reglab/statecodes huggingface dataset:
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 6 - REAL ESTATE APPRAISERS (§§ 12-10-601 — 12-10-623) › Section 12-10-616 - Unlawful acts - penalties

(1)
It is unlawful for a person to:
(a)
Violate section
12-10-613(1)(c), (1)(e), or (1)(f)
or perform a real estate appraisal without first having obtained a license or certificate from the board pursuant to this part 6;
(b)
Accept a fee for an independent appraisal assignment that is contingent upon:
(I)
Reporting a predetermined analysis, opinion, or conclusion; or
(II)
The analysis, opinion, or conclusion reached; or
(III)
The consequences resulting from the analysis, opinion, or conclusion;
(c)
Misrepresent a consulting service as an independent appraisal; or
(d)
Fail to disclose, in connection with a consulting service for which a contingent fee is or will be paid, the fact that a contingent fee is or will be paid.
(2)
Any person who violates any provision of subsection (1) of this section commits a class 2 misdemeanor and shall be punished as provided in section
18-1.3-501
. Any person who subsequently violates any provision of subsection (1) of this section within five years after the date of a conviction for a violation of subsection (1) of this section commits a class 5 felony and shall be punished as provided in section
18-1.3-401
.
Amended by 2021 Ch. 462,§ 136, eff. 3/1/2022.
Renumbered from C.R.S. §
12-61-716
and amended by 2019 Ch. 136,§ 1, eff. 10/1/2019.
Entire part recreated and reenacted by 2014 Ch. 385,§ 1, eff. 7/1/2014.
(1) This section is similar to former § 12-61-716 as it existed prior to 2019.
(2) Section 803(2) of chapter 462 (SB 21-271), Session Laws of Colorado 2021, provides that the act changing this section applies to offenses committed on or after March 1, 2022.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 6 - REAL ESTATE APPRAISERS (§§ 12-10-601 — 12-10-623) › Section 12-10-617 - Appraisal management company license required - violations - injunction

(1)
Except as provided in section
12-10-607(9)
, it is unlawful for any person, partnership, limited liability company, or corporation to engage in the business of appraisal management in this state without first having obtained a license from the board. The board shall not grant a license to a person, partnership, limited liability company, or corporation until the person, partnership, limited liability company, or corporation demonstrates compliance with this part 6.
(2)
The board may apply to a court of competent jurisdiction for an order enjoining an act or practice that constitutes a violation of this part 6, and, upon a showing that a person, partnership, limited liability company, or corporation is engaging or intends to engage in an act or practice that violates this part 6, the court shall grant an injunction, restraining order, or other appropriate order, regardless of the existence of another remedy for the violation. Any notice, hearing, or duration of an injunction or restraining order shall be made in accordance with the Colorado rules of civil procedure.
(3)
Any person, partnership, limited liability company, or corporation violating this part 6 by acting as an appraisal management company without having obtained a license or acting as an appraisal management company after the appraisal management company's license has been revoked or during any period for which the license was suspended commits a class 2 misdemeanor.
Amended by 2021 Ch. 462,§ 137, eff. 3/1/2022.
Renumbered from C.R.S. §
12-61-717
and amended by 2019 Ch. 136,§ 1, eff. 10/1/2019.
(1) This section is similar to former § 12-61-717 as it existed prior to 2019.
(2) Section 803(2) of chapter 462 (SB 21-271), Session Laws of Colorado 2021, provides that the act changing this section applies to offenses committed on or after March 1, 2022.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 6 - REAL ESTATE APPRAISERS (§§ 12-10-601 — 12-10-623) › Section 12-10-618 - Injunctive proceedings

(1)
The board may, in the name of the people of the state of Colorado, through the attorney general of the state of Colorado, apply for an injunction in any court of competent jurisdiction to perpetually enjoin a person or appraisal management company from committing an act prohibited by this part 6.
(2)
Injunctive proceedings under this section are in addition to and not in lieu of penalties and other remedies provided in this part 6.
(3)
When seeking an injunction under this section, the board is not required to allege or prove either that an adequate remedy at law does not exist or that substantial or irreparable damage would result from a continued violation.
Renumbered from C.R.S. §
12-61-718
and amended by 2019 Ch. 136,§ 1, eff. 10/1/2019.
This section is similar to former § 12-61-718 as it existed prior to 2019.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 6 - REAL ESTATE APPRAISERS (§§ 12-10-601 — 12-10-623) › Section 12-10-619 - Special provision for appraiser employees of county assessors

(1)
Except as provided in subsection (2) of this section, unless a federal waiver is applied for and granted pursuant to section
12-10-604(1)(i)
, a person acting as a real estate appraiser in this state shall be licensed or certified as provided in this part 6. No person shall practice without a license or certificate or hold himself or herself out to the public as a licensed or certified real estate appraiser unless licensed or certified pursuant to this part 6.
(2)
An appraiser employee of a county assessor who is employed to appraise real property shall be licensed or certified as provided in this part 6 and shall have two years from the date of taking office or the beginning of employment to comply with this part 6.
Renumbered from C.R.S. §
12-61-719
and amended by 2019 Ch. 136,§ 1, eff. 10/1/2019.
Entire part recreated and reenacted by 2014 Ch. 385,§ 1, eff. 7/1/2014.
Former 12-61-714 amended by 2013 Ch. 392,§ 11, eff. 7/1/2013.
This section is similar to former § 12-61-719 as it existed prior to 2019.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 6 - REAL ESTATE APPRAISERS (§§ 12-10-601 — 12-10-623) › Section 12-10-620 - Duties of board under federal law

