HB 17-1214

  • Colorado House Bill
  • 2017 Regular Session
  • Introduced in House Mar 23, 2017
  • House
  • Senate
  • Signed by Governor May 18, 2017

Encourage Employee Ownership Of Existing Small Business

Abstract

The bill requires the Colorado office of economic development (office) to engage the services of a local nonprofit organization that supports and promotes the employee-owned business model to educate the staff at the office on the forms and merits of employee ownership in order for the office to promote employee ownership as part of its small business assistance center. The bill requires the office to establish and administer a revolving loan program to assist transitions of existing businesses to employee-owned businesses. The bill specifies that the office may enter into a contract, following an open and competitive process, with a local nondepository nonprofit organization that supports and promotes the employee-owned business model, a bank, or a nondepository community development financial institution to establish and administer the revolving loan program. The bill allows the office to work with the Colorado housing and finance authority to assist in offering loans under the program. The bill specifies the types of businesses that may qualify for the program, sets a maximum amount of any loan, and specifies what the loans may and may not be used for. The bill also allows the office to seek matching private sector money to help capitalize the program. The bill authorizes the office to accept and expend gifts, grants, and donations to capitalize the program, and may annually keep the first 15% of the money raised for administration purposes. The bill creates the revolving loan program cash fund and the money in the fund is continuously appropriated to the office. The bill also specifies that the office is required to establish guidelines and post on its website administrative details about the revolving loan program, such as fees, costs, interest rates, and loan terms. The bill includes a repeal of the section of law creating the program, effective July 1, 2022. (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

Bill Sponsors (2)

Votes


Actions


May 18, 2017

Office of the Governor

Governor Signed

Office of the Governor

Sent to the Governor

Colorado General Assembly

Signed by the President of the Senate

May 15, 2017

Colorado General Assembly

Signed by the Speaker of the House

Apr 21, 2017

Colorado General Assembly

Senate Third Reading Passed - No Amendments

Apr 20, 2017

Colorado General Assembly

Senate Third Reading Laid Over Daily - No Amendments

Apr 19, 2017

Colorado General Assembly

Senate Second Reading Passed - No Amendments

Apr 18, 2017

Colorado General Assembly

Senate Second Reading Laid Over Daily - No Amendments

Apr 12, 2017

Colorado General Assembly

Senate Committee on Business, Labor, & Technology Refer Unamended to Senate Committee of the Whole

  • Referral-Committee
  • Committee-Passage
Business, Labor, & Technology Senate Committee of the Whole

Apr 10, 2017

Colorado General Assembly

Senate Second Reading Referred to Business, Labor, & Technology - No Amendments

Business, Labor, & Technology

Apr 05, 2017

Colorado General Assembly

Senate Committee on State, Veterans, & Military Affairs Refer Unamended to Senate Committee of the Whole

  • Referral-Committee
  • Committee-Passage
State, Veterans, & Military Affairs Senate Committee of the Whole

Mar 23, 2017

Colorado General Assembly

Introduced In Senate - Assigned to State, Veterans, & Military Affairs

  • Introduction
State, Veterans, & Military Affairs

Mar 22, 2017

Colorado General Assembly

House Third Reading Passed - No Amendments

Mar 21, 2017

Colorado General Assembly

House Second Reading Passed with Amendments - Committee, Floor

Mar 16, 2017

Colorado General Assembly

House Committee on Business Affairs and Labor Refer Amended to House Committee of the Whole

  • Referral-Committee
  • Committee-Passage
House Committee of the Whole

Feb 27, 2017

Colorado General Assembly

Introduced In House - Assigned to Business Affairs and Labor

  • Introduction
Business Affairs and Labor

Bill Text

Bill Text Versions Format
Amendment L.003 PDF
Committee Amendment PDF
PA1 (03/20/2017) PDF
Introduced (02/27/2017) PDF
Engrossed (03/21/2017) PDF
Reengrossed (03/22/2017) PDF
Revised (04/19/2017) PDF
Rerevised (04/21/2017) PDF
Final Act (05/18/2017) PDF
Signed Act (05/18/2017) PDF

Related Documents

Document Format
Fiscal Note FN1 (03/15/2017) PDF
Fiscal Note FN2 (03/29/2017) PDF
Fiscal Note FN3 (06/21/2017) PDF

Sources

Data on Open States is updated periodically throughout the day from the official website of the Colorado General Assembly.

If you notice any inconsistencies with these official sources, feel free to file an issue.