Date: 02/27/2014

Final
BILL SUMMARY for SB14-009

HOUSE COMMITTEE ON TRANSPORTATION & ENERGY

Votes: View--> Action Taken:
Refer Senate Bill 14-009 to the Committee of the WPASS



10:19 AM -- SB14-009

Representative Moreno, prime sponsor, presented Senate Bill 14-009. Current law requires that sellers of real estate disclose specified information prior to the final sale. For example, sellers must inform buyers when the property is located within a special taxing district, or is subject to assessments as part of a common interest community. The reengrossed bill adds a requirement for sellers to disclose that a separate mineral estate may subject the property to oil, gas, or mineral extraction. The disclosure does not create an additional duty on the part of the seller to investigate. No later than January 1, 2015, the Real Estate Commission in the Department of Regulatory Affairs (DORA) must promulgate rules to implement the requirement. Representative Moreno discussed the intent of the bill and responded to questions from the committee about why the bill is needed.

The following people testified on the bill:

10:30 AM -- Jeani Frickey Saito, representing the Colorado Association of Home Builders, testified in support of the bill. She responded to questions from the committee concerning severed mineral rights. Representative Lawrence asked about other uses for mineral estates and why the oil and gas industry is singled out in the bill. Representative Coram asked why this is not brought up in title closing and what the ramifications are.

10:43 AM -- Bob Randall, representing the Department of Natural Resource, testified in support of the bill.

10:46 AM -- Nick Colglazier, representing the Colorado Farm Bureau, testified in support of the bill.

10:47 AM -- Brett Moore, representing the National Association of Royalty Owners, testified in support of the bill.

10:49 AM -- Jep Seman, representing the Colorado Petroleum Association, testified in support of the bill. He responded to questions concerning the disclosure provisions.

10:51 AM -- Jim Cole, representing the Colorado Oil and Gas Association, testified in support of the bill. He responded to questions from the committee.

10:59 AM -- Cathy Wanstrath, representing the Land Title Association of Colorado, testified in support of the bill.

11:02 AM -- Rachel Nance, representing the Colorado Association of Realtors, responded to questions from the committee.

11:06 AM

The committee took a brief recess.

11:10 AM

The committee came back to order.

BILL:SB14-009
TIME: 11:10:19 AM
MOVED:Moreno
MOTION:Refer Senate Bill 14-009 to the Committee of the Whole. The motion passed on a vote of 12-1.
SECONDED:Mitsch Bush
VOTE
Buck
Yes
Coram
Yes
Everett
No
Fischer
Yes
Ginal
Yes
Kraft-Tharp
Yes
Lawrence
Yes
Lee
Yes
Mitsch Bush
Yes
Peniston
Yes
Scott
Yes
Moreno
Yes
Tyler
Yes
Final YES: 12 NO: 1 EXC: 0 ABS: 0 FINAL ACTION: PASS




11:12 AM

The committee adjourned.