Summary of HB08-1402
Short Title: ARM Notice Foreclosure Temporary Timeout

Sponsors: Gagliardi & .../Bacon

Requires a lender to give the borrower written notice at least 30 days in advance of a change in the interest rate or other factors affecting the size of a payment on a residential mortgage loan, and to provide contact information for the lender's representative and the Colorado foreclosure hotline in case the borrower is unable to make regular payments after the change. In a hearing for a court order authorizing a foreclosure sale, directs Gallegos, Green, Kerr A., McGihon, Merrifield, Middleton, Peniston, Pommer, Primavera, Solano, Soper, and Todd the court to extend the sale date for 90 days in the case of certain residential mortgages if the debtor shows either that required documentation was not duly served on the debtor or that a representative of the lender did not engage in good-faith loss mitigation efforts, defined as efforts to work with the borrower to extend or restructure the loan. Repeals the 90-day delay provision after 3 years. Requires filing of notices to the debtor and affidavits of compliance with good-faith loss mitigation efforts along with the notice of election and demand to initiate a public trustee's sale. Excludes credit sales from the act.


Status
04/21/2008 Introduced In House - Assigned to Business Affairs and Labor
04/21/2008 Introduced In House - Assigned to Business Affairs and Labor + Appropriations
04/24/2008 House Committee on Business Affairs and Labor Refer Amended to Appropriations
04/29/2008 House Committee on Appropriations Pass Amended to House Committee of the Whole
04/29/2008 House Second Reading Special Order - Passed with Amendments
04/30/2008 House Third Reading Passed
04/30/2008 Introduced In Senate - Assigned to Local Government
04/30/2008 Introduced In Senate - Assigned to Local Government + Appropriations
05/01/2008 Senate Committee on Local Government Refer Amended to Appropriations
05/02/2008 Senate Committee on Appropriations Pass Amended to Senate Committee of the Whole
05/02/2008 Senate Second Reading Laid Over
05/05/2008 Senate Second Reading Passed with Amendments

Amendments

Fiscal Notes Status

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