Location: SCR 354
Final
BILL SUMMARY for SB17-127
SENATE COMMITTEE ON BUSINESS, LABOR, & TECHNOLOGY
BILL SUMMARY for SB17-127
SENATE COMMITTEE ON BUSINESS, LABOR, & TECHNOLOGY
| Votes: View--> | Action Taken: |
| Refer Senate Bill 17-127 to the Committee of the W | PASS |
10:16 AM -- SB 17-127
Senator Tate introduced Senate Bill 17-127, concerning an expansion of the exemption from the requirements that apply to a mortgage loan originator to include up to three loans per year without compensation between family members. Under current law, parents who help to finance a child's mortgage loan are exempt from the mortgage loan originator regulations in state law. The bill expands the exemption to include any family member who helps to finance another family member for up to three loans per year, with or without interest compensation. The Board of Mortgage Loan Originators in the Department of Regulatory Agencies is directed to define "family member" by rule.
10:17 AM -- Kristin Decker, Colorado Bar Association, spoke in favor of the bill. She responded to questions from the committee.
10:21 AM -- Jenifer Waller, Colorado Bankers Association, spoke in favor of the bill.
10:21 AM -- Cary Whitaker, Colorado Mortgage Lenders Association, spoke in favor of the bill. He responded to questions from the committee.
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| BILL: | SB17-127 | |
| TIME: | 10:24:56 AM | |
| MOVED: | Kerr | |
| MOTION: | Refer Senate Bill 17-127 to the Committee of the Whole with a recommendation that it be placed on the consent calendar. The motion passed on a vote of 7-0. | |
| SECONDED: | |
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VOTE |
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Jahn |
Yes |
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Kerr |
Yes |
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Priola |
Yes |
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Smallwood |
Yes |
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Williams A. |
Yes |
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Neville T. |
Yes |
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Tate |
Yes |
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Final YES: 7 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: PASS
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10:26 AM
The committee adjourned.