Colorado Legislative Council Staff

NO FISCAL IMPACT


Drafting Number:

Prime Sponsor(s):

LLS 98-043

Rep. May

Date:

Bill Status:

Fiscal Analyst:

January 2, 1998

House Local Government

Steve Tammeus (866-2756)

 

TITLE:            CONCERNING THE FORMS OF EVIDENCE THAT MAY BE PRESENTED TO PROVE THAT A PARCEL OF LAND IS NOT “AGRICULTURAL REAL ESTATE” FOR FORECLOSURE REDEMPTION PURPOSES.



Summary of Legislation


            Current law prescribes the procedure for redemption of property that has been purchased under foreclosure, or under order or execution of the courts. The procedure allows the owner of the property, or any other person liable for the deficiency, 75 days to redeem the property unless the property is considered agricultural real estate. The redemption period for agricultural real estate is extended to six months. The law authorizes the public trustee or sheriff to accept certain evidence that the property is not agricultural real estate. That evidence includes:

               a certified copy of the subdivision plat; or

               both a certified copy of the appropriate clerk and recorder and a certificate from the county assessor.


            This bill changes that evidence to include:

               a certified copy of the subdivision plat; or

               a certified copy of the appropriate clerk and recorder; or

               a certificate from the county assessor.


            The bill will become effective at 12:01 a.m. on the day following the ninety-day period after adjournment sine die of the General Assembly, or on the date of the official declaration of the vote of the people as proclaimed by the Governor, if a referendum petition is filed pursuant to Article V, Section 1 (3) of the State Constitution.



Assessment


            The provisions of this bill will not affect state or local government revenue or expenditures. Therefore, the bill is assessed as having no fiscal impact.



Departments Contacted


            Local Affairs