(1)
The board shall:
(a)
Transmit to the appraisal subcommittee of the federal financial institutions examination council or its successor entity, no less than annually, a roster listing individuals and appraisal management companies that have received a certificate or license as provided in this part 6;
(b)
Collect and transmit, on an annual basis, to the federal financial institutions examination council an annual registry fee, as prescribed by the appraisal subcommittee of the federal financial institutions examination council or its successor entity, from the following individuals and entities:
(I)
Individuals and appraisal management companies that are licensed or certified pursuant to this part 6; and
(II)
Appraisal management companies that operate as subsidiaries of federally regulated financial institutions; and
(c)
Conduct its business and promulgate rules in a manner consistent with Title XI of the federal "Financial Institutions Reform, Recovery, and Enforcement Act of 1989", as amended, Pub.L. 101-73.
(2)
The board shall not collect or transmit the information required by this section for licensed ad valorem appraisers.
Renumbered from C.R.S. §
12-61-720
and amended by 2019 Ch. 136, § 1, eff. 10/1/2019.
Amended by 2018 Ch. 286, § 4, eff. 8/8/2018.
Entire part recreated and reenacted by 2014 Ch. 385, § 1, eff. 7/1/2014.
Former 12-61-715 amended by 2013 Ch. 392, § 12, eff. 7/1/2013.
L. 2014: Entire part RC&RE, (SB 14-117), ch. 385, p. 1904, § 1, effective July 1. L. 2018: (1)(b) amended, (SB 18-210), ch. 286, p. 1776, § 4, effective August 8.
This section is similar to former § 12-61-720 as it existed prior to 2019.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 6 - REAL ESTATE APPRAISERS (§§ 12-10-601 — 12-10-623) › Section 12-10-621 - Business entities

(1)
A corporation, partnership, bank, savings and loan association, savings bank, credit union, or other business entity may provide appraisal services if the appraisal is prepared by a certified general appraiser, a certified residential appraiser, or a licensed appraiser. An individual who is not a certified general appraiser, a certified residential appraiser, or a licensed appraiser may assist in the preparation of an appraisal if:
(a)
The assistant is under the direct supervision of a certified or licensed appraiser; and
(b)
The final appraisal document is approved and signed by an individual who is a certified or licensed appraiser.
Renumbered from C.R.S. §
12-61-721
and amended by 2019 Ch. 136,§ 1, eff. 10/1/2019.
Entire part recreated and reenacted by 2014 Ch. 385,§ 1, eff. 7/1/2014.
This section is similar to former § 12-61-721 as it existed prior to 2019.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 6 - REAL ESTATE APPRAISERS (§§ 12-10-601 — 12-10-623) › Section 12-10-622 - Provisions found not to comply with federal law null and void - severability

(1)
If any provision of this part 6 is found by a court of competent jurisdiction or by the appropriate federal agency not to comply with the federal "Financial Institutions Reform, Recovery, and Enforcement Act of 1989", as amended, Pub.L. 101-73, the provision is null and void, but the remaining provisions of this part 6 are valid unless the remaining provisions alone are incomplete and are incapable of being executed in accordance with the legislative intent of this part 6.
(2)
If the regulation of appraisal management companies is repealed from Title XI of the federal "Financial Institutions Reform, Recovery, and Enforcement Act of 1989", as amended, Pub.L. 101-73, the board's jurisdiction over these entities is also repealed. Before the repeal, the division shall review the regulation of appraisal management companies as provided in section
24-34-104
. If the board's jurisdiction is repealed, the director shall notify the revisor of statutes of the date of the repeal.
Renumbered from C.R.S. §
12-61-722
and amended by 2019 Ch. 136, § 1, eff. 10/1/2019.
(1) This section is similar to former § 12-61-722 as it existed prior to 2019.
(2) As of publication date, the revisor of statutes has not received the notice referred to in subsection (2).
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 6 - REAL ESTATE APPRAISERS (§§ 12-10-601 — 12-10-623) › Section 12-10-623 - Scope of article - regulated financial institutions - de minimis exemption

