Sort and wash peas; place in a large Dutch oven. Cover with water to 2 inches above peas; bring to a boil, and cook 2 minutes. Remove from heat; cover and let stand 1 hour. Drain peas. Wipe pan dry with a paper towel.
. Heat oil in pan over medium-high heat. Add onion, bell pepper, and garlic; sauté 2 minutes. Add collard greens, seasoning, and black pepper; cover and cook 2 minutes or until collard greens begin to wilt. Add peas, broth, and bay leaf. Bring to a boil; cover, reduce heat to medium-low, and simmer 1 hour and 15 minutes or until peas are tender. Discard bay leaf. Serve with a slotted spoon.