BILL SUMMARY for HB09-1207
HOUSE COMMITTEE ON JUDICIARY
|Votes: View--> ||Action Taken: |
|Adopt prepared amendment L.001 (Attachment B). Th|
Adopt prepared amendment L.005 (Attachment C). Th
Refer House Bill 09-1207, as amended, to the Commi
|Pass Without Objection|
Pass Without Objection
02:37 PM -- House Bill 09-1207
Representative C. Gardner, prime sponsor, presented House Bill 09-1207 concerning procedures to enforce a lien related to real property. The bill makes a number of changes related to real estate foreclosures which focus primarily on the operations and procedures of the public trustee and associated parties involved in foreclosure proceedings and the enforcement of a lien.
Sections 3, 4, 8, 9, 10, 12, 13, 19, 20, 21, 22, 23, and 24 take effect September 1, 2009; the remainder takes effect January 1, 2010. The bill is subject to the filing of a referendum petition against it during the 90-day period after final adjournment of the General Assembly. Provisions of the act shall apply to the foreclosure of any deed of trust or other lien with respect to which a notice of election and demand or lis pendens is recorded in the office of the clerk and recorder of the county where the property or a portion of the property is located on or after the applicable effective date of the act.
02:42 PM -- Carol Snyder and Bob Sagel, Colorado Public Trustees, spoke in support of the bill. Ms. Snyder explained how the recent recodification of procedures in the area of real estate foreclosures created inconsistencies and inefficiencies that are cleared up by this bill. She responded to questions from the committee about deficiency judgments. The committee discussed prepared amendment L.001 (Attachment B) and L.005 (Attachment C).
02:53 PM -- Caren Castle, Castle, Meinhold, and Stawiarski, spoke in support of the bill. Ms. Castle's firm represents lenders and banks in foreclosure proceedings in Colorado. Her firm was involved in drafting the bill. She discussed the Colorado public trustee system, which is the only one of its kind in the country. She stated her belief that it is a very neutral system. Ms. Castle talked about the significant changes made to Colorado foreclosure law as of January 1, 2008, and mentioned that a number of inconsistencies, ambiguities, and problems have come to light since that time. This bill provides clarity and addresses the issues.
02:56 PM -- Jose Vasquez, Colorado Legal Services, took no position on the bill. Mr. Vasquez works with individuals involved in foreclosure proceedings and he wants to ensure that borrowers' rights are preserved.
Representative C. Gardner wrapped up his presentation of the bill and asked for a favorable recommendation.
|TIME: || 03:10:12 PM|
|MOTION:||Refer House Bill 09-1207, as amended, to the Committee of the Whole with a favorable recommendation. The motion passed on a vote of 10-0, with one excused.|
Final YES: 10 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: PASS