Date: 03/22/2012

Final
BILL SUMMARY for SB12-141

HOUSE COMMITTEE ON JUDICIARY

Votes: View--> Action Taken:
Adopt prepared amendment L.002 (Attachment A). The
Postpone indefinitely Senate Bill 12-141. The moti
Refer Senate Bill 12-141, as amended, to the Commi		Pass Without Objection
PASS
FAIL



01:35 PM -- Senate Bill 12-141

Representative A. Kerr, sponsor, presented Senate Bill 12-141 concerning measures to alleviate difficulties faced by military personnel in qualifying for home mortgage loans. The bill modifies occupancy requirements affecting members of the United States armed services who are deployed away from their active or reserve duty station for a period of 60 days or more and who desire to obtain a loan to purchase a residence into which they plan to move following deployment. To further the public interest, the bill states that a lender shall not declare an otherwise qualified borrower ineligible for a home mortgage loan solely because of his or her deployed status.

Representative A. Kerr distributed prepared amendment L.002 (Attachment A) and explained that the amendment limits the bill's applicability to loans guaranteed by the Veterans' Administration. He indicated that some of the opposition to the bill will be alleviated with the adoption of the amendment. He responded to questions from the committee.

HseJud0322AttachA.pdf

01:42 PM -- Jenifer Waller, representing the Colorado Bankers' Association (CBA), testified in opposition to the bill. Ms. Waller stated that the CBA supports the military, but has problems with specific provisions in the bill She indicated that the CBA would support the bill with the adoption of the amendment. She responded to questions from the committee.

01:49 PM -- Terry Jones, representing the Colorado Mortgage Lenders' Association (CMLA), testified in opposition to the bill. Mr. Jones discussed his professional background. He expressed support for the military, but stated his opinion that the bill will result in serious unintended consequences. He indicated that the CMLA would support the bill with the adoption of the amendment. He responded to questions from the committee.

02:08 PM -- Nate Gorman, representing the United Veterans' Committee of Colorado, testified in support of the bill. Mr. Gorman stated his opinion that the bill will do more good than harm for veterans.


02:10 PM

Representative A. Kerr wrapped up his presentation of the bill and asked for a favorable recommendation. He responded to questions from the committee about the practical effect of the bill.
BILL:SB12-141
TIME: 02:30:15 PM
MOVED:Ryden
MOTION:Adopt prepared amendment L.002 (Attachment A). The motion passed without objection.
SECONDED:Duran
VOTE
DelGrosso
Duran
Kagan
Lee
Nikkel
Pabon
Ryden
Sonnenberg
Waller
Barker
Gardner B.
YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection


BILL:SB12-141
TIME: 02:30:36 PM
MOVED:Ryden
MOTION:Refer Senate Bill 12-141, as amended, to the Committee of the Whole. The motion failed on a vote of 5-6.
SECONDED:Duran
VOTE
DelGrosso
No
Duran
Yes
Kagan
Yes
Lee
Yes
Nikkel
No
Pabon
Yes
Ryden
Yes
Sonnenberg
No
Waller
No
Barker
No
Gardner B.
No
YES: 5 NO: 6 EXC: 0 ABS: 0 FINAL ACTION: FAIL


BILL:SB12-141
TIME: 02:31:26 PM
MOVED:Waller
MOTION:Postpone indefinitely Senate Bill 12-141. The motion passed on a vote of 6-5.
SECONDED:Sonnenberg
VOTE
DelGrosso
Yes
Duran
No
Kagan
No
Lee
No
Nikkel
Yes
Pabon
No
Ryden
No
Sonnenberg
Yes
Waller
Yes
Barker
Yes
Gardner B.
Yes
Final YES: 6 NO: 5 EXC: 0 ABS: 0 FINAL ACTION: PASS