The General Assembly is schedule to adjourn at Midnight today (May 8th) as is required by state law. In the final analysis the session was not harmful for our industry but cynics would say that is only because the legislature was focused on other things such as social issues (gun control, civil unions) and school funding reform.
CAR will publish a report on the session. Here’s a status report on several bills of interest:
SB-118 “Seller Financing Mortgage Loan Originator Exempt” Sponsored by Sen. Hodge and Rep. Pabon on behalf of CAR, this clarifies the mortgage loan originator licensing exemption for financing by a person, estate or trust for seller financing on up to five properties in one year’s time and exempts real estate licensees who represent sellers who qualify for this exemption. CAR Position – SUPPORT.
HB-1268 “Mineral Estate Disclosure Real Estate” Sponsored by Sen. Hodge and Rep. Moreno (both from Adams County), this would have required a seller to disclose that “a separate mineral estate may subject the property to a separate oil, gas or mineral extraction.” The seller would provide standard disclosure language, to protect them from liability. After a quick approval in the House, this bill was killed in the Senate. CAR’s Chief Lobbyist Rachel Nance indicated that attorneys were not happy with some of the language in the bill. CAR Position – NEUTRAL.
Colorado’s business community was not happy with the results of the session. Colorado Concern, a coalition of business groups, sent a letter to Governor Hickenlooper asking him to veto a package of five bills, dealing with unemployment, energy and job protection issues. As of this writing it’s unclear whether the Governor will heed this request. Another bill opposed by the business community and CAR, SB-18 “Permissible Use of Credit Information,” sponsored by Sen. Ulibarri (Adams County) and Rep. Fischer (Fort Collins), was signed by the Governor on April 26. The bill prohibits an employer from using credit history unless it is related to an employee’s job and allows “aggrieved employees” to sue employers for damages.