Colorado Amends Mortgage Loan Originator Provisions and Fair Debt Collection Practices Act Provisions
Mortgage Loan Originators
Colorado has amended its provisions regarding Mortgage Loan Originator (MLO) exemption requirements. This amendment is effective as of August 9, 2017.
The provisions relating to exemptions to MLO requirements have been expanded to include individuals who act as an MLO, without compensation or personal gain, who provide loan financing for no more than three residential mortgage loans in any twelve-month period to a family member. For purposes of this exemption, “compensation or gain” excludes any interest paid under the loan financing provided.
Full text of Senate Bill 17-127
Fair Debt Collection Practices
Colorado has made minor amendments to its Fair Debt Collection Practices Act. These provisions are effective as of August 9, 2017.
The provisions of the Act have been amended to include updated references to sections, paragraphs, and subsections. No substantive changes have been made to the act.
Elizabeth Dailey, JD, is a Regulatory Compliance Director with CLA. She is a graduate of the University of New Hampshire and earned her juris doctor at New England Law. She is admitted to the Massachusetts Bar.
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