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March 25, 2024

Ricks Bill to Increase Price Transparency Passes

DENVER, CO - The House passed a bill sponsored by Representative Naquetta Ricks that would require companies to post the full price of a product, good, or service, including any mandatory fees, to improve price transparency for Colorado consumers. The bill passed by a vote of 45-18.

“Service fees can add hundreds of dollars to your bill, raising prices by 20 percent and misleading Coloradans about the true cost of goods and services,” said Rep. Naquetta Ricks, D-Aurora. “Tactics like these are wrong and make it difficult for Coloradans to properly budget and compare prices across companies. This legislation would require businesses to be upfront about the actual cost of their products or services to improve price transparency for Coloradans.”

HB24-1151 would prohibit a company from advertising the price of certain products, goods, or services unless they disclose all of the mandatory or non-discretionary fees upfront. Violation of this law would be an unfair or deceptive trade practice subject to a fine for each violation. Certain industries are excluded from this requirement. 

Greystar, the largest apartment management company in the U.S., was recently sued by a Colorado resident for charging hidden fees that were not included in the advertised monthly rental rate. The average American family reportedly spends over $3,200 per year on junk fees.

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