CO SB014

Amends Colorado law to require mortgage loan originators' disclosures to comply with federal Truth in Lending Act (TILA), Real Estate Settlement Procedures Act (RESPA), Equal Credit Opportunity Act, Gramm-Leach-Bliley Act, Home Mortgage Disclosure Act, Federal Trade Commission Act, and Telemarketing Sales Rule.

Removes the prior requirement that mortgage loan originators provide written disclosure within three business days of loan application, instead aligning timing with federal law requirements.

Allows the state regulatory board to require compliance with additional mortgage loan disclosure requirements contained in applicable statutes and regulations by rule.

Repeals Colorado Revised Statute 38-40-102, which previously required separate state-level good faith estimates for residential mortgage loans, eliminating duplicate federal and state disclosure requirements.

Declares the act necessary for immediate preservation of public peace, health, and safety; approved by Governor John Hickenlooper on March 16, 2016.