(1)
(a)
This article 10 does not apply to an appraisal relating to any real-estate-related transaction or loan made or to be made by a financial institution or its affiliate if the real-estate-related transaction or loan is excepted from appraisal regulations established by the primary federal regulator of the financial institution and the appraisal is performed by:
(I)
An officer, director, regularly salaried employee, or agent of the financial institution or its affiliate; or
(II)
A real estate broker licensed under this article 10 with whom the institution or affiliate has contracted for performance of the appraisal.
(b)
The appraisal must not be represented or deemed to be an appraisal except to the financial institution, the agencies regulating the financial institution, and any secondary markets that purchase real estate secured loans. The appraisal must contain a written notice that the preparer is not licensed or certified as an appraiser under this part 6. Nothing in this subsection (1) exempts a person licensed or certified as an appraiser under this part 6 from regulation as provided in this part 6.
(2)
Nothing in this article 10 limits the ability of any federal or state regulator of a financial institution to require the financial institution to obtain appraisals as specified by the regulator.
Amended by 2020 Ch. 17,§ 2, eff. 9/14/2020.
Renumbered from C.R.S. §
12-61-723
and amended by 2019 Ch. 136,§ 1, eff. 10/1/2019.
Entire part recreated and reenacted by 2014 Ch. 385,§ 1, eff. 7/1/2014.
Former 12-61-718 amended by 2013 Ch. 392,§ 14, eff. 7/1/2013.
L. 2014: Entire part RC&RE, (SB 14-117), ch. 385, p. 1905, § 1, effective July 1.
This section is similar to former § 12-61-723 as it existed prior to 2019.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 7 - MORTGAGE LOAN ORIGINATORS (§§ 12-10-701 — 12-10-730) › Section 12-10-701 - Short title

The short title of this part 7 is the "Mortgage Loan Originator Licensing and Mortgage Company Registration Act".
Renumbered from C.R.S. §
12-61-901
and amended by 2019 Ch. 136, § 1, eff. 10/1/2019.
L. 2006: Entire part added, p. 1581, § 1, effective July 1. L. 2007: Entire section amended, p. 1731, § 3, effective 1/1/2008. L. 2009: Entire part amended, (HB 09 -1085), ch. 303, p. 1611, § 1, effective August 5. L. 2010: Entire section amended, (HB 10 -1141), ch. 280, p. 1283, § 2, effective August 11.
This section is similar to former § 12-61-901 as it existed prior to 2019.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 7 - MORTGAGE LOAN ORIGINATORS (§§ 12-10-701 — 12-10-730) › Section 12-10-705 - Registration required - rules

(1)
On or after January 1, 2011, each mortgage company shall register with the nationwide mortgage licensing system and registry, unless exempted by rule by the board, and shall renew its registration each calendar year based on the following criteria:
(a)
(I)
The mortgage company is legally operating in the state of Colorado in accordance with standards determined and administered by the Colorado secretary of state; and
(II)
The mortgage company is not legally barred from operating in Colorado.
(b)
Sole proprietors, general partnerships, and other mortgage companies not otherwise required to register with the secretary of state shall register using a trade name.
Renumbered from C.R.S. §
12-61-903.1
and amended by 2019 Ch. 136,§ 1, eff. 10/1/2019.
This section is similar to former § 12-61-903.1 as it existed prior to 2019.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 7 - MORTGAGE LOAN ORIGINATORS (§§ 12-10-701 — 12-10-730) › Section 12-10-706 - License or registration inactivation

(1)
The board may inactivate a state license or a registration with the nationwide mortgage licensing system and registry when a licensee has failed to:
(a)
Comply with the surety bond requirements of sections
12-10-704(8)
and
12-10-717
;
(b)
Comply with the errors and omissions insurance requirement in section
12-10-707
or any rule of the board that directly or indirectly addresses errors and omissions insurance requirements;
(c)
Maintain current contact information, surety bond information, or errors and omissions insurance information as required by this part 7 or by any rule of the board that directly or indirectly addresses those requirements;
(d)
Respond to an investigation or examination;
(e)
Comply with any of the education or testing requirements set forth in this part 7 or in any rule of the board that directly or indirectly addresses education or testing requirements; or
(f)
Register with and provide all required information to the nationwide mortgage licensing system and registry.
Renumbered from C.R.S. §
12-61-903.3
and amended by 2019 Ch. 136,§ 1, eff. 10/1/2019.
L. 2009: Entire part amended, (HB 09-1085), ch. 303, p. 1619, §1, effective August 5. L. 2010: IP(1), (1)(b), (1)(c), and (1)(e) amended, (HB 10-1141), ch. 280, p. 1288, §7, effective August 11.
This section is similar to former § 12-61-903.3 as it existed prior to 2019.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 7 - MORTGAGE LOAN ORIGINATORS (§§ 12-10-701 — 12-10-730) › Section 12-10-707 - Errors and omissions insurance - duties of the board - certificate of coverage - when required - group plan made available - effect - rules

