SENATE
                       3rd Reading Unamended
       March 5, 2012          SENATE
                       2nd Reading Unamended
                       March 2, 2012Second Regular Session
              Sixty-eighth General Assembly
                    STATE OF COLORADO
                                                REENGROSSED
                       This Version Includes All Amendments
                       Adopted in the House of Introduction
 LLS NO. 12-0341.01 Duane Gall x4335     SENATE BILL 12-141
                   SENATE SPONSORSHIP
 Shaffer B., 
 
                    HOUSE SPONSORSHIP
 Kerr A., 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Senate Committees
 House Committees
 
 
 State, Veterans & Military Affairs
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                         A BILL FOR AN ACT
       Concerning measures to alleviate difficulties faced by
            military personnel in qualifying for home mortgage
            loans.
       
       
                           Bill Summary
       
            (Note: This summary applies to this bill as introduced and does
       not reflect any amendments that may be subsequently adopted. If this bill
       passes third reading in the house of introduction, a bill summary that
       applies to the reengrossed version of this bill will be available at
       http://www.leg.state.co.us/billsummaries.)
       
            The bill eases occupancy requirements for members of the United
       States armed services who are deployed on active federal service for a
       period in excess of 60 days and who desire to obtain loans to purchase
       residences into which they plan to move following a period of
       deployment.
       
       
       
       Be it enacted by the General Assembly of the State of Colorado:
            SECTION 1.  In Colorado Revised Statutes, add part 12 to article
       1 of title 6 as follows:
                              PART 12
          LOAN ELIGIBILITY FOR VETERANS, RESERVISTS, AND
                  ACTIVE DUTY MILITARY PERSONNEL
            6-1-1201.  Eligibility of persons called to active duty -
       legislative declaration. (1) (a)  The general assembly finds and
       determines that:
            (I)  To qualify for certain publicly funded home mortgage
       loans, including loans offered by the federal veterans'
       administration, the borrower is required to certify that he or
       she will occupy the subject property as a primary residence and
       will take possession within a reasonable time, which is generally
       construed to mean within sixty days after closing; and
            (II)  Persons who are on active federal service and
       deployed away from their active or reserve duty stations for a
       period of more than sixty days may not know of, or may be
       prohibited from disclosing, orders posting them to duty stations
       in other states or overseas on short notice or for periods much
       longer than sixty days. This results in otherwise qualified
       applicants losing eligibility for these loans.
            (b)  Therefore, the general assembly declares that the
       adoption of this section is in the public interest.
            (2)  A lender shall not declare an otherwise qualified
       borrower, who is serving in any branch of the armed forces of
       the United States, on active federal service and deployed away
       from his or her active or reserve duty station for a period in
       excess of sixty days, and who declares a present intention to
       take possession of the subject property as soon as possible
       following the end of any intervening period of deployment,
       ineligible for the purpose of qualifying for any home mortgage
       loan solely because of his or her deployed status.
            SECTION 2.  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.