, and grants to nonprofit organizations for marketing and outreach to underserved populations.

• Requires all loans to have a maximum of $5,000, maximum 5 percent annual percentage rate, borrower reporting, and credit agency reporting on loan payments.

• Appropriates $5,200,000 from the general fund to the Colorado Household Financial Recovery Pilot Program Fund for fiscal year 2022-23, with the State Treasurer permitted to expend up to 4 percent for program administration costs.

• Requires annual reports beginning November 1, 2023 detailing program expenditures, beneficiary demographics, loan defaults, loan loss reserve impact, and grants awarded to nonprofit organizations.