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s_blt_2016a_2016-01-20t14:01:04z1 Hearing Summary

Date: 01/20/2016



Final

BILL SUMMARY for SB16-014



SENATE COMMITTEE ON BUSINESS, LABOR, & TECHNOLOGY


Votes: View--> Action Taken:
Adopt amendment L.001 (Attachment A). The motion p

Refer Senate Bill 16-014, as amended, to the Commi
Pass Without Objection

PASS







02:11 PM -- SB 16-014



Senator Holbert introduced Senate Bill 16-014, concerning mortgage loan originators. The bill aligns state mortgage originator disclosure requirements with federal requirements by repealing select provisions of statute and replacing those with cross references to applicable federal statutes and rules, such as the federal Truth in Lending Act and the Real Estate Settlement Procedures Act of 1974. The bill also permits future rule-making by the state Board of Mortgage Loan Originators related to compliance to other applicable statutes and regulations.



02:14 PM --
Cary Whitaker, Colorado Mortgage Lenders Association, spoke in support of the bill. He responded to questions from the committee.



02:23 PM --
Marcia Waters, Division of Real Estate in the Department of Regulatory Agencies, responded to questions from the committee.



02:24 PM --
Jenifer Waller, Colorado Bankers Association, spoke in support of the bill.



02:26 PM --
Jayne Bail, Colorado Association of Mortgage Professionals, spoke in support of the bill.



02:28 PM --
Christine Jensen, representing herself, spoke in support of the bill.



02:30 PM --
Terry Jones, Colorado Mortgage Lenders Association, spoke in support of the bill.


BILL: SB16-014
TIME: 02:34:12 PM
MOVED: Holbert
MOTION: Adopt amendment L.001 (Attachment A). 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



160120 AttachA.pdf160120 AttachA.pdf


BILL: SB16-014
TIME: 02:36:09 PM
MOVED: Holbert
MOTION: Refer Senate Bill 16-014, as amended, to the Committee of the Whole and with a recommendation that it be placed on the consent calendar. The motion passed on a vote of 9-0.
SECONDED:
VOTE
Baumgardner
Yes
Heath
Yes
Hodge
Yes
Jahn
Yes
Neville T.
Yes
Newell
Yes
Tate
Yes
Woods
Yes
Holbert
Yes
YES: 9 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: PASS









02:38 PM



The committee adjourned.


The House and Senate are temporarily adjourned.  The building is closed to the public.

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