j_ccu_2018a_2018-08-13t14:31:33z4 Hearing Summary

Letitia Maxfield, CBA group working on this act, reported that the bar has concerns regarding data privacy and the potential for data mining and would like to find the best way to work with the commission on language suggestions as this act moves forward.

Terry Jones, Legislative Chair of the Colorado Mortgage Lenders Association, stated that his organization would like to see this bill pass in Colorado this year, but it also has concerns regarding the required recording of the transaction. Real estate transactions can include a significant amount of personal private and financial information and he would like the act to limit what could be included in the recording.

Robert Howe, President of the Title Company of the Rockies, echoed support for the act and concerns with data storage and data selling. He believes that truncating the recording information should address these concerns.

The commission shared that the ULC drafting committee discussed privacy issues and determined that these issues should be addressed through privacy laws. The commission also pointed out that the act does address privacy concerns through a rulemaking process. It asked what information is currently included in a notary log and whether truncating the recording would affect the uniformity of the act. The commission will keep this act on its 2019 legislative agenda and directed a bill draft be prepared. Commissioners Gardner and Wist will continue to meet with stakeholders and contact the Secretary of State’s office regarding rulemaking requirements. The commission thanked the Commissioner Wist for his work on the ULC drafting committee.