NOTE: The governor signed this measure on 3/18/2015.
      
      
      SENATE BILL 15-142
      
      
      BY SENATOR(S) Roberts, Crowder;
      also REPRESENTATIVE(S) Pabon.
      
      
      Concerning a change in state law to make requirements for
           moneys held in escrow for the payment of ad valorem
           property taxes the same as the requirements of the federal
           "Real Estate Settlement Procedures Act of 1974".
      
      
      Be it enacted by the General Assembly of the State of Colorado:
      
           SECTION 1.  In Colorado Revised Statutes, 39-1-119, amend (1)
      as follows:
      
           39-1-119.  Funds held for payment of taxes - refund - reduction
      and increase of amounts - penalty. (1)  Each year, Subject to the
      provisions of section 39-3.5-105 (2), all funds held in escrow for the
      payment of ad valorem taxes on property pursuant to the terms of any deed
      of trust, mortgage, or other agreement creating a security interest in the
      property on May 20 of that year for payment of such year's ad valorem
      taxes, in excess of three-twelfths of the ad valorem taxes paid in such year,
      shall be refunded on or before May 30 of the year in which such taxes were
      paid all funds in excess of those permitted to be held by the
      federal "Real Estate Settlement Procedures Act of 1974", 12
      U.S.C. sec. 2601 et seq., as amended from time to time, and any
      rules promulgated to implement that federal law, as amended
      from time to time, held in escrow for the payment of ad valorem
      taxes on property under any deed of trust, mortgage, or other
      agreement encumbering or pertaining to real property located
      in this state shall be refunded to the property owner at the time
      and in the manner required by the federal law and rules. This
      subsection (1) applies whether or not the federal law and rules
      would apply to the deed of trust, mortgage, or other agreement
      in the absence of this subsection (1).
      
           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.
      
      
      
      
      ____________________________  ____________________________
      Bill L. Cadman                Dickey Lee Hullinghorst
      PRESIDENT OF                     SPEAKER OF THE HOUSE
      THE SENATE                         OF REPRESENTATIVES
      
      
      
      
      
      
      ____________________________  ____________________________
      Cindi L. Markwell                      Marilyn Eddins
      SECRETARY OF                 CHIEF CLERK OF THE HOUSE
      THE SENATE                         OF REPRESENTATIVES
      
      
      
      
                  APPROVED________________________________________
      
      
      
      
      
                                    _________________________________________
                                    John W. Hickenlooper
                                    GOVERNOR OF THE STATE OF COLORADO