CO HB1174

Continues the Board of Mortgage Loan Originators under Colorado's sunset law, extending its repeal date from September 1, 2018 to September 1, 2029.

Requires mortgage loan originator applicants to complete at least 20 hours of education administered by the Nationwide Multistate Licensing System and Registry, replacing the previous 9-hour mortgage lending fundamentals course requirement.

Modifies criminal history disqualifications to specify that felony convictions within the immediately preceding seven years disqualify applicants, removing the previous language tied to application date.

Encourages the governor to appoint at least one of the three licensed mortgage loan originators on the Board to be an employee, exclusive agent, or independent contractor of a Colorado-based mortgage company.

Takes effect August 8, 2018, subject to referendum petition, and applies to applications received on or after the effective date.