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 is situated, the signature of both spouses is required in order to sell or encumber the property. The new House Bill clarifies the requirements for filing. The written statement must now specifically include the name of the owner of the property. Before these changes, the statute language only required “the nature and source of the owner’s interest therein.”
These changes take effect on August 5, 2015 unless a petition is filed against the Act before that date. If a petition is filed, then the Act will not take effect unless approved by voters during the November 2016 general election and officially declared by the governor.
Paul McSheffrey, J.D. is Regulatory Compliance Consultant at Bankers Advisory. He is a graduate of Northeastern University and earned his Juris Doctor at the New England School of Law. Paul is admitted to the Bar in Massachusetts and New York. He can be reached at Paul@bankersadvisory.com
Paul McSheffrey, JD, is a senior regulatory compliance consultant with CLA. He is a graduate of Northeastern University and earned his juris doctor at the New England School of Law. He is admitted to the Bar in both Massachusetts and New York.
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