CLICS/CLICS2024A/commsumm.nsf
PUBLIC
BILL SUMMARY For MORTGAGE MODIFICATION ACT
JOINT COMMITTEE COMMITTEE ON COLORADO COMMISSION ON UNIFORM STATE LAWS
Date Oct 30, 2024
Location HCR 0112
Mortgage Modification Act - Will not proceed forward this year
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03:15:53 PM |
Seth Holley, representing a Colorado Bar Association subcommittee within the Real Estate Counsel, testified that the act is not needed in Colorado and not recommended for introduction
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03:15:54 PM |
Libby Snyder, Uniform Law Commission staff, responding to a question regarding the status of the act, stated that four states are considering it for introduction.
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03:19:56 PM |
Commissioner Snyder asked for clarification regarding the the capitalization of interest effect on junior lien holders and the commission discussed moving the act forward versus tabling it for now.
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03:25:43 PM |
Commissioner McGihon suggested working with the Colorado Bar Association, in conjunction with bankers, to see what in the act might need to be modified for Colorado.
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03:30:47 PM
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Motion |
Moved that the Uniform Mortgage Modification Act's introduction be deferred for a year. |
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| Moved |
Charley Pike |
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| Seconded |
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Gardner |
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Yelana Love |
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Donald Mielke |
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Charley Pike |
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Snyder |
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Kerry Tipper |
Excused |
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Joseph Whitfield |
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Claire Levy |
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Anne McGihon |
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YES: 0 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: Pass Without Objection |
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