Date: 03/21/2012

Final
BILL SUMMARY for HB12-1116

SENATE COMMITTEE ON JUDICIARY

Votes: View--> Action Taken:
Postpone House Bill 12-1116 indefinitely at the rePASS



03:51 PM -- House Bill 12-1116

Senator Nicholson, sponsor, presented House Bill 12-1116. The reengrossed bill adds disclosure requirements to real estate transactions involving the resale of time share properties. Agreements to transfer time share resale interests must include a description of any residual interests retained by the seller, a list of costs for time share resale services, a statement regarding any other person who may use the time share after the interest has been transferred, and various other disclosures. Time share contracts and time share resale services covered by the bill do not include professionals (e.g., attorneys, escrow agents) providing certain transactional services or the developer or association managing a time share community according to an existing plan.

The bill creates a new cause of action under the Colorado Consumer Protection Act for deceptive trade practices. Deceptive trade practices occur when time share resale entities fail to provide disclosures as required by the bill. These time share resale entities may rely upon information provided by the owner, developer, or association managing the time share.


03:52 PM

Senator Nicholson explained her concerns with the bill. She asked the committee to postpone the bill indefinitely. Senator Roberts asked if there would be a way to work through any concerns with the bill. Senator Nicholson expressed her intention to work on a bill for next session that protects the rights of time-share owners. Senator S. King spoke about letters he received in support of the bill. He expressed his concerns with postponing the bill indefinitely. Senator Carroll responded to his remarks. Senator S. King raised the possibility of laying the bill over to find another sponsor. Senator Nicholson responded to his remarks. Senator Lundberg urged Senator Nicholson to find a way to ensure that the bill receives a fair hearing. Senator Guzman listed her concerns with the bill.

No witness testimony was taken.
BILL:HB12-1116
TIME: 04:03:27 PM
MOVED:Nicholson
MOTION:Postpone House Bill 12-1116 indefinitely at the request of the sponsor. The motion passed on a vote of 4-3.
SECONDED:
VOTE
Giron
Yes
King S.
No
Lundberg
No
Nicholson
Yes
Roberts
No
Guzman
Yes
Carroll
Yes
Final YES: 4 NO: 3 EXC: 0 ABS: 0 FINAL ACTION: PASS



04:04 PM

The committee adjourned.