May 21, 2019

SB 13-156: Continuing the Board of Mortgage Loan Originators and Implementing the Recommendations of the 2012 Sunset Report

On Monday, February 4, 2013, Sen. Lois Tochtrop introduced SB 13-156 – Concerning Continuation of the Board of Mortgage Loan Originators in the Division of Real Estate, and, in Connection Therewith, Implementing the Recommendations of the 2012 Sunset Report by the Department of Regulatory Agencies. This summary is published here courtesy of the Colorado Bar Association’s e-Legislative Report.

As introduced, the bill implements the recommendations of the sunset review and report on the board of mortgage loan originators (board) by:

  • Extending the repeal date of the board for five years, until Sept. 1, 2018;
  • Requiring the board to deny, refuse to renew, or revoke the licenses of persons who commit specified offenses, bringing Colorado’s statutes in line with federal law;
  • Allowing the board to deny, refuse to renew, or revoke the licenses of, or to discipline, persons who commit specified offenses and receive a deferred judgment;
  • Eliminating a self-contradictory provision from current law; and
  • Clarifying that a mortgage company may act only through individuals who are licensed or in the process of becoming licensed.

On Feb. 20, the Business, Labor, & Technology Committee amended the bill and sent it to the Appropriations Committee for consideration of the fiscal impact.