August 24, 2019

Governor Signs TILA/RESPA Bill, DOLA Election Results Bill, and More

On Wednesday, March 16, 2016, Governor Hickenlooper signed five bills into law. To date, he has signed 23 bills this legislative session. Links to the bills signed Wednesday are available here.

  • HB 16-1012Concerning a Requirement that a Municipal Clerk File a Copy of Each Statement of Election Results with the Division of Local Government in the Department of Local Affairs Rather than the Secretary of State, by Rep. Su Ryden and Sen. Ray Scott. The bill requires certified statements of local election results to be filed with the Division of Local Government in the Department of Local Affairs, rather than the Secretary of State, and requires the results to be posted on the division website.
  • HB 16-1025 – Concerning Statutory Recognition that an Insurance Policy May be Subject to Renewal by an Admitted Insurer Within the Same Insurance Group as the Insurer that Issued the Insurance Policy, by Rep. Jeni James Arndt and Sen. Jack Tate. The bill clarifies that, when an insurance policy is carried by one of multiple insurance carriers within a group, the policy may be renewed by any member of the group.
  • HB 16-1076 – Concerning the Status of a Retired Architect, by Rep. Millie Hamner and Sen. Jack Tate. The bill allows licensed architects age 65 and older to apply to the Board of Licensure for Architects, Professional Engineers, and Professional Land Surveyors for classification as a retired architect, provided the retired architect pays a fee and ceases to practice. The bill permits reinstatement upon payment of a fee and possible reexamination for competency.
  • SB 16-008 – Concerning the Use of an Off-Highway Vehicle to Cross State Highways Within the Jurisdiction of a Municipality, by Sen. Larry Crowder and Rep. Owen Hill. Under current law, off-highway vehicles may cross state highways except within the jurisdiction of a municipality. The bill gives authority to municipalities to allow off-highway vehicles to cross state highways within their jurisdiction.
  • SB 16-014 – Concerning the Alignment of State Mortgage Originator Disclosure Laws with Recent Changes in Federal Law, by Sen. Chris Holbert and Rep. Angela Williams. The bill aligns state mortgage originator disclosure requirements with federal law by repealing certain statutory provisions and replacing them with references to TILA, RESPA, or other applicable federal laws. The bill also permits future rulemaking by the state Board of Mortgage Loan Originators related to compliance with other statutes and regulations.

For a complete list of Governor Hickenlooper’s 2016 legislative decisions, click here.

SB 16-014: State Mortgage Loan Originator Laws Amended to Conform to Federal Regulations

On January 13, 2016, Sen. Chris Holbert and Rep. Angela Williams introduced Senate Bill 16-014Concerning the Alignment of State Mortgage Originator Disclosures With Recent Changes in Federal Law. The bill has passed through both houses with amendments and has been sent to the governor.

This bill looks to repeal selected provisions of the Colorado “Mortgage Loan Originator Licensing and Mortgage Company Registration Act” which governs and sets deadlines for disclosures of certain costs and fees. The bill will replace those provisions with cross references to applicable requirements in the federal “Truth in lending Act” and “Real Estate Settlement Procedures Act of 1974.”

First, the bill proposes to repeal Section (1)(a) of C.R.S. § 12-61-914 Written Disclosure of Fees and Costs – Contents – Limits on Fees – Lock-in Agreement Terms – Rules , which would eliminate requirements under Colorado law, and add language directing mortgage loan originator’s requirements to federal law. Specifically, the proposal creates a cross-reference to the federal Truth and Lending Act, the federal Real Estate Settlement Procedures Act of 1974, the federal Equal Opportunity Act, Title V, the federal Home Mortgage Disclosures Act of 1975, the Federal Trade Commission Act of 1914, the federal Telemarketing and Consumer Fraud and Abuse Prevention Act, and various federal statutes.

Second, the bill proposes to repeal Section (1) of C.R.S. 38-40-102 Disclosure of Costs – Statement of Terms of Indebtedness.

Mark Proust is a 2016 J.D. candidate at the University of Denver Sturm College of Law.