Bill Summary for Bill Number SB15-181

Date: 05/04/2015

Final
BILL SUMMARY for SB15-181

HOUSE COMMITTEE ON STATE, VETERANS, & MILITARY AFFAIRS

Votes: View-->	Action Taken:
Postpone Senate Bill 15-181 indefinitely. The moti Refer Senate Bill 15-181 to the Committee of the W	PASS FAIL

05:14 PM -- SB15-181

Representative Saine, prime sponsor, presented Senate Bill 15-181. The reengrossed bill clarifies the court process for appointing receivers. Under the bill, a court order granting or denying a motion or complaint for the appointment, removal, replacement, or retention of a receiver must be determined within 91 days after filing. A court's failure to rule within this timeframe results in the immediate discharge of the receiver if one has been appointed; however, the court is not precluded from subsequently entering an order appointing a receiver.

If the court order is granted for the appointment or retention of a receiver, it:

must require the receiver to post bond and to submit a report at least once a year to the court, addressing whether the reasons for the receiver's appointment or retention still apply;

can only be granted upon a showing of clear and convincing evidence;

expires if not granted; and

may be appealed on an interlocutory basis to the court of appeals, which shall review the matter on an expedited basis.

The bill also clarifies that a receiver is not immune from liability should the court find gross negligence or willful breach of duty. It applies to all receiver appointments made before, on, and after its effective date.

Receivership proceedings exempt from the bill include those sought:

pursuant to the motion or complaint of a homeowners' association;

in county court;

for property worth less than $15,000;

by a creditor holding a security interest mortgage, deed of trust, or judgment lien on any real or personal property to be placed in a receivership;

by any division of the Department of Regulatory Agencies;

by the state Attorney General; and

in which the right to appoint a receiver is provided by contract.

05:17 PM -- Caroline Fuller, representing herself, testified in opposition to the bill. Ms. Fuller expressed her opinion that the bill is not narrowly tailored enough.

05:19 PM -- Kareen Davison, representing herself, testified in support of the bill. Ms. Davison spoke about her experience with a negligent receiver.

05:22 PM -- Barry Freedman, representing himself, testified in support of the bill.

05:23 PM -- Jenifer Waller, representing the Colorado Bankers' Association, testified in opposition to the bill.

05:24 PM -- Gregory Golyansky, representing himself, testified in support of the bill.

05:27 PM -- Shawn Mitchell, representing himself, testified in support of the bill. Senator Mitchell listed reasons why the bill is needed, modest, and wanted.

05:29 PM

Representative Saine wrapped up her presentation of the bill and asked for a favorable recommendation.


BILL:	SB15-181
TIME:	05:30:43 PM
MOVED:	Humphrey
MOTION:	Refer Senate Bill 15-181 to the Committee of the Whole. The motion failed on a vote of 4-7.
SECONDED:	Tate
		VOTE
	Foote	No
	Humphrey	Yes
	Lontine	No
	Neville P.	Yes
	Primavera	No
	Tate	Yes
	Thurlow	Yes
	Tyler	No
	Willett	No
	Salazar	No
	Ryden	No

YES: 4 NO: 7 EXC: 0 ABS: 0 FINAL ACTION: FAIL


BILL:	SB15-181
TIME:	05:31:41 PM
MOVED:	Salazar
MOTION:	Postpone Senate Bill 15-181 indefinitely. The motion passed on a vote of 6-5.
SECONDED:	Foote
		VOTE
	Foote	Yes
	Humphrey	No
	Lontine	Yes
	Neville P.	No
	Primavera	Yes
	Tate	No
	Thurlow	No
	Tyler	Yes
	Willett	No
	Salazar	Yes
	Ryden	Yes

Final YES: 6 NO: 5 EXC: 0 ABS: 0 FINAL ACTION: PASS

05:32 PM

Senate Joint Resolution 15-021 was laid over until the adjournment of the House. The committee recessed.