Location: HCR 0107
BILL SUMMARY for HB17-1026
HOUSE COMMITTEE ON LOCAL GOVERNMENT
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02:22 PM -- HB17-1026
The committee was called back to order. Representative Singer, sponsor, presented House Bill 1026 to the committee. A reverse mortgage provides a cash advance to the borrower based on the equity in the borrower's primary residence. Under current law, the borrower must repay the advance if he or she does not occupy the home as their primary residence, with exceptions for temporary absences of up to 60 days or, if the property is adequately secured, up to one year. This bill, recommended by the Wildfire Matters Review Committee, adds third exception to the primary residence requirement for borrowers who are unable to live in their home for at least 60 days and fewer than five years due to a natural disaster or an incident beyond the borrower's control that makes the home uninhabitable.
02:23 PM -- Terry Jones, representing Colorado Mortgage Lenders Association, testified in opposition. He answered questions from the committee.
02:50 PM -- Jenifer Waller, representing The Colorado Bankers Association, testified in opposition. She answered questions from the committee.
02:52 PM -- Paul Weissman, Boulder County Treasurer, testified in support of the bill. He answered questions from the committee. Committee discussion ensued
Discussion was held about laying over the bill or not. Representative Singer asked for the bill to be laid over for a week or so. Representative Lebsock announced the bill will be heard on January 25th and put first on the calendar.
The committee took a break.
The committee reconvened.
The committee adjourned.