(1)
Every licensee under this part 7, except an inactive mortgage loan originator or an attorney licensee who maintains a policy of professional malpractice insurance that provides coverage for errors and omissions insurance for their activities as a licensee under this part 7, shall maintain errors and omissions insurance to cover all activities contemplated under this part 7. The division shall make the errors and omissions insurance available to all licensees by contracting with an insurer for a group policy after a competitive bid process in accordance with article
103
of title
24
. A group policy obtained by the division must be available to all licensees with no right on the part of the insurer to cancel a licensee. A licensee may obtain errors and omissions insurance independently if the coverage complies with the minimum requirements established by the division.
(2)
(a)
If the division is unable to obtain errors and omissions insurance coverage to insure all licensees who choose to participate in the group program at a reasonable annual premium, as determined by the division, a licensee shall independently obtain the errors and omissions insurance required by this section.
(b)
The division shall solicit and consider information and comments from interested persons when determining the reasonableness of annual premiums.
(3)
The division shall determine the terms and conditions of coverage required under this section based on rules promulgated by the board. Each licensee shall be notified of the required terms and conditions at least thirty days before the annual premium renewal date as determined by the division. Each licensee shall file a certificate of coverage showing compliance with the required terms and conditions with the division by the annual premium renewal date, as determined by the division.
(4)
In addition to all other powers and duties conferred upon the board by this part 7, the board shall adopt such rules as it deems necessary or proper to carry out this section.
Renumbered from C.R.S. §
12-61-903.5
and amended by 2019 Ch. 136, § 1, eff. 10/1/2019.
L. 2007: Entire section added, p. 1734, § 5, effective 1/1/2008. L. 2009: Entire part amended, (HB 09 -1085), ch. 303, p. 1619, § 1, effective August 5. L. 2010: (2) amended, (HB 10 -1141), ch. 280, p. 1289, § 8, effective August 11. L. 2012: Entire section R&RE, (HB 12-1110), ch. 277, p. 1473, § 16, effective 7/1/2013.
This section is similar to former § 12-61-903.5 as it existed prior to 2019.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 7 - MORTGAGE LOAN ORIGINATORS (§§ 12-10-701 — 12-10-730) › Section 12-10-708 - License renewal

(1)
In order for a licensed mortgage loan originator to renew a license issued pursuant to this part 7, the mortgage loan originator shall:
(a)
Continue to meet the minimum standards for issuance of a license pursuant to this part 7;
(b)
Satisfy the annual continuing education requirements set forth in section
12-10-704(10)
and in rules adopted by the board; and
(c)
Pay applicable license renewal fees.
(2)
If a licensed mortgage loan originator fails to satisfy the requirements of subsection (1) of this section for license renewal, the mortgage loan originator's license shall expire. The board shall adopt rules to establish procedures for the reinstatement of an expired license consistent with the standards established by the nationwide mortgage licensing system and registry.
Renumbered from C.R.S. §
12-61-903.7
and amended by 2019 Ch. 136,§ 1, eff. 10/1/2019.
L. 2009: Entire part amended, (HB 09-1085), ch. 303, p. 1620, §1, effective August 5. L. 2010: (1)(b) and (2) amended, (HB 10-1141), ch. 280, p. 1289, §9, effective August 11.
This section is similar to former § 12-61-903.7 as it existed prior to 2019.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 7 - MORTGAGE LOAN ORIGINATORS (§§ 12-10-701 — 12-10-730) › Section 12-10-710 - Originator's relationship to borrower - rules

(1)
A mortgage loan originator shall have a duty of good faith and fair dealing in all communications and transactions with a borrower. The duty includes, but is not limited to:
(a)
The duty to not recommend or induce the borrower to enter into a transaction that does not have a reasonable, tangible net benefit to the borrower, considering all of the circumstances, including the terms of a loan, the cost of a loan, and the borrower's circumstances;
(b)
The duty to make a reasonable inquiry concerning the borrower's current and prospective income, existing debts and other obligations, and any other relevant information and, after making the inquiry, to make his or her best efforts to recommend, broker, or originate a residential mortgage loan that takes into consideration the information submitted by the borrower, but the mortgage loan originator shall not be deemed to violate this section if the borrower conceals or misrepresents relevant information; and
(c)
The duty not to commit any acts, practices, or omissions in violation of section
38-40-105
.
(2)
For purposes of implementing subsection (1) of this section, the board may adopt rules defining what constitutes a reasonable, tangible net benefit to the borrower.
(3)
A violation of this section constitutes a deceptive trade practice under the "Colorado Consumer Protection Act", article
1
of title
6
.
Renumbered from C.R.S. §
12-61-904.5
and amended by 2019 Ch. 136,§ 1, eff. 10/1/2019.
L. 2007: Entire section added, p. 1716, § 3, effective June 1; entire section added, p. 1745, § 2, effective July 1. L. 2009: Entire part amended, (HB 09-1085), ch. 303, p. 1621, §1, effective August 5. L. 2010: (2) amended, (HB 10-1141), ch. 280, p. 1290, §11, effective August 11.
This section is similar to former § 12-61-904.5 as it existed prior to 2019.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 7 - MORTGAGE LOAN ORIGINATORS (§§ 12-10-701 — 12-10-730) › Section 12-10-715 - Subpoena - petty offense

(1)
The board or the administrative law judge appointed for hearings may issue subpoenas, as described in section
12-10-711(7)
, which shall be served in the same manner as subpoenas issued by district courts and shall be issued without discrimination between public or private parties requiring the attendance of witnesses or the production of documents at hearings.
(2)
Any person who willfully fails or neglects to appear and testify or to produce books, papers, or records required by subpoena, duly served upon him or her in any matter conducted under this part 7, commits a petty offense. Each day a person so refuses or neglects constitutes a separate offense.
Amended by 2021 Ch. 462,§138, eff. 3/1/2022.
Renumbered from C.R.S. §
12-61-905.7
and amended by 2019 Ch. 136,§1, eff. 10/1/2019.
(1) This section is similar to former § 12-61-905.7 as it existed prior to 2019.
(2) Section 803(2) of chapter 462 (SB 21-271), Session Laws of Colorado 2021, provides that the act changing this section applies to offenses committed on or after March 1, 2022.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 7 - MORTGAGE LOAN ORIGINATORS (§§ 12-10-701 — 12-10-730) › Section 12-10-716 - Immunity

