Colorado

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Colorado

RITTER SIGNS FIVE BILLS DESIGNED TO STEM FORECLOSURES

On June 1, 2007, Governor Billl Ritter signed five bills into law that he and legislators say are designed to stem the flood of foreclosures in the State. 1) SB 85 makes it a serious crime to pressure a real estate appraiser to falsify an appraisal. 2) SB 203 converts the state’s mortgage broker registration system to a licensing system. 3) SB 216 requires mortgage brokers to act with good faith and fair dealing. 4) SB 249 requires title insurers to pay into a fund that will be used by regulators to oversee the industry. 5) HB 1322 requires stiff penalties for deceptive mortgage advertising and requires brokers to make loans suitable to a borrower’s ability to pay.

GOVERNOR’S PANEL EYES ALTERNATIVE TO GAS TAX

The Colorado Transportation Finance and Implementation Panel appointed by Governor Bill Ritter is eyeing a fee based on how many miles individual drivers travel each year to raise $ billions in new money to close the state’s transportation funding gap. The fee would be based on annual vehicle miles traveled (VMT), an approach being tried voluntarily in only Oregon. The VMT ‘tax’ is considered a user fee and could be imposed without a public vote. The panel is well aware of the controversial nature of such a proposal and is also looking at several other alternatives. These include: raising the gas tax; indexing the gas tax to inflation; imposing a state sales tax on gas; increasing the motor vehicle registration fee; increasing the sales tax rate on vehicles and parts; and, extending the state’s sales tax to include auto repair services.

AMENDMENT 41 NOT ENFORCED PENDING COURT CHALLENGE

Currently, the rules under Amendment 41 ban lobbyists from buying meals or gifts worth more than $50 for state lawmakers. They also ban gifts worth more than $50 to state employees or their families. On May 31, Denver District Court Judge Christina Habas issued a preliminary injunction barring enforcement of the gift bans. Opponents of the measure, such as the First Amendment Council, are continuing to pursue a broader court challenge in an effort to have the rules declared unconstitutional. These opponents argue that the rules would prevent, among other things, university professors from accepting Nobel Prize money and/or prohibit children of public university employees from accepting scholarships. Colorado Attorney General John Suthers released a report late last year which would support these claims. As of now, it remains unclear as to whether the state plans to appeal this recent court ruling. CAR’s Issues Mobilization Committee approved funding to contribute to the First Amendment Council and we are very pleased with the progress made thus far. Governor Ritter recently vetoed legislation attempting to reinterpret the voter approved constitutional amendment.