I took a class last week from an attorney who reviewed for us the legislative changes that pertain to home ownership in Colorado, and life between Denver and Boulder. I've summarized them for you, with the bill numbers so you can look them up for more info.
There were a lot of them, so I divided them into 3 posts. This is part 3, which deals with everything that didn't fit into parts 1 and 2. Read my first post on legislative changes pertaining to Colorado homes here.
I am neither an attorney nor a politician, so please don't base any conclusions or decisions on my short summaries or opinions in this post. Consult an attorney.
You can see the bills in their entirety at www.LEG.State.CO.US Colorado General Assembly.
- Requirement for mortgage companies to be registered with and regulated by the Division of Real Estate, including that they be registered on the nationwide mortgage licensing system and registry created by federal law in 2008. Creates a new mortgage broker board for the State. (You may not be aware of this, but until recently there was no licensing at all for mortgage companies in the State of Colorado. Then, there was a regulation for them to be licensed unless they worked for a bank. Now, even those that work for banks must at least be registered.) H.B. 10-1141 Effective 8/11/10
- Requirement for new home builders to offer home buyers water efficiency options. Toilets, faucets, shower heads, dishwasher, clothes washers, landscaping. valves. H.B. 10-1358 Effective 1/1/11
- The unauthorized diversion of surface water (think 'rainbarrel') now carries a $500 per day fine. H.B. 10-27 Effective 4/14/10
(It seems really ironic to me that one law to save water was enacted, while penalties were stiffened for homeowners who save water in another way. Our government at work!)
- Increased protections for mobile home owners who lease space in mobile home parks - adds 'manufactured home' to the definition of 'mobile home', increases time for eviction notices, imposes a landlord's duty to ensure water/sewer, and gives the right to peaceably assemble in the park. S.B. 10-156 effective 7/1/10
- The definition of the criminal offense of equity skimming is expanded to include the act of continuing to collect rent from a tenant after foreclosure and sale of the property to another person. H.B. 09-1227 Effective 9/1/09
- Bona fide tenants are allowed to remain in the residence, pursuant to their lease, following a foreclosure, except when the successor in interest or subsequent purchaser will occupy the unit as a primary residence - in that case the tenant must receive notice to vacate at least 90 days before the effective date of such notice. A lease or tenancy is bona fide if it is the result of arms-length transaction and if the rent is not substantially less than fair market rent. Public Law 111-22 Effective 5/20/09
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I write posts on real estate issues and local events in the Denver metro area, especially those *communities between Denver and Boulder, as a public service. My hope is to give people an idea of the 'flavor' of our community, in case they're new or moving to the Denver area.
I am a residential real estate agent, happily helping folks buy a house or sell a house in the beautiful and friendly *suburbs northwest of Denver.
*Arvada, Broomfield, Lafayette, Louisville, Superior, Westminster; also Thornton, Golden, Wheat Ridge, Northglen, Lakewood
Read more about Arvada Colorado, a historic small town between Denver and Boulder.
Find Homes for Sale, no Matter Who Listed Them, at Dream House Hunting.
Copyright © 2011 Joetta Fort
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