Tag Archive: "Colorado"
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Colorado Amends Statutes Related to Foreclosure Sales
Various provisions related to foreclosure sales under Article 38 have been modified by the state of Colorado. No substantive modifications have been made but portions of Article 38 have been repealed to preserve the legislative intent and meaning of the law. The following have been repealed: Colorado Revised Statutes 38-38-101(1)(h) C.R.S. 38-38-101 states that a […]
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Colorado Modifies Statutes related to Mortgage Loan Originators
By Robert Harrison, J.D. The state of Colorado amended state statutes governing mortgage loan originators in order to conform more closely to applicable Federal laws. Colorado Revised Statutes 12-61-903(3)(a) has been amended; Each applicant for a mortgage loan originator license must have completed an approved mortgage lending fundamentals course of at least 9 hours of […]
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Colorado Modifies Statutes related to Assisting in Foreclosure Proceed Recovery
By Robert Harrison, J.D.Colorado has modified provisions regarding the conditions under which a person may assist another for compensation in obtaining the proceeds of a foreclosure sale after all liens have been satisfied. Colorado Revised Statutes, 6-1-105, has been modified to add examples of deceptive trade practices. A deceptive trade practice now includes entering into […]
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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”, […]
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Colorado Adopts Multiple Licensing Education Revisions for Mortgage Loan Originators
By Laura Eckstein, J.D.November 23, 2015 The Colorado Department of Regulatory Agencies, Division of Real Estate adopted multiple provisions regarding licensing education for mortgage loan originators. Such provisions include pre-licensing requirements, continuing education requirements, and renewal, reinstatement, and suspension of a license. These provisions are effective on March 1, 2016. Chapter 2: Requirements for Licensure2.1 […]
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Colorado Amends Laws Regarding Internet or Electronic Foreclosure Sales
September 21, 2015By Paul McSheffrey, J.D.Recently enacted Colorado House Bill 15-1142 amends provisions regarding foreclosure sales by public trustee. The changes concern the option for a trustee to conduct a foreclosure sale via the internet or other electronic method. Colorado Revised Statutes, 38-37-104 (1)(b)(X) revises the maximum fee that a public trustee may charge. A […]
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Colorado Changes Property Tax Escrow Requirements to Match Federal Law and Regulations
By Paul McSheffrey, J.D. With Senate Bill 15-142, the Colorado legislature has recently adopted changes to state property tax escrow requirements. The bill aligns Colorado law with the Federal Real Estate Settlement Procedures Act (RESPA). Colorado Revised Statutes, 39-1-119(1) now requires that all funds held in escrow for the payment of property taxes in excess […]
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Colorado Alters Homestead Exemption Recordation Requirements
By Paul McSheffrey, J.D.Colorado House Bill 15-1069 makes changes to the information required to be included in recorded homestead exemption filings. Under Colorado Revised Statutes, 38-41-202(4), if a homestead has been created by the owner of the property and/or their spouse by recording in the county clerk and recorder of the county where the property […]
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Colorado Adds Provisions Regarding Residential Mortgage Foreclosures
The state of Colorado recently added provisions regarding residential mortgage foreclosures in House Bill 1295. The new legislation takes effect January 1, 2015, and applies to foreclosure proceedings in which the notice of election and demand is filed on or after said date. The new law includes the following additions: • At least thirty days before […]
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Colorado Repeals Various Provisions and Adopts New Amended Provisions Regarding Professional Standards and Mortgage Call Reports
by: Lee GreenbergThe Colorado Division of Real Estate recently repealed several provisions and adopted new amended provisions in their place regarding the professional standards of Mortgage Loan Originators and Mortgage Companies. In addition, the Division of Real Estate updated its provisions regarding call reports under the NMLS. The new legislation becomes effective on November 14, […]