Colorado

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Colorado

CAR SUPPORTS LICENSING AND REGULATION OF MORTGAGE BROKERS

CAR’s legislative policy committee has come out in support of SB—203 that, if enacted would change the regulatory framework for mortgage brokers in Colorado from registration to licensing. The bill defines the rules for revocation or suspension of a license, provides for fines and admonition for violation of rules. In addition to regulating mortgage brokers, the bill also requires delivery of all documents related to a mortgage loan on residential property be delivered to the borrower at least two business days before closing. And, gives the borrower a qualified right to rescind the transaction if any material term of the transaction is misstated or restated in such documents. Thee 22 page bill also contains additional administrative and performance requirements. The bill is scheduled for hearing in the Senate State, Veterans and Military Affairs Committee.

STATEWIDE TRANSPORTATIONN SUMMMIT ON FOR APRIL 5

Transportation experts, planners, advocates, government officials and community transportation leaders will gather at the Colorado Convention Center on April 5 for a day-long summit. Governor Bill Ritter is convening the Summit to bring together a broad range of stakeholders to identify long-term sustainable funding options to support a statewide multimodal transportation system. Summit details will be available latter this month.