NOTE:  This bill has been prepared for the signature of the appropriate legislative
officers and the Governor.  To determine whether the Governor has signed the bill
or taken other action on it, please consult the legislative status sheet, the legislative
      history, or the Session Laws.
      
      
      SENATE BILL 07-249
      
      
      BY SENATOR(S) Veiga, Groff, Isgar, Keller, Kester, Penry, Schwartz,
      Tapia, Taylor, Tochtrop, Tupa, and Williams;
      also REPRESENTATIVE(S) Rice.
      
      
      Concerning the application of existing regulations to persons
           performing services in connection with real estate
           transactions, and making an appropriation.
       
      
      Be it enacted by the General Assembly of the State of Colorado:
      
           SECTION 1.  10-3-207 (1), Colorado Revised Statutes, is amended
      BY THE ADDITION OF A NEW PARAGRAPH to read:
      
           10-3-207. Fees paid by insurance companies - repeal.  (1)  There
      shall be paid to the division of insurance by every entity regulated by the
      division of insurance in this state the following:
      
           (f) (I)  For the purpose of providing adequate funds to the
      division for market analysis, investigation, and enforcement of
      article 11 of this title and rules adopted pursuant to said article
      11, in addition to any other fee collected pursuant to this
      subsection (1), each title insurer regulated by the division
      pursuant to article 11 of this title shall pay a nonrefundable
      annual fee on or before March 1 of each year.  This fee shall be
      established by the commissioner in an amount sufficient to support
      two full-time equivalents within the division.
      
           (II) (A)  For the purpose of covering startup costs for the
      implementation of this paragraph (f) and to fund enforcement
      activities undertaken between July 1, 2007, and March 1, 2008, the
      commissioner shall assess a one-time surcharge upon all title
      insurers, calculated as a pro rata share of the total premiums
      derived from their title insurance business conducted in
      Colorado, that were subject to this section on or after March 1,
      2007.  The surcharge shall be payable on or before September 1,
      2007, and shall be established by the commissioner in an amount
      sufficient to support two full-time equivalents within the division
      for activities pursuant to this paragraph (f) during the period
      between September 1, 2007, and March 1, 2008.
      
           (B)  This subparagraph (II) is repealed, effective July 1, 2008.
      
           (III)  Notwithstanding any provision of section 10-1-103 or
      10-1-108 (9) to the contrary, all fees and surcharges collected
      pursuant to this paragraph (f) shall be transmitted to the state
      treasurer, who shall deposit the same in the division of insurance
      cash fund created in section 10-1-103, and shall be subject to
      annual appropriation to the division and to the department of law
      for the purposes set forth in this paragraph  (f).
      
           (IV)  Commencing January 1, 2009, the division shall provide
      annual reports to the joint budget committee, the senate business,
      labor, and technology committee, and the house business affairs
      and labor committee, or any such successor committees, and shall
      post on the division's website a statistical report of the number of
      enforcement actions taken, market trends associated with title
      insurance and real estate transactions, and consumer complaints
      supported by the fee in subparagraph (I) of this paragraph (f).
      
           SECTION 2.  Appropriation.  In addition to any other
      appropriation, there is hereby appropriated, out of any moneys in the
      division of insurance cash fund created in section 10-1-103 (3), Colorado
      Revised Statutes, not otherwise appropriated, for the fiscal year beginning
      July 1, 2007, to the department of regulatory agencies, division of
      insurance, the sum of one hundred forty-three thousand four hundred
      forty-eight dollars ($143,448) and 1.7 FTE, or so much thereof as may be
      necessary, for the implementation of this act.
      
           SECTION 3.  Safety clause.  The general assembly hereby finds,
      determines, and declares that this act is necessary for the immediate
      preservation of the public peace, health, and safety.
      
      
      
      
      
      ____________________________  ____________________________
      Joan Fitz-Gerald                      Andrew Romanoff
      PRESIDENT OF                     SPEAKER OF THE HOUSE
      THE SENATE                         OF REPRESENTATIVES
      
      
      
      
      
      
      ____________________________  ____________________________
      Karen Goldman                          Marilyn Eddins
      SECRETARY OF                 CHIEF CLERK OF THE HOUSE
      THE SENATE                         OF REPRESENTATIVES
      
      
      
      
                  APPROVED________________________________________
      
      
      
      
      
                                    _________________________________________
                                    Bill Ritter, Jr.
                                    GOVERNOR OF THE STATE OF COLORADO