Date: 02/25/2015

Final
BILL SUMMARY for SB15-142

HOUSE COMMITTEE ON FINANCE

Votes: View--> Action Taken:
Refer Senate Bill 15-142 to the Committee of the WPASS



01:38 PM -- SB15-142

Representative Pabon, sponsor, introduced Senate Bill 15-142. The bill conforms state law regarding requirements for property taxes held in mortgage escrow accounts to requirements under the federal Real Estate Settlement Procedures Act (RESPA). Specifically, this bill repeals a May 30 date for final settlement and refund of any excess funds in escrow, changing this provision to reference the time and manner of refunds under RESPA. Representative Pabon stated that bill adds uniformity to real estate transactions.

01:40 PM -- Ms. Barbara Walker, representing the Independent Bankers of Colorado, testified in support of the bill. She clarified the inconsistencies between federal and state laws and stated that this bill would add clarity to the escrow process in Colorado.
BILL:SB15-142
TIME: 01:42:04 PM
MOVED:Pabon
MOTION:Refer Senate Bill 15-142 to the Committee of the Whole. The motion passed on a vote of 10-0.
SECONDED:Court
VOTE
Becker K.
Yes
Conti
Yes
Garnett
Yes
Kagan
Yes
Pabon
Yes
Priola
Yes
Roupe
Yes
Van Winkle
Excused
Wilson
Yes
Foote
Yes
Court
Yes
FINAL YES: 10 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: PASS