A person participating in good faith in the filing of a complaint or report or participating in an investigation or hearing before the board or an administrative law judge pursuant to this part 7 shall be immune from any liability, civil or criminal, that otherwise might result by reason of the action.
Renumbered from C.R.S. §
12-61-906
and amended by 2019 Ch. 136,§ 1, eff. 10/1/2019.
L. 2006: Entire part added, p. 1586, § 1, effective July 1. L. 2009: Entire part amended, (HB 09-1085), ch. 303, p. 1630, §1, effective August 5. L. 2010: Entire section amended, (HB 10-1141), ch. 280, p. 1296, §17, effective August 11.
This section is similar to former § 12-61-906 as it existed prior to 2019.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 7 - MORTGAGE LOAN ORIGINATORS (§§ 12-10-701 — 12-10-730) › Section 12-10-717 - Bond required - rules

(1)
Before receiving a license, an applicant shall post with the board a surety bond in an amount prescribed by the board by rule. A licensed mortgage loan originator shall maintain the required bond at all times. The surety bond may be held by the individual mortgage loan originator or may be in the name of the company by which the mortgage loan originator is employed. The board may adopt rules to further define surety bond requirements.
(2)
The surety shall not be required to pay a person making a claim upon the bond until a final determination of fraud, forgery, criminal impersonation, or fraudulent representation has been made by a court with jurisdiction.
(3)
The surety bond shall require the surety to provide notice to the board within thirty days if payment is made from the surety bond or if the bond is canceled.
Renumbered from C.R.S. §
12-61-907
and amended by 2019 Ch. 136, § 1, eff. 10/1/2019.
Amended by 2016 Ch. 117, § 6, eff. 8/10/2016.
L. 2006: Entire part added, p. 1586, § 1, effective July 1. L. 2007: (1) amended, p. 1741, § 9, effective 1/1/2008. L. 2009: Entire part amended, (HB 09 -1085), ch. 303, p. 1630, § 1, effective August 5. L. 2010: (1) and (3) amended, (HB 10 -1141), ch. 280, p. 1296, § 18, effective August 11. L. 2016: (1) amended, (HB 16-1306), ch. 117, p. 333, § 6, effective August 10.
This section is similar to former § 12-61-907 as it existed prior to 2019.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 7 - MORTGAGE LOAN ORIGINATORS (§§ 12-10-701 — 12-10-730) › Section 12-10-718 - Fees

The board may set the fees for issuance and renewal of licenses and registrations under this part 7. The fees shall be set in amounts that offset the direct and indirect costs of implementing this part 7 and section
38-40-105
. The money collected pursuant to this section shall be transferred to the state treasurer, who shall credit it to the division of real estate cash fund created in section
12-10-215
.
Renumbered from C.R.S. §
12-61-908
and amended by 2019 Ch. 136, § 1, eff. 10/1/2019.
Amended by 2017 Ch. 282, § 19, eff. 6/30/2017.
L. 2006: Entire part added, p. 1586, § 1, effective July 1. L. 2007: (1) amended, p. 1727, § 2, effective June 1; (1) amended, p. 1746, § 3, effective July 1; entire section amended, p. 1741, § 10, effective 1/1/2008. L. 2009: Entire part amended, (HB 09 -1085), ch. 303, p. 1630, § 1, effective August 5. L. 2010: Entire section amended, (HB 10 -1141), ch. 280, p. 1296, § 19, effective August 11. L. 2017: Entire section amended, (SB 17-215), ch. 282, p. 1541, § 19, effective June 30.
This section is similar to former § 12-61-908 as it existed prior to 2019.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 7 - MORTGAGE LOAN ORIGINATORS (§§ 12-10-701 — 12-10-730) › Section 12-10-719 - Attorney general - district attorney - jurisdiction

The attorney general shall have concurrent jurisdiction with the district attorneys of this state to investigate and prosecute allegations of criminal violations of this part 7.
Renumbered from C.R.S. §
12-61-909
and amended by 2019 Ch. 136,§ 1, eff. 10/1/2019.
L. 2006: Entire part added, p. 1586, § 1, effective July 1. L. 2009: Entire part amended, (HB 09-1085), ch. 303, p. 1631, §1, effective August 5.
This section is similar to former § 12-61-909 as it existed prior to 2019.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 7 - MORTGAGE LOAN ORIGINATORS (§§ 12-10-701 — 12-10-730) › Section 12-10-720 - Violations - injunctions

