s_fin_2016a_2016-04-19t14:05:00z0 Hearing Summary

Date: 04/19/2016

The committee was called to order. A quorum was present.



02:04 PM -- HB16-1356



Senators Jahn and Holbert, co-prime sponsors, presented House Bill 16-1356, which modifies the treatment of a line of credit lien secured with real property (i.e. a home equity line of credit) that has been satisfied. Under the bill, the lien continues and no release is required until the line of credit expires and the debt is satisfied, unless the debtor:

• relinquishes all right to make further use of the line of credit by either requesting, in writing, that the line of credit be cancelled; or

• provides notice that the property is being conveyed upon payment of the debt.

Senators Jahn and Holbert addressed questions from the committee.



02:08 PM -- Ms. Jenifer Waller, representing Colorado Bankers Association, testified in support of the bill.



02:09 PM -- Mr. Don Booher, representing Land Title Association of Colorado, testified in support of the bill.