Bill Summary for Bill Number HB09-1109

Date: 02/04/2009

Final
BILL SUMMARY for HB09-1109

HOUSE COMMITTEE ON BUSINESS AFFAIRS AND LABOR

Votes: View-->	Action Taken:
Moved amendment L.002 (Attachment C). The motion Moved to refer House Bill 09-1109, as amended, to	Pass Without Objection PASS

10:30 AM -- House Bill 09-1109

Representative Priola, prime sponsor, presented House Bill 09-1109 concerning the extension of foreclosure protection to purchasers of residential properties as to which formal foreclosure proceedings have not yet been commenced. For purposes of the Colorado Foreclosure Protection Act, current law defines a "residence in foreclosure" to mean a residence or dwelling that is occupied as the home owner's principal place of residence and against which any type of foreclosure action has been commenced. HB09-1109 amends the definition to include a dwelling that is encumbered by a residential mortgage loan that is delinquent or in default. In addition to properties for which a foreclosure action has commenced, a "residence in foreclosure" can include a residence upon which a foreclosure action is authorized under the terms of the loan.

The bill becomes effective August 4, 2009, assuming the General Assembly adjourns sine die as scheduled on May 6, 2009, unless a referendum petition is filed.

10:34 AM -- Jan Zavislan, representing the Colorado Attorney General's Office, testified in support of the bill. He said the bill came out of a task force that met this last summer following a number of complaints from consumers in foreclosure. Mr. Zavislan responded to questions from the committee about who the bill protects. Mr. Zavislan explained that the bill expands the protections under the act to more homeowners.

10:46 AM -- Caren Castle, representing Castle, Meinhold, and Stawiarski, testified in support of the bill. She said her firm handles many foreclosures and deals with many distressed homeowners. Ms. Castle feels the definition should be expanded to those homeowners that are delinquent. In response to a question, she stated that Colorado's foreclosure rates are flat.


BILL:	HB09-1109
TIME:	10:51:13 AM
MOVED:	Priola
MOTION:	Moved amendment L.002 (Attachment C). The motion passed without objection.
SECONDED:	Balmer
		VOTE
	Balmer
	Bradford
	Gagliardi
	Liston
	Priola
	Ryden
	Scanlan
	Soper
	Stephens
	Casso
	Rice

Not Final YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection


BILL:	HB09-1109
TIME:	10:52:52 AM
MOVED:	Priola
MOTION:	Moved to refer House Bill 09-1109, as amended, to the Committee of the Whole. The motion passed 9-2.
SECONDED:	Balmer
		VOTE
	Balmer	Yes
	Bradford	Yes
	Gagliardi	Excused
	Liston	Yes
	Priola	Yes
	Ryden	Yes
	Scanlan	Yes
	Soper	Yes
	Stephens	Yes
	Casso	Yes
	Rice	Excused

Final YES: 9 NO: 0 EXC: 2 ABS: 0 FINAL ACTION: PASS