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s_blt_2016a_2016-03-09t14:01:17z0 Hearing Summary

Date: 03/09/2016



Final

BILL SUMMARY for HB16-1090



SENATE COMMITTEE ON BUSINESS, LABOR, & TECHNOLOGY


Votes: View--> Action Taken:
Adopt amendment L.009. The motion passed without o

Refer House Bill 16-1090, as amended, to the Commi
Pass Without Objection

PASS







02:01 PM -- HB 16-1090



Senator Jahn introduced House Bill 16-1090, concerning excess foreclosure proceeds. The reengrossed bill limits the premiums that a person may charge for offering assistance in recovering the balance of the purchase price of a foreclosed property after all liens and claims against the property have been satisfied. It reduces the period during which the public trustee must hold these funds before transferring the funds to the Unclaimed Property Division of the State Treasurer's office from five years to two years.



Any contract for finder's fee payments during the first six months of the public trustee's custody of the funds and during the first two years of the State Treasurer's custody of the funds is voided, and the finder's fee is capped at 20 percent of the amount recovered once these periods expire. For amounts that have been in the custody of the State Treasurer for three years or more, the finder's fee is capped at 30 percent. The bill also imposes additional contract requirements for finders, such as disclosing that the owner of the funds may obtain the funds free of charge without a finder's assistance.



Senator Jahn provided amendment L.009 (Attachment A) and a handout (Attachment B) to the committee. She responded to questions from the committee.



160309 AttachA.pdf160309 AttachA.pdf160309 AttachB.pdf160309 AttachB.pdf



02:09 PM --
Debra Johnson, Denver Clerk and Recorder and Colorado Public Trustee Association, spoke in support of the bill. She responded to questions from the committee.



02:18 PM --
John Davies, Denver Public Trustee, responded to questions from the committee.



02:27 PM --
Alissa Gardenswartz, Colorado Attorney General's Office, discussed the proposed amendment L.009. She responded to questions from the committee.



02:38 PM



Committee discussion continued.



02:44 PM --
Cynthia Mares, Arapahoe County Public Trustee, spoke in support of the bill. She addressed previous questions raised by the committee. She responded to questions from the committee.



03:00 PM



Committee discussion continued.



03:04 PM --
John Davies, Denver Public Trustee, responded to questions from the committee.


BILL: HB16-1090
TIME: 03:05:44 PM
MOVED: Jahn
MOTION: Adopt amendment L.009. The motion passed without objection.
SECONDED:
VOTE
Baumgardner
Heath
Hodge
Jahn
Neville T.
Newell
Tate
Woods
Holbert
YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection







03:06 PM



The committee discussed the bill.


BILL: HB16-1090
TIME: 03:12:23 PM
MOVED: Jahn
MOTION: Refer House Bill 16-1090, as amended, to the Committee of the Whole. The motion passed on a vote of 6-3.
SECONDED:
VOTE
Baumgardner
Yes
Heath
Yes
Hodge
Yes
Jahn
Yes
Neville T.
No
Newell
Yes
Tate
No
Woods
Yes
Holbert
No
Final YES: 6 NO: 3 EXC: 0 ABS: 0 FINAL ACTION: PASS









03:13 PM



The committee adjourned.




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