(1)
(a)
Any individual violating this part 7 by acting as a mortgage loan originator in this state without having obtained a license or by acting as a mortgage loan originator after that individual's license has been revoked or during any period for which the license may have been suspended commits a class 2 misdemeanor and shall be punished as provided in section
18-1.3-501
; except that, if the violator is not a natural person, the violator shall be punished by a fine of not more than five thousand dollars.
(b)
Each residential mortgage loan negotiated or offered to be negotiated by an unlicensed person shall be a separate violation of this subsection (1).
(2)
The board may request that an action be brought in the name of the people of the state of Colorado by the attorney general or the district attorney of the district in which the violation is alleged to have occurred to enjoin a person from engaging in or continuing the violation or from doing any act that furthers the violation. In such an action, an order or judgment may be entered awarding the preliminary or final injunction as is deemed proper by the court. The notice, hearing, or duration of an injunction or restraining order shall be made in accordance with the Colorado rules of civil procedure.
(3)
A violation of this part 7 shall not affect the validity or enforceability of any mortgage.
Amended by 2021 Ch. 462,§ 139, eff. 3/1/2022.
Renumbered from C.R.S. §
12-61-910
and amended by 2019 Ch. 136,§ 1, eff. 10/1/2019.
(1) This section is similar to former § 12-61-910 as it existed prior to 2019.
(2) Section 803(2) of chapter 462 (SB 21-271), Session Laws of Colorado 2021, provides that the act changing this section applies to offenses committed on or after March 1, 2022.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 7 - MORTGAGE LOAN ORIGINATORS (§§ 12-10-701 — 12-10-730) › Section 12-10-721 - Prohibited conduct - influencing a real estate appraisal

(1)
A mortgage loan originator shall not, directly or indirectly, compensate, coerce, or intimidate an appraiser, or attempt, directly or indirectly, to compensate, coerce, or intimidate an appraiser, for the purpose of influencing the independent judgment of the appraiser with respect to the value of a dwelling offered as security for repayment of a residential mortgage loan. This prohibition shall not be construed as prohibiting a mortgage loan originator from requesting an appraiser to:
(a)
Consider additional, appropriate property information;
(b)
Provide further detail, substantiation, or explanation for the appraiser's value conclusion; or
(c)
Correct errors in the appraisal report.
Renumbered from C.R.S. §
12-61-910.2
and amended by 2019 Ch. 136,§ 1, eff. 10/1/2019.
L. 2007: Entire section added, p. 1727, § 3, effective June 1. L. 2009: Entire part amended, (HB 09-1085), ch. 303, p. 1631, §1, effective August 5.
This section is similar to former § 12-61-910.2 as it existed prior to 2019.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 7 - MORTGAGE LOAN ORIGINATORS (§§ 12-10-701 — 12-10-730) › Section 12-10-722 - Rule-making authority

The board has the authority to promulgate rules as necessary to enable the board to carry out the board's duties under this part 7.
Renumbered from C.R.S. §
12-61-910.3
and amended by 2019 Ch. 136, § 1, eff. 10/1/2019.
L. 2007: Entire section added, p. 1717, § 5, effective June 1; entire section added, p. 1727, § 3, effective June 1; entire section added and amended, pp. 1736, 1731, §§ 8, 2, effective 1/1/2008. L. 2009: Entire part amended, (HB 09 -1085), ch. 303, p. 1632, § 1, effective August 5. L. 2010: Entire section amended, (HB 10 -1141), ch. 280, p. 1297, § 21, effective August 11.
This section is similar to former § 12-61-910.3 as it existed prior to 2019.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 7 - MORTGAGE LOAN ORIGINATORS (§§ 12-10-701 — 12-10-730) › Section 12-10-723 - Acts of employee - mortgage loan originator's liability

An unlawful act or violation of this part 7 upon the part of an agent or employee of a licensed mortgage loan originator shall not be cause for disciplinary action against a mortgage loan originator unless it appears that the mortgage loan originator knew or should have known of the unlawful act or violation or had been negligent in the supervision of the agent or employee.
Renumbered from C.R.S. §
12-61-911.5
and amended by 2019 Ch. 136, § 1, eff. 10/1/2019.
L. 2007: Entire section added, p. 1742, § 13, effective 1/1/2008. L. 2009: Entire part amended, (HB 09 -1085), ch. 303, p. 1633, § 1, effective August 5.
This section is similar to former § 12-61-911.5 as it existed prior to 2019.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 7 - MORTGAGE LOAN ORIGINATORS (§§ 12-10-701 — 12-10-730) › Section 12-10-724 - Dual status as real estate broker - requirements

