Date: 02/21/2012

Final
BILL SUMMARY for HB12-1116

HOUSE COMMITTEE ON ECONOMIC AND BUSINESS DEVELOPMENT

Votes: View--> Action Taken:
Moved to adopt amendment L.001 (Attachment K). The
Moved to adopt amendment L.003 (Attachment L). The
Moved to adopt amendment L.008 (Attachment M). The
Moved to refer House Bill 12-1116, as amended, to 		Pass Without Objection
Pass Without Objection
Pass Without Objection
PASS



01:33 PM -- House Bill 12-1116

Representative Murray, prime sponsor, presented House Bill 12-1116. The bill was previously heard in committee on February 9, 2012, and laid over for action only. The bill adds disclosure requirements to real estate transactions involving the resale of time share properties. Agreements to transfer time share resale interests must include a description of any residual interests retained by the seller, a list of costs for time share resale services, a statement regarding any other person who may use the time share after the interest has been transferred, and various other disclosures. Time share contracts and time share resale services covered by the bill do not include professionals (e.g., attorneys, escrow agents) providing certain transactional services or the developer or association managing a time share community according to an existing plan.

The bill creates a new cause of action under the Colorado Consumer Protection Act for deceptive trade practices. Deceptive trade practices occur when time share resale entities fail to provide disclosures as required by the bill. These time share resale entities may rely upon information provided by the owner, developer, or association managing the time share.

BILL:HB12-1116
TIME: 01:35:57 PM
MOVED:Liston
MOTION:Moved to adopt amendment L.001 (Attachment K). The motion passed without objection.
SECONDED:Holbert
VOTE
Balmer
Holbert
Miklosi
Excused
Priola
Singer
Soper
Swerdfeger
Szabo
Tyler
Williams A.
Wilson
Swalm
Liston
YES: 0 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: Pass Without Objection


120221AttachK.pdf
BILL:HB12-1116
TIME: 01:36:27 PM
MOVED:Liston
MOTION:Moved to adopt amendment L.003 (Attachment L). The motion passed without objection.
SECONDED:Holbert
VOTE
Balmer
Holbert
Miklosi
Excused
Priola
Singer
Soper
Swerdfeger
Szabo
Tyler
Williams A.
Wilson
Swalm
Liston
YES: 0 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: Pass Without Objection

120221AttachL.pdf

BILL:HB12-1116
TIME: 01:37:01 PM
MOVED:Liston
MOTION:Moved to adopt amendment L.008 (Attachment M). The motion passed without objection.
SECONDED:Holbert
VOTE
Balmer
Holbert
Miklosi
Excused
Priola
Singer
Soper
Swerdfeger
Szabo
Tyler
Williams A.
Wilson
Swalm
Liston
YES: 0 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: Pass Without Objection


120221AttachM.pdf
BILL:HB12-1116
TIME: 01:38:56 PM
MOVED:Szabo
MOTION:Moved to refer House Bill 12-1116, as amended, to the Committee of the Whole. The motion passed on a vote of 12-0.
SECONDED:Liston
VOTE
Balmer
Yes
Holbert
Yes
Miklosi
Excused
Priola
Yes
Singer
Yes
Soper
Yes
Swerdfeger
Yes
Szabo
Yes
Tyler
Yes
Williams A.
Yes
Wilson
Yes
Swalm
Yes
Liston
Yes
YES: 12 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: PASS