HB 23-1229 Summary

• Exempts general-purpose credit cards from Colorado's state finance charge and fee limitations, allowing them to charge fees up to 15% of the credit line.

• Reduces acquisition charges on small loans (up to $1,000) from 10% to 8% for original loans and 7.5% for refinanced loans, and lowers monthly installment account handling charges by $4 across all loan tiers.

• Changes minimum loan term from 90 days to 6 months and restricts refinancing to once per year (previously three times per year).

• Requires lenders to obtain signed loan applications and recent pay stubs or income verification from borrowers, with provisions allowing consumers to redact bank account payee information when providing bank statements.

• Declares Colorado's interest rate limits in state law control consumer credit transactions and do not want federal preemption of state rates to apply.