Date: 03/22/2006
Final
BILL SUMMARY for HB06-1161
SENATE COMMITTEE ON BUSINESS, LABOR AND TECHNOLOGY
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02:17 PM -- House Bill 06-1161
Senator Veiga introduced her bill concerning the regulation of mortgage brokers. She discussed the determination of the Department of Regulatory Agencies of the benefit of regulating mortgage brokers.
02:21 PM -- Brian Tobias, Department of Regulatory Agencies, spoke in support of the legislation. He described the sunrise study by the department. He discussed the requirements recommended by the department for the regulation of mortgage brokers. He responded to questions from the committee regarding an example of the types of harm to the public identified by the department.
02:28 PM -- Chris Holbert, Colorado Mortgage Lenders Association, spoke in opposition to the legislation. He discussed concerns of mortgage brokers regarding problems with individuals in their profession. He responded to questions from the committee regarding current regulation of th mortgage industry. Committee discussion ensued regarding underwriting requirements for other regulated professions.
02:45 PM -- James Spray, Colorado Mortgage Brokers, spoke in support of the legislation.
02:48 PM -- Terry Jones, Colorado Independent Mortgage Lenders Task Force, spoke in support of the legislation with some amendments.
02:50 PM -- Bart Bartholomew, Colorado Association of Mortgage Brokers, spoke in support of the legislation with the removal of the bonding requirement. He described his experience as an independent mortgage broker and his opposition to a bonding requirement that he believes would be a barrier to entry into the Colorado market for small companies.
02:54 PM -- Jason Berman, Colorado Association of Mortgage Brokers, spoke in support of the legislation with the removal of the bonding requirement. He responded to questions from the committee.
03:00 PM -- Cade Lee, representing himself, spoke in support of the legislation with amendments.
03:04 PM -- David Osborn, representing himself, spoke in support of the legislation with amendments to eliminate the "retroactive" nature of the legislation.
03:08 PM -- Evan Goulding, Colorado Mortgage Lenders Association, spoke in opposition to the legislation.
03:11 PM
Senator Veiga asked to pull the bill off the table for action at a later date. The committee recessed.