A Bill for an Act
Page 1, Line 101Concerning the repeal of the financial literacy and
Page 1, Line 102exchange program.
Bill Summary
(Note: This summary applies to this bill as introduced and does not reflect any amendments that may be subsequently adopted. If this bill passes third reading in the house of introduction, a bill summary that applies to the reengrossed version of this bill will be available at http://leg.colorado.gov/.)
Joint Budget Committee. In 2022, the general assembly created the financial literacy and exchange (FLEX) program. The FLEX program allows households participating in the state housing voucher program to open an escrow-like savings account. FLEX account holders receive a $200 monthly match and access to services such as financial mentoring, life skills training, and asset management. No households have been enrolled in the FLEX program due to the FLEX account administrators' inability to provide case management and other additional services without compensation. The bill transfers all the unexpended and unencumbered money in the FLEX fund to the general fund on June 30, 2025, and repeals the FLEX program on July 1, 2025.
Page 2, Line 1Be it enacted by the General Assembly of the State of Colorado:
Page 2, Line 2SECTION 1. In Colorado Revised Statutes, 24-32-726, add (7)(c) and (9) as follows:
Page 2, Line 324-32-726. Financial literacy and exchange program - creation
Page 2, Line 4- FLEX accounts - FLEX cash fund - transfer - short title - legislative
Page 2, Line 5declaration - definitions - repeal. (7) (c) On June 30, 2025, the state
Page 2, Line 6treasurer shall transfer all the unexpended and unencumbered money in the FLEX fund to the general fund.
Page 2, Line 7(9) This section is repealed, effective July 1, 2025.
Page 2, Line 8SECTION 2. Safety clause. The general assembly finds,
Page 2, Line 9determines, and declares that this act is necessary for the immediate
Page 2, Line 10preservation of the public peace, health, or safety or for appropriations for
Page 2, Line 11the support and maintenance of the departments of the state and state institutions.