Colorado Legislative Council Staff
NO FISCAL IMPACT
Sen. B. Alexander
January 30, 1998
Will Meyer (866-4976)
TITLE: CONCERNING CIVIL PENALTIES FOR VIOLATIONS OF THE DISCLOSURE REQUIREMENTS FOR MAKING LOANS SECURED BY A MORTGAGE OR DEED OF TRUST.
Summary of Assessment
The provisions of this bill would define “actual damages” that may be awarded by a court against a lender for failure to provide accurate good faith estimates of loan interest and closing costs. The bill would become effective upon signature of the Governor.
The provisions of the bill would impact lenders who violate the provisions of the statute. This would not affect the workload of the Divisions of Real Estate, Financial Services, or Banking, Department of Regulatory Agencies. The provisions of the bill do not create a new cause of action but would allow “new” damages to be awarded. This could result in some additional cases being filed with the courts. It is anticipated that the increase would be minimal. The provisions of the bill would not affect any other agency of the state, or unit of local government. Therefore, this bill is assessed as having no fiscal impact.
Regulatory Agencies Judicial Branch