(1)
Unless a mortgage loan originator complies with both subsections (2) and (3) of this section, he or she shall not act as a mortgage loan originator in any transaction in which:
(a)
The mortgage loan originator acts or has acted as a real estate broker or salesperson; or
(b)
Another person doing business under the same licensed real estate broker acts or has acted as a real estate broker or salesperson.
(2)
Before providing mortgage-related services to the borrower, a mortgage loan originator shall make a full and fair disclosure to the borrower, in addition to any other disclosures required by this part 7 or other laws, of all material features of the loan product and all facts material to the transaction.
(3)
(a)
A real estate broker or salesperson licensed under part 2 of this article 10 who also acts as a mortgage loan originator shall carry on the mortgage loan originator business activities and shall maintain the person's mortgage loan originator business records separate and apart from the real estate broker or sales activities conducted pursuant to part 2 of this article 10. The activities shall be deemed separate and apart even if they are conducted at an office location with a common entrance and mailing address if:
(I)
Each business is clearly identified by a sign visible to the public;
(II)
Each business is physically separated within the office facility; and
(III)
No deception of the public as to the separate identities of the broker business firms results.
(b)
This subsection (3) shall not require a real estate broker or salesperson licensed under part 2 of this article 10 who also acts as a mortgage loan originator to maintain a physical separation within the office facility for the conduct of its real estate broker or sales and mortgage loan originator activities if the board determines that maintaining the physical separation would constitute an undue financial hardship upon the mortgage loan originator and is unnecessary for the protection of the public.
Renumbered from C.R.S. §
12-61-912
and amended by 2019 Ch. 136,§ 1, eff. 10/1/2019.
L. 2007: Entire section added, p. 1719, § 7, effective June 1. L. 2008: (1), IP(3)(a), and (3)(b) amended, p. 510, § 28, effective April 17. L. 2009: Entire part amended, (HB 09-1085), ch. 303, p. 1634, §1, effective August 5. L. 2010: (3)(b) amended, (HB 10-1141), ch. 280, p. 1298, §24, effective August 11.
This section is similar to former § 12-61-912 as it existed prior to 2019.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 7 - MORTGAGE LOAN ORIGINATORS (§§ 12-10-701 — 12-10-730) › Section 12-10-725 - Written disclosure of fees and costs - contents - limits on fees - rules

(1)
A mortgage loan originator's disclosures must comply with all applicable requirements of:
(a)
The federal "Truth in Lending Act",
15 U.S.C. sec. 1601
et seq., and Regulation Z,
12 CFR 226
and
12 CFR 1026
;
(b)
The federal "Real Estate Settlement Procedures Act of 1974",
12 U.S.C. sec. 2601
et seq., and Regulation X,
12 CFR 1024
et seq.;
(c)
The federal "Equal Credit Opportunity Act",
15 U.S.C. sec. 1691
and Regulation B,
12 CFR 202.9
,
202.11
, and
202.12
and
12 CFR 1002
;
(d)
Title V, Subtitle A of the federal "Financial Services Modernization Act of 1999", also known as the "Gramm-Leach-Bliley Act",
15 U.S.C. secs. 6801
to
6809
, and the federal trade commission's privacy rules,
16 CFR 313
and
314
, adopted in accordance with the federal "Gramm-Leach-Bliley Act";
(e)
The federal "Home Mortgage Disclosure Act of 1975",
12 U.S.C. sec. 2801
et seq., and Regulation C,
12 CFR 203
and
12 CFR 1003
, pertaining to home mortgage disclosure;
(f)
The "Federal Trade Commission Act" of 1914,
15 U.S.C. sec. 45 (a)
, and
16 CFR 233
;
(g)
The federal "Telemarketing and Consumer Fraud and Abuse Prevention Act",
15 U.S.C. secs. 6101
to
6108
, and the federal trade commission's telemarketing sales rule,
16 CFR 310
.
(2)
The board may, by rule, require mortgage loan originators to comply with other mortgage loan disclosure requirements contained in applicable statutes and regulations in connection with making any residential mortgage loan or engaging in other activity subject to this part 7.
Renumbered from C.R.S. §
12-61-914
and amended by 2019 Ch. 136, § 1, eff. 10/1/2019.
Amended by 2016 Ch. 17, § 1, eff. 3/16/2016.
L. 2007: Entire section added, p. 1720, § 7, effective June 1. L. 2009: Entire part amended, (HB 09 -1085), ch. 303, p. 1634, § 1, effective August 5. L. 2010: (2)(d) and (4)(b) amended, (HB 10 -1141), ch. 280, p. 1298, § 25, effective August 11. L. 2016: Entire section amended, (SB 16-014), ch. 17, p. 38, § 1, effective March 16.
This section is similar to former § 12-61-914 as it existed prior to 2019.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 7 - MORTGAGE LOAN ORIGINATORS (§§ 12-10-701 — 12-10-730) › Section 12-10-726 - Fee, commission, or compensation - when permitted - amount

(1)
Except as otherwise permitted by subsection (2) or (3) of this section, a mortgage loan originator shall not receive a fee, commission, or compensation of any kind in connection with the preparation or negotiation of a residential mortgage loan unless a borrower actually obtains a loan from a lender on the terms and conditions agreed to by the borrower and mortgage loan originator.
(2)
If the mortgage loan originator has obtained for the borrower a written commitment from a lender for a loan on the terms and conditions agreed to by the borrower and the mortgage loan originator, and the borrower fails to close on the loan through no fault of the mortgage loan originator, the mortgage loan originator may charge a fee, not to exceed three hundred dollars, for services rendered, preparation of documents, or transfer of documents in the borrower's file that were prepared or paid for by the borrower if the fee is not otherwise prohibited by the federal "Truth in Lending Act",
15 U.S.C. sec. 1601
, and Regulation Z,
12 CFR 226
, as amended.
(3)
A mortgage loan originator may solicit or receive fees for third-party provider goods or services in advance. Fees for any goods or services not provided shall be refunded to the borrower, and the mortgage loan originator may not charge more for the goods and services than the actual costs of the goods or services charged by the third-party provider.
Renumbered from C.R.S. §
12-61-915
and amended by 2019 Ch. 136, § 1, eff. 10/1/2019.
L. 2007: Entire section added, p. 1722, § 7, effective June 1. L. 2009: Entire part amended, (HB 09 -1085), ch. 303, p. 1636, § 1, effective August 5.
This section is similar to former § 12-61-915 as it existed prior to 2019.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 7 - MORTGAGE LOAN ORIGINATORS (§§ 12-10-701 — 12-10-730) › Section 12-10-727 - Confidentiality

