Date: 02/05/2014

Final
BILL SUMMARY for HB14-1130

HOUSE COMMITTEE ON LOCAL GOVERNMENT

Votes: View--> Action Taken:
Adopt amendment L.001. The motion passed without o
Refer House Bill 14-1130, as amended, to the Commi		Pass Without Objection
PASS



01:34 PM -- HB14-1130

Representative McCann, sponsor, presented House Bill 14-1130 concerning the disposition of moneys charged to borrowers for costs to be paid in connection with foreclosure. She said that although the return of overpaid funds to the borrower has become a common practice with public trustees, there is no law for enforcement.

01:38 PM -- Bill Wallace, Summit County Public Trustee, representing Public Trustees of Colorado, spoke in favor of the bill. He said that the bill codifies the best practices for the transfer of overpayment funds in relation to foreclosures. Mr. Wallace answered question from the committee concerning the percentage of returning excess funds in relation to all foreclosures in Summit County.

01:43 PM -- Paul Weissmann, Boulder County Public Trustee, spoke in favor of the bill. He discussed the foreclosure process and related costs. Mr. Weissmann discussed the process of how an account can incur overpayment.

01:46 PM -- Debra Johnsen, Denver County Public Trustee, spoke in favor of the bill. She discussed the Denver Public Trustee office and the percentage of overpayments in accounts. Ms. Johnsen answered questions from the committee on how an overpayment occurs and the amount of payment returned to the borrower.

01:51 PM -- Corrine Fowler, representing the Colorado Progressive Coalition, spoke in favor of the bill. She discussed the background of the Colorado Progressive Coalition and the impact of foreclosures on Colorado families.

01:53 PM -- Keith Gantenbein, a private attorney representing himself, spoke in favor of the bill. He said that he has represented both homeowners and banks. Mr. Gantenbein discussed the importance of the bill to curb additional fees in cure payments. He answered questions from the committee on current practices to return overpayment fees and said that current legal practices are not in the best interest of the borrower.

Representative McCann answered questions from the committee concerning the funds returned to the borrower.

01:58 PM -- Jennifer Waller, representing Colorado Bankers, was neutral on the bill. She discussed the overpayment to cure process. She answered questions from the committee concerning the impact on banks.

Representative McCann distributed and summarized amendment L.001 (Attachment A).

14HseLocal0205AttachA.pdf14HseLocal0205AttachA.pdf
BILL:HB14-1130
TIME: 02:02:24 PM
MOVED:Singer
MOTION:Adopt amendment L.001. The motion passed without objection.
SECONDED:Vigil
VOTE
Dore
Exum
Garcia
Gardner
Landgraf
Lebsock
Navarro
Rankin
Rosenthal
Vigil
Wright
Singer
Fields
YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection


BILL:HB14-1130
TIME: 02:03:07 PM
MOVED:Lebsock
MOTION:Refer House Bill 14-1130, as amended, to the Committee of the Whole. The motion passed on a vote of 11-0.
SECONDED:Vigil
VOTE
Dore
Yes
Exum
Yes
Garcia
Yes
Gardner
Excused
Landgraf
Yes
Lebsock
Yes
Navarro
Excused
Rankin
Yes
Rosenthal
Yes
Vigil
Yes
Wright
Yes
Singer
Yes
Fields
Yes
FINAL YES: 11 NO: 0 EXC: 2 ABS: 0 FINAL ACTION: PASS