h_bus_2017a_2017-04-27t13:35:16z4 Hearing Summary

Date: 04/27/2017

Location: LSB A

03:01 PM



The committee took a brief recess.



03:03 PM



The committee reconvened.



03:03 PM -- HB17-1358



Representative Rosenthal introduced House Bill 17-1358. Before the closing of a real estate transaction that includes a broker's service, the bill requires that the amount of any fee, commission, or other charge paid to a broker be set forth in writing and accounted for in a contract or contemporaneous document furnished to all parties. The required disclosures must include the identity of the parties paying compensation to a broker an the amounts payable by each party. The bill also requires that whenever a broker advertises his or her services in connection with a specific property, the broker must disclose his or her fees, or the basis for calculating the fees.



Representative Rosenthal responded to questions from the committee.



03:09 PM -- Jacob Pridgen, representing himself, testified in support of the bill.



03:13 PM -- David Hosea, representing himself, testified in support of the bill.



03:16 PM -- Scott Peterson, Colorado Association of Realtors, testified in opposition to the bill.



03:20 PM



Mr. Hosea, Mr. Peterson, and Representative Rosenthal responded to questions from the committee.



03:32 PM -- Paul Franke, the Commercial Real Estate Development Association (NAIOP), testified in opposition to the bill.



03:36 PM -- Joshua Hunt, Trelora, testified in support of the bill. Mr. Hunt responded to questions from the committee.



03:45 PM -- Jane Bill, Colorado Association of Mortgage Professionals, testified in opposition to the bill.



03:47 PM



Representative Rosenthal and committee members made closing remarks.