Location: SCR 352
Final
BILL SUMMARY for SB16-014
SENATE COMMITTEE ON BUSINESS, LABOR, & TECHNOLOGY
BILL SUMMARY for SB16-014
SENATE COMMITTEE ON BUSINESS, LABOR, & TECHNOLOGY
| Votes: View--> | Action Taken: |
| Adopt amendment L.001 (Attachment A). The motion p Refer Senate Bill 16-014, as amended, to the Commi |
Pass Without Objection PASS |
02:11 PM -- SB 16-014
Senator Holbert introduced Senate Bill 16-014, concerning mortgage loan originators. The bill aligns state mortgage originator disclosure requirements with federal requirements by repealing select provisions of statute and replacing those with cross references to applicable federal statutes and rules, such as the federal Truth in Lending Act and the Real Estate Settlement Procedures Act of 1974. The bill also permits future rule-making by the state Board of Mortgage Loan Originators related to compliance to other applicable statutes and regulations.
02:14 PM -- Cary Whitaker, Colorado Mortgage Lenders Association, spoke in support of the bill. He responded to questions from the committee.
02:23 PM -- Marcia Waters, Division of Real Estate in the Department of Regulatory Agencies, responded to questions from the committee.
02:24 PM -- Jenifer Waller, Colorado Bankers Association, spoke in support of the bill.
02:26 PM -- Jayne Bail, Colorado Association of Mortgage Professionals, spoke in support of the bill.
02:28 PM -- Christine Jensen, representing herself, spoke in support of the bill.
02:30 PM -- Terry Jones, Colorado Mortgage Lenders Association, spoke in support of the bill.
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| BILL: | SB16-014 | |
| TIME: | 02:34:12 PM | |
| MOVED: | Holbert | |
| MOTION: | Adopt amendment L.001 (Attachment A). The motion passed without objection. | |
| SECONDED: | |
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VOTE |
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Baumgardner |
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Heath |
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Hodge |
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Jahn |
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Neville T. |
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Newell |
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Tate |
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Woods |
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Holbert |
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YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection
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| BILL: | SB16-014 | |
| TIME: | 02:36:09 PM | |
| MOVED: | Holbert | |
| MOTION: | Refer Senate Bill 16-014, as amended, to the Committee of the Whole and with a recommendation that it be placed on the consent calendar. The motion passed on a vote of 9-0. | |
| SECONDED: | |
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VOTE |
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Baumgardner |
Yes |
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Heath |
Yes |
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Hodge |
Yes |
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Jahn |
Yes |
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Neville T. |
Yes |
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Newell |
Yes |
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Tate |
Yes |
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Woods |
Yes |
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Holbert |
Yes |
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YES: 9 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: PASS
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02:38 PM
The committee adjourned.