Date: 02/06/2006
Final
BILL SUMMARY for SB06-071
SENATE COMMITTEE ON BUSINESS, LABOR AND TECHNOLOGY
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02:42 PM -- Senate Bill 06-071
Senator Veiga noted a change to the order of bills to accomodate some individuals who had come to testify on SB 071 who have time limitations. The committee would first hear Senator Veiga's bill and then hear Senator Tupa's. Senator Veiga handed the gavel to Senator Takis and came to the table to discuss her bill that prohibits certain deceptive business practices with relation to foreclosure activities. The bill requires foreclosure consultants and purchasers of residences in foreclosure to give home owners specific information to ensure homeowners are able to make informed decisions.
02:45 PM -- John Suthers, Colorado Attorney General, spoke in support of the bill. He explained the impetus of the bill.
02:50 PM -- Jan Zavinslan, Attorney General's office, spoke in support of the bill. He described the provisions of the bill. Senator Evans talked about his experience with bad faith foreclosures. Committee discussion ensued.
03:21 PM -- Angela Dalich, Larimer County Public Trustee, spoke in support of the bill. She discussed her experiences dealing with criminal foreclosure activities. She responded to questions from the committee.
03:33 PM -- John Head, representing various homeowners, spoke in support of the bill. He described some of his experiences with clients who were victims of these criminal foreclosure activities. He responded to questions from the committee.
03:48 PM -- Zach Urban, Colorado Housing Counseling Coalition, spoke in support of the bill.
03:52 PM -- Heidi Baker, Housing Colorado, spoke in support of the bill.
03:53 PM -- Roxy Huber, Colorado Public Trustee Association, spoke in support of the bill. She responded to questions from the committee.
03:58 PM -- Bart Bartholomew, Colorado Association of Mortgage Brokers, spoke in support of the bill.
04:02 PM -- A/W/ Schnellbacher, AARP, spoke in support of the legislation. He provided a handout to the committee (Attachments A & B).
04:04 PM -- Becky Creighton, NARHRI, spoke about some concerns she has with the legislation. She indicated her willingness to work with the sponsor and the attorney general's office to address problems in the industry. Senator Veiga noted that she appreciated the input from legitimate secondary lenders to improve the bill.
04:09 PM -- Jenifer Saltzman, Colorado Bankers Association, spoke in support of the bill.
04:13 PM -- Robert Collett, representing himself, indicated his general support of the principles of the bill, but indicated concern with certain aspects of the bill. He described how he runs his real estate investment business.
04:19 PM -- William Bronchick, Colorado Association of Real Estate Investors, spoke in opposition to certain aspects of the bill. He provided a written copy of his testimony (Attachment C).
04:24 PM -- Gary Licata, representing himself, spoke about his experiences with real estate investors as a mortgage lender. He responded to questions from the committee.
04:30 PM -- Tom Kammerling, representing himself, spoke about his experience with foreclosure and his positive experience with a real estate investor. He expressed concerns with certain aspects of the bill that would push out legitimate businesses in an effort to address criminal behavior.
04:36 PM -- Michael Duever, representing himself, spoke about his experience as a real estate investor. He expressed concern with some aspects of the bill that would make it harder for him to do business.
04:45 PM
The chair indicated public testimony is closed and the bill is laid over.