(1)
Except as otherwise provided in the federal "Secure and Fair Enforcement for Mortgage Licensing Act of 2008",
12 U.S.C. sec. 5111
, the requirements under any federal law or law of this state regarding privacy or confidentiality of any information or material provided to the nationwide mortgage licensing system and registry, and any privilege arising under federal or state law, including the rules of any federal or state court with respect to the information or material, shall apply to the information or material after it has been disclosed to the nationwide mortgage licensing system and registry. The information or material may be shared with all state and federal regulatory officials with mortgage industry oversight authority without the loss of privilege or confidentiality protections provided by federal or state law.
(2)
The board may enter into agreements with other government agencies, the Conference of State Bank Supervisors or its successor organization, the American Association of Residential Mortgage Regulators or its successor organization, or other associations representing government agencies as established by rule.
(3)
Information or material that is subject to privilege or confidentiality pursuant to subsection (1) of this section shall not be subject to the following:
(a)
Disclosure under a federal or state law governing the disclosure to the public of information held by an officer or agency of the federal government or the respective state; or
(b)
Subpoena, discovery, or admission into evidence in any private civil action or administrative process, unless with respect to a privilege held by the nationwide mortgage licensing system and registry regarding the information or material, the person to whom the information or material pertains waives the privilege, in whole or in part.
Renumbered from C.R.S. §
12-61-916
and amended by 2019 Ch. 136,§ 1, eff. 10/1/2019.
L. 2009: Entire part amended, (HB 09-1085), ch. 303, p. 1637, §1, effective August 5. L. 2010: (2) amended, (HB 10-1141), ch. 280, p. 1299, §26, effective August 11.
This section is similar to former § 12-61-916 as it existed prior to 2019.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 7 - MORTGAGE LOAN ORIGINATORS (§§ 12-10-701 — 12-10-730) › Section 12-10-728 - Mortgage call reports - reports of violations

(1)
The board may require each licensee or registrant to submit to the nationwide mortgage licensing system and registry mortgage call reports, which shall be in the form and contain the information required by the nationwide mortgage licensing system and registry.
(2)
The board may report violations of this part 7, enforcement actions, and other relevant information to the nationwide mortgage licensing system and registry.
Renumbered from C.R.S. §
12-61-917
and amended by 2019 Ch. 136,§ 1, eff. 10/1/2019.
L. 2009: Entire part amended, (HB 09-1085), ch. 303, p. 1637, §1, effective August 5. L. 2010: Entire section amended, (HB 10-1141), ch. 280, p. 1299, §27, effective August 11.
This section is similar to former § 12-61-917 as it existed prior to 2019.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 7 - MORTGAGE LOAN ORIGINATORS (§§ 12-10-701 — 12-10-730) › Section 12-10-729 - Unique identifier - clearly displayed

Each person required to be licensed or registered shall show his or her or the entity's unique identifier clearly on all residential mortgage loan application forms and any other documents as specified by the board by rule or order.
Renumbered from C.R.S. §
12-61-918
and amended by 2019 Ch. 136,§ 1, eff. 10/1/2019.
L. 2009: Entire part amended, (HB 09-1085), ch. 303, p. 1637, §1, effective August 5. L. 2010: Entire section amended, (HB 10-1141), ch. 280, p. 1299, §28, effective August 11.
This section is similar to former § 12-61-918 as it existed prior to 2019.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 7 - MORTGAGE LOAN ORIGINATORS (§§ 12-10-701 — 12-10-730) › Section 12-10-730 - Repeal of part - subject to review

(1)
This part 7 is repealed, effective September 1, 2029.
(2)
Before the repeal, the licensing of mortgage loan originators and the registration of mortgage companies is scheduled for review in accordance with section
24-34-104
. The department shall include in its review of mortgage loan originators and mortgage companies an analysis of the number and types of complaints made about mortgage loan originators and mortgage companies and whether the licensing of mortgage loan originators and the registration of mortgage companies correlates with public protection from fraudulent activities in the residential mortgage loan industry.
Renumbered from C.R.S. §
12-61-919
and amended by 2019 Ch. 136,§ 1, eff. 10/1/2019.
Amended by 2018 Ch. 282,§ 2, eff. 8/8/2018.
Amended by 2013 Ch. 393,§ 1, eff. 7/1/2013.
L. 2009: Entire part amended, (HB 09-1085), ch. 303, p. 1638, §1, effective August 5. L. 2010: Entire section amended, (HB 10-1141), ch. 280, p. 1300, §30, effective August 11. L. 2013: (1) amended, (SB 13-156), ch. 393, p. 2286, § 1, effective July 1. L. 2018: (1) amended, (HB 18-1174), ch. 282, p. 1761, § 2, effective August 8.
This section is similar to former § 12-61-919 as it existed prior to 2019.