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CO SB127
Bill
AI Summary
- Expands exemption from mortgage loan originator requirements in Colorado Revised Statutes 12-61-904 to allow individuals to provide financing to family members without licensure or compensation
- Permits up to three residential mortgage loans per twelve-month period to family members, compared to the previous limitation to a parent's child only
- Defines "family member" to be established by board rule, replacing the previous restriction to parent-child relationships
- Excludes interest paid under the loan financing from the definition of "compensation or gain" for purposes of the exemption
- Takes effect August 9, 2017, or later if subject to successful referendum petition, with application to conduct occurring on or after the effective date
Legislative Description
Originator Exemption Mortgages To Family Members
Financial Services & Commerce
Last Action
Governor Signed
3/16/2017
Committee Referrals
Business Affairs and Labor2/13/2017
Business, Labor, & Technology1/27/2017
Full Bill Text
No bill text available