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February 28, 2024

Ricks Bill to Increase Price Transparency Passes Committee

DENVER, CO - The House Business Affairs & Labor Committee today 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. HB24-1151 passed by a vote of 7-3.

“From ‘service fees’ to ‘processing fees’, last-minute fees for goods and services cost families over $3,000 per year, taking hard-earned money from Colorado families to boost corporate profits,” said Rep. Naquetta Ricks, D-Aurora. “These fees mislead consumers about the true price of a good or service, driving customers away from Colorado businesses that are honest about their prices. Our legislation would require businesses to include any mandatory fees when posting the price of their goods and services so Coloradans can compare prices and trust that the price they see is what they can expect to pay.”

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.

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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