Hb 1400

This week, the Bell Policy Center submitted testimony in favor of two bills, HB 1119 and HB 1400.

HB 1400 would require those "facilitators" who prepare tax returns and arrange refund-anticipation loans (RALs) to register with the Internal Revenue Service. The Bell considers these loans to be a type of predatory lending that strips resources from low- and moderate-income communities.

Years of hard work paid off yesterday when Gov. Bill Ritter signed the payday lending bill into law.

We view this as a long, overdue victory for consumer protection in Colorado.

In 2002, the Bell identified predatory lending as a crippling practice that holds back too many families, preventing them from building wealth and achieving self-sufficiency.

House Bill 10-1400: Concerning refund-anticipation loans
and requiring facilitators to register
as electronic return originators

Rich Jones
Director of policy and research, The Bell Policy Center

April 14, 2010

Thank you for the opportunity to submit this testimony to the Business Affairs and Labor Committee. The Bell is a non-partisan, non-profit research and advocacy organization dedicated to making Colorado a state of opportunity for all.