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.
      
      
      HOUSE BILL 11-1022
      
      
      BY REPRESENTATIVE(S) Scott, Massey, Holbert, Joshi, McNulty,
      Barker, Baumgardner, Beezley, Bradford, Brown, Conti, Court, Fields,
      Gardner B., Gerou, Kerr J., Lee, Liston, Looper, Nikkel, Pabon, Ramirez,
      Summers, Swerdfeger, Szabo, Waller, Williams A., Wilson;
      also SENATOR(S) Morse, Harvey, Grantham, Steadman, Aguilar, Giron,
      Jahn, Newell, Scheffel, Williams S.
      
      
      Concerning the exemption from laws regulating mortgage loan
           originators of certain persons providing seller financing
           for the sale of a limited number of residential properties.
      
      
      Be it enacted by the General Assembly of the State of Colorado:
      
           SECTION 1.  Legislative declaration.  (1)  The general assembly
      hereby finds that:
      
           (a)  Colorado is currently experiencing a deep economic recession;
      
           (b)  The housing market is vital to any economic recovery in
      Colorado;
      
           (c)  The recovery of housing markets in Colorado, much like other
      states, are impeded by tight credit market conditions and the inability of
      borrowers to receive the financing necessary to purchase real property and
      thereby relieve the markets of excess inventory; and
      
           (d)  In order for excess inventory to be consumed, and thereby the
      housing market to recover, real property in Colorado must have the ability
      to be conveyed using all available means of financing.
      
           SECTION 2.  The introductory portion to 12-61-904 (1) and
      12-61-904 (1) (b), Colorado Revised Statutes, are amended to read:
      
           12-61-904.  Exemptions.  (1)  Except as otherwise provided in
      section 12-61-911, this part 9 shall does not apply to the following:
      
           (b)  An individual who only offers or negotiates terms of a
      residential mortgage loan secured by a dwelling that served as the
      individual's residence With respect to a residential mortgage loan,
      a person, estate, or trust that provides mortgage financing for
      the sale of no more than three properties in any twelve-month
      period to purchasers of such properties, each of which is owned by
      such person, estate, or trust and serves as security for the loan;
      
           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.
      
      
      
      
      ________________________________________________________
      Frank McNulty                      Brandon C. Shaffer
      SPEAKER OF THE HOUSE                     PRESIDENT OF
      OF REPRESENTATIVES                         THE SENATE
      
      
      
      
      
      
      ____________________________  ____________________________
      Marilyn Eddins                      Cindi L. Markwell
      CHIEF CLERK OF THE HOUSE                 SECRETARY OF
      OF REPRESENTATIVES                         THE SENATE
      
      
      
      
                  APPROVED________________________________________
      
      
      
      
      
                                    _________________________________________
                                    John W. Hickenlooper
                                    GOVERNOR OF THE STATE OF COLORADO