Date: 03/05/2013
Final
BILL SUMMARY for SB13-118
HOUSE COMMITTEE ON BUSINESS, LABOR, ECONOMIC, & WORKFORCE DEVELOPMENT
| Votes: View--> | Action Taken: |
| Refer Senate Bill 13-118 to the Committee of the W | PASS |
02:04 PM -- Senate Bill 13-118
Representative Pabon, prime sponsor, presented Senate Bill 13-118 to the committee. This bill allows a private property owner to provide seller financing for up to five properties and remain exempt from the license and registration requirements for a mortgage loan originator or mortgage company. The bill increases from three to five the number of allowable properties a property owner may finance for sale while remaining exempt from the professional practice act regulating mortgage loan originators. Private property owners who offer seller financing are still subject to legal prohibitions against fraudulent and deceptive practices. He discussed the properties which are unable to secure conventional financing, such as rural properties.
The following individuals testified on the bill:
02:08 PM -- Tony Rose, representing the Colorado Association of Realtors, spoke in favor of the bill. Mr. Rose commented on issues related to treatment of realtors working on behalf of seller-financers. Mr. Rose commented that this bill would bring much needed synchronization and clarity to the issue of seller financing.
02:12 PM -- Jayne Bail, representing the Colorado Association of Mortgage Professionals, spoke against the bill. Ms. Bail stated her organization's concerns that realtors will become involved in mortgaging without the proper training.
02:13 PM
Representative Pabon responded to a clarifying question from the committee.
 | |
| BILL: | SB13-118 | |
| TIME: | 02:14:15 PM |
| MOVED: | Szabo |
| MOTION: | Refer Senate Bill 13-118 to the Committee of the Whole. The motion passed on a vote of 11-0. |
| SECONDED: | Holbert |
| VOTE |
| DelGrosso | Yes |
| Exum | Yes |
| Hamner | Yes |
| Holbert | Yes |
| Navarro | Yes |
| Nordberg | Yes |
| Rosenthal | Yes |
| Ryden | Yes |
| Szabo | Yes |
| Kraft-Tharp | Yes |
| Williams | Yes |
| | |
YES: 11 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: PASS |
02:14 PM
The committee adjourned.