Magazine article Mortgage Banking

Colorado Introduces New Legislation, D.C. Proposes New Rule. (Business Alert)

Magazine article Mortgage Banking

Colorado Introduces New Legislation, D.C. Proposes New Rule. (Business Alert)

Article excerpt

ON APRIL 25, 2002, COLORADO INTRODUCED Senate Bill 226, which would require the licensure and regulation of mortgage originators (defined as persons who, for compensation or in the expectation of compensation, either directly or indirectly make, negotiate or offer to make or negotiate a mortgage loan). The bill would create the Mortgage Originator Board in the Division of Real Estate, setting parameters for its composition and operation, and gives the board authority to create an advisory committee. Several entities would be exempt from licensure, including banks, trust companies, savings and loan associations, credit unions and other entities. An applicant for a mortgage originator license would have to pass an examination developed or adopted by the board. The board also would have the authority to designate a time and location for such examination(s), as well as recommend grading procedures and educational and practical experience requirements. Under certain circumstances, the board would have the authorit y to deny or revoke a license. Additionally, the bill would prohibit several acts and practices. Passage of Senate Bill 226 would significantly alter the regulatory landscape in Colorado to require the licensure and regulation of mortgage originators, according to Lotstein Buckman LLP, Washington, D. …

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