Date: 08/05/2015
Final
2.a.ii. Uniform Home Foreclosure Procedures Act
COMMITTEE ON COLORADO COMMISSION ON UNIFORM STATE LAWS
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09:11 AM -- 2.a.ii. Uniform Home Foreclosure Procedures Act
09:12 AM -- Deanne Stodden, Colorado Bar Association (CBA) Real Estate Section, also representing the Colorado Mortgage Lender's Association, Independent Bankers of Colorado, and the Colorado Banker's Association, briefly outlined foreclosure procedures and the widely varying timelines across the United States. The section believes that current Colorado statutes are very detailed and offer more protections than the Uniform Law Commission (ULC) act and that this act won't overlay as well with our statutes as it may with other states. The section objects to the uniform law. The commission asked for clarifications regarding excessive fees and the differences between current law and the uniform law. Ms. Stodden replied that lawsuits regarding fees have been filed and the Attorney General's office has settlement funds available for disbursal. In addition, costs are now required to be posted and charges have to be backed up with receipts. The commission observed that the current process in Colorado is far from perfect but it may be too complicated to adopt the uniform act at this time.