Bill Summary for Bill Number HB06-1323

Date: 03/09/2006

Final
BILL SUMMARY for HB06-1323

HOUSE COMMITTEE ON FINANCE

Votes: View-->	Action Taken:
Moved amendment L.003. (The amendment makes a tec Moved amendment L.004. (The amendment changes pro Refer House Bill 06-1323, as amended, to the Commi	Pass Without Objection Pass Without Objection PASS

11:22 AM -- House Bill 06-1323 - Concerning Fraud in the Mortgage Lending Process

Representative Marshall, prime sponsor, briefly explained the provisions of the bill and distributed amendments L.003 and L.004 (Attachments A and B). Representative Marshall said that HB06-1323 addresses fraud in the mortgage lending process. It defines residential mortgage fraud as making false statements or filing documents known to have false or omitted information in the mortgage lending process. Residential mortgage fraud carries a penalty fine of no less than $75,000. Representative Marshall continued by saying the bill establishes that the investigation and prosecution of mortgage fraud are under the concurrent jurisdiction of the district attorney and the state Attorney General. Finally, the bill states that the court cannot accept a plea bargain for charges brought alongside a mortgage fraud charge unless the plea agreement includes an order of restitution.

The committee briefly discussed the bill and the amendments. The amendments were moved and explained by Representative Marshall. She said that amendment L.003 makes a technical change to the section in the statutes that govern "Theft" and amendment L.004 changes provisions in state law to be consistent with federal law. Both amendments passed without objection by those members present and the bill was referred, as amended, to the Committee on Appropriations.


BILL:	HB06-1323
TIME:	11:27:16 AM
MOVED:	Marshall
MOTION:	Moved amendment L.003. (The amendment makes a technical change to the section in the statutes that govern "Theft" (Section 18-4-401, C.R.S.)) The motion passed without objection by those members present.
SECONDED:	Massey
		VOTE
	Benefield
	Cloer
	Crane
	Frangas
	Garcia
	Harvey
	Jahn
	Kerr
	Marshall
	Massey
	McCluskey
	Judd
	Vigil
Not Final YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection


BILL:	HB06-1323
TIME:	11:29:20 AM
MOVED:	Marshall
MOTION:	Moved amendment L.004. (The amendment changes provisions in state law to be consistent with federal law.) The motion passed without objection by those members present.
SECONDED:	Massey
		VOTE
	Benefield
	Cloer
	Crane
	Frangas
	Garcia
	Harvey
	Jahn
	Kerr
	Marshall
	Massey
	McCluskey
	Judd
	Vigil
Not Final YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection


BILL:	HB06-1323
TIME:	11:29:48 AM
MOVED:	Marshall
MOTION:	Refer House Bill 06-1323, as amended, to the Committee on Appropriations. The motion passed on a 11-1-1 vote.
SECONDED:	Frangas
		VOTE
	Benefield	Yes
	Cloer	Yes
	Crane	Yes
	Frangas	Yes
	Garcia	Yes
	Harvey	Excused
	Jahn	Yes
	Kerr	Yes
	Marshall	Yes
	Massey	Yes
	McCluskey	Yes
	Judd	No
	Vigil	Yes
Final YES: 11 NO: 1 EXC: 1 ABS: 0 FINAL ACTION: PASS