Colorado

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Colorado

TRANSPORTATION PANEL RECOMMENDS FUNDING PACKAGE

The financial subcommittee of the Governor’s Transportation Panel is recommending $1.5 billion as a funding target to address state-wide transportation needs and at the time be politically realistic. The revenue package the committee is suggesting includes 1) A statewide sales tax hike of .35 percent (now the total is 2.9 percent); 2) A gas tax increase of 13 cents a gallon; and 3) A 1.7 percent increase in the severance tax - all of which need voter approval. The panel is also recommending up to a $100 increase in vehicle registration and a $6 daily "visitor" fee on hotel rooms and car rentals. Neither of these is considered a tax they and therefore they could be approved by the legislature without a public vote. The entire recommended package in not likely to survive since health care and education funding are also pressing needs that will be hard to ignore in the upcoming legislative session and future state-wide elections.

CREC SUNSET REVIEW UPDATE

This year the Colorado Real Estate Commission/Division is being reviewed under the Sunset provisions required by state law. CAR prepared a detailed set of recommendations and shared those with the leadership of the Department of Regulatory Agencies (DORA) in anticipation of the Sunset Review.

This October, DORA issued its recommendations for continuation of the CREC which included one very significant change regarding E & O insurance coverage.

The following discussion provides a simple comparison between the recommendations contained in the DORA report and the recommendations made to DORA by CAR.

This year the Colorado Real Estate Commission/Division is being reviewed under the Sunset provisions required by state law. CAR prepared a detailed set of recommendations and shared those with the leadership of DORA in anticipation of the Sunset Review.

Last month DORA issued its recommendations for continuation of the CREC which included one very significant change.

2007 DORA Sunset Key Recommendations

Continue the CREC, the Div. of Real Estate and the regulation of real estate brokers and subdivision developers for 9 years until 2017.

CAR Concurs with this Sunset Recommendation

Continue to mandate that licensed real estate brokers maintain errors and omissions insurance and repeal the Commission’s involvement in procuring a group policy and the sunset provision pertaining to errors and omissions insurance.

CAR disagrees with this Sunset Recommendation for the following reasons:

1. Premiums are likely to increase which may force some licensees out of the industry, reducing consumer choice.
   

1. . By repealing, the state no longer sees its responsibility to provide an affordable plan.
   
2. This may put the consumer at risk if a licensee without coverage chooses to continue to practice.
   

Require an annual, four-hour Commission Update course and require the Commission to approve all other continuing education courses.

CAR concurs with this Sunset Recommendation

Alter the composition replacing of the Commission by replacing the individual with subdivision development experience with a member of the general public.

CAR Concurs with this Sunset Recommendation