HB18-1174

HB18-1174 - Sunset Continue Board Of Mortgage Loan Originators

Passed/Signed into Law
Concerning the continuation under the sunset law of the board of mortgage loan originators, and, in connection therewith, adopting the legislative recommendations of the department of regulatory agencies as contained in the department's sunset report.

Sunset Process - House Business Affairs and Labor Committee. The bill implements the recommendations of the department of regulatory agencies in its sunset review of the board of mortgage loan originators.

Sections 1 and 2 ( Recommendation 1 ) of the bill continue the board for 11 years, until September 1, 2029.

Section 3 ( Recommendation 2 ) commences the 60-day period within which the board must act on a license application on the date when all information, including supplementary information, necessary to process the application has been received rather than on the date when the application is first received.

Section 3 ( Recommendation 3 ) also aligns the educational requirements for initial licensure as an MLO with the educational requirements of the federal 'Secure and Fair Enforcement for Mortgage Licensing Act of 2008' (the 'SAFE Act').

Section 4 ( Recommendation 4 ) aligns the standards for disqualifying prior convictions with the corresponding standards in the SAFE Act and applies those standards to renewal and revocation as well as initial licensure.

Section 5 ( Recommendation 5 ) encourages the governor to appoint to one of the 3 seats on the board that is assigned to mortgage loan originators (MLOs) an MLO who is an employee or exclusive agent of, or works as an independent contractor for, a Colorado-based mortgage company.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

 

Latest update: May 29, 2018
05/29/2018 - Governor Signed
05/04/2018 - Sent to the Governor
05/04/2018 - Signed by the President of the Senate
05/02/2018 - Signed by the Speaker of the House
04/26/2018 - Senate Third Reading Passed - No Amendments
04/25/2018 - Senate Second Reading Special Order - Passed - No Amendments
04/24/2018 - Senate Committee on Appropriations Refer Unamended - Consent Calendar to Senate Committee of the Whole
04/16/2018 - Senate Committee on Business, Labor, & Technology Refer Unamended to Appropriations
04/09/2018 - Introduced In Senate - Assigned to Business, Labor, & Technology
04/09/2018 - House Third Reading Passed - No Amendments
04/06/2018 - House Second Reading Special Order - Passed with Amendments - Committee
04/06/2018 - House Committee on Appropriations Refer Unamended to House Committee of the Whole
03/21/2018 - House Committee on Finance Refer Unamended to Appropriations
02/13/2018 - House Committee on Business Affairs and Labor Refer Amended to Finance
02/02/2018 - Introduced In House - Assigned to Business Affairs and Labor