Sunset Continue Board Of Mortgage Loan Originators
Board of mortgage loan originators - continuation under sunset law - license application procedure - educational requirements - grounds for denial - composition of board. The act implements the recommendations of the department of regulatory agencies in its sunset review of the board of mortgage loan originators. Sections 1 and 2 of the act continue the board for 11 years, until September 1, 2029.
Section 3 commences the 60-day period within which the board must act on a license application on the date when all information, including supplementary information, necessary to process the application has been received rather than on the date when the application is first received. Section 3 also aligns the educational requirements for initial licensure as a mortgage loan originator (MLO) with the educational requirements of the federal "Secure and Fair Enforcement for Mortgage Licensing Act of 2008" (the SAFE Act).
Section 4 aligns the standards for disqualifying prior convictions with the corresponding standards in the SAFE Act and applies those standards to renewal and revocation as well as initial licensure.
Section 5 encourages the governor to appoint to one of the 3 seats on the board that is assigned to MLOs an MLO who is an employee or exclusive agent of, or works as an independent contractor for, a Colorado-based mortgage company.
(Note: This summary applies to this bill as enacted.)