Colorado Modifies Provisions Regarding MLO Disclosure Law

The General Assembly of the State of Colorado has recently modified its provisions regarding mortgage loan originator disclosure law, aligning state law with recent changes in Federal Law.

The updated provisions, which are effective immediately, state that a mortgage loan originator’s disclosures must comply with all applicable requirements of:

  • THE FEDERAL “TRUTH IN LENDING ACT”, 15 U.S.C. SECS. 1601 ET SEQ., AND REGULATION Z, 12 CFR 226 AND 12 CFR 1026;
  • THE FEDERAL “REAL ESTATE SETTLEMENT PROCEDURES ACT OF 1974”, 12 U.S.C. SECS. 2601 ET SEQ., AND REGULATION X, 12 CFR 1024 ET SEQ.;
  • THE FEDERAL “EQUAL CREDIT OPPORTUNITY ACT”, 15 U.S.C. SEC. 1691 AND REGULATION B, 12 CFR 202.9, 202.11, AND 202.12 AND 12 CFR 1002;
  • TITLE V, SUBTITLE A OF THE FEDERAL “FINANCIAL SERVICES MODERNIZATION ACT OF 1999”,  ALSO KNOWN AS THE “GRAMM-LEACH-BLILEY ACT”, 15 U.S.C. SECS. 6801 TO 6809,  AND THE FEDERAL TRADE COMMISSION’S PRIVACY RULES, 16 CFR 313 AND 314,  ADOPTED IN ACCORDANCE WITH THE FEDERAL “GRAMM-LEACH-BLILEY ACT”;
  • THE FEDERAL “HOME MORTGAGE DISCLOSURE ACT OF 1975”, 12 U.S.C. SECS. 2801 ET SEQ., AND REGULATION C, 12 CFR 203 AND 12 CFR 1003, PERTAINING TO HOME MORTGAGE DISCLOSURE;
  • THE “FEDERAL TRADE COMMISSION ACT OF 1914”, 15 U.S.C. SEC. 45 (a), AND 16 CFR 233;
  • THE FEDERAL “TELEMARKETING AND CONSUMER FRAUD AND ABUSE PREVENTION ACT”, 15 U.S.C. SECS. 6101 TO 6108, AND THE FEDERAL TRADE COMMISSION’S TELEMARKETING SALES RULE, 16 CFR 310.

The board may, by rule, require mortgage loan originators to comply with other mortgage loan disclosure requirements contained in applicable statutes and regulations in connection with making any residential mortgage loan.

  • 781-402-6431

Zachary Pearlstein, JD, is a Regulatory Compliance Director with CLA's Mortgage Advisory Division. He joined CLA on January 1, 2014, as part of its acquisition of Bankers Advisory, Inc. Zachary oversees Mortgage Advisory's regulatory compliance team, which focuses on federal and state compliance, fair lending, and the Home Mortgage Disclosure Act (HMDA). He is a graduate of Brandeis University and earned his juris doctor at Suffolk University Law School. He is admitted to the Massachusetts Bar.

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