§ 29-4-1003. Rent Reporting for Credit Pilot Program – Created – Third-Party Contractor – Participant Landlords and Participant Tenants – Financial Education Courses Required – Compensation for Participant Landlords

1. The rent reporting for credit pilot program is created to facilitate the reporting of participant tenants’ rent payment information to consumer reporting agencies.
2. On or before October 1, 2021, the authority shall contract with a third party to administer the pilot program. The contractor shall administer the pilot program in accordance with this part 10 and rules promulgated by the authority pursuant to section 29-4-1004.
3. 1. On and after October 15, 2021, the contractor, in consultation with the authority, shall recruit no more than ten participant landlords and, to the extent practicable, shall attempt to include a total of at least one hundred participant tenants, with an emphasis on selecting participant tenants from populations that are under-served and under-represented in home ownership. To the extent practicable, the contractor shall recruit participant landlords who offer:
      1. A variety of types of dwelling units for rent, including dwelling units of various sizes;
      2. Dwelling units for rent that are located in diverse areas of the state; and
      3. At least five dwelling units for rent.
   2. In order to become a participant landlord, a landlord must agree in writing:
      1. To participate in the pilot program for at least fourteen months, but the authority shall not require a landlord to report a participant tenant’s rent payment information under the pilot program after April 1, 2024;
      2. Not to charge a participant tenant for participation in the pilot program;
      3. To comply with rules promulgated by the authority pursuant to section 29-4-1004; and
      4. To provide information, to the extent practicable, to the authority and the contractor concerning the execution of the program for the purpose of informing the report described in section 29-4-1005.
   3. The contractor may work with statewide or national associations of landlords to identify potential participant landlords.
   4. The contractor shall support and work with landlords to recruit tenants to participate in the pilot program.
4. A tenant may participate in the pilot program only if the tenant agrees to participate and completes a financial education course. A participant tenant must demonstrate that the participant tenant has completed a financial education course before the participant tenant may have a participant landlord report the participant tenant’s rent payment information.
5. On and after October 15, 2021, the contractor shall:
   1. Provide education to participant landlords and potential participant landlords concerning the requirements of participation in the pilot program; and
   2. Provide information to participant landlords to help recruit participant tenants, including, at a minimum, information concerning how to participate in the pilot program and the list of financial education courses established pursuant to rules promulgated by the authority pursuant to section 29-4-1004.
6. Participant landlords that satisfy the requirements described in subsection (3)(b) of this section may be eligible to receive compensation for their participation in the pilot program. Such compensation:
   1. Shall be paid from money received by the authority from the state treasurer pursuant to section 24-36-123; and
   2. Shall be paid to participant landlords in accordance with rules established by the authority pursuant to section 29-4-1004.

Source: L. 2021: Entire part added, (HB 21-1134), ch. 379, p. 2538, § 3, effective June 29.

Cross references: For the legislative declaration in HB 21-1134, see section 1 of chapter 379, Session Laws of Colorado 2021.