[ Editor’s note: This section is effective January 1, 2022. ] The short title of this article 21 is the “Colorado Nonbank Mortgage Servicers Act”. Source: L. 2021: Entire article added, (HB 21-1282), ch. 482, p. 3436, § 1, effective January 1, 2022.
[ Editor’s note: This section is effective January 1, 2022. ] Unless otherwise provided in this article 21, this article 21 applies to any person engaged in servicing a residential mortgage loan secured by a dwelling or residential real property located in this state. Source: L. 2021: Entire article added, (HB 21-1282), ch. 482, p. […]
[ Editor’s note: This section is effective January 1, 2022. ] As used in this article 21, unless the context otherwise requires: “Administrator” means the administrator of the “Uniform Consumer Credit Code”, articles 1 to 9 of this title 5, designated pursuant to section 5-6-103. “Borrower” means an individual obligated to repay a residential mortgage […]
[ Editor’s note: This section is effective January 1, 2022. ] On and after January 31, 2022, a person shall not act as a mortgage servicer, directly or indirectly, without notifying the administrator pursuant to section 5-21-105. Source: L. 2021: Entire article added, (HB 21-1282), ch. 482 p. 3438, § 1, effective January 1, 2022.
[ Editor’s note: This section is effective January 1, 2022.] Notification. (a) A person acting as a mortgage servicer must notify the administrator and pay the fee prescribed in section 5-21-106 within thirty days after commencing servicing in the state, and, thereafter, on or before January 31 of each year. The notification must state the […]
[ Editor’s note: This section is effective January 1, 2022.] A notifier shall pay the following nonrefundable fees established by the administrator pursuant to subsection (3) of this section: An initial notification fee; and An annual notification fee. The administrator shall transmit the fees to the state treasurer, who shall credit them to the uniform […]
[ Editor’s note: This section is effective January 1, 2022.] A mortgage servicer shall comply with all federal laws and regulations applicable to mortgage servicers for their mortgage servicing activities, including: The federal “Real Estate Settlement Procedures Act of 1974”, 12 U.S.C. sec. 2601 et seq., as amended; and The “Truth in Lending Act”, 15 […]
[ Editor’s note: This section is effective January 1, 2022.] The administrator may conduct investigations and examinations as follows: For purposes of general or specific inquiry or investigation to determine compliance with this article 21, the administrator may access, receive, and use any records or information belonging to a notifier or person subject to this […]
[ Editor’s note: This section is effective January 1, 2022. ] Except as otherwise provided in this article 21, sections 24-4-102 to 24-4-106 apply to and govern all rules promulgated and all administrative action taken by the administrator pursuant to this article 21; except that section 24-4-104 (3) does not apply to any such action. […]
[ Editor’s note: This section is effective January 1, 2022.] After notice and hearing, the administrator may order a mortgage servicer or a person acting in the mortgage servicer’s behalf to cease and desist from engaging in violations of this article 21 or any rule or order lawfully made pursuant to this article 21. The […]
[ Editor’s note: This section is effective January 1, 2022. ] If it is claimed that a person has violated this article 21, the administrator may accept an assurance in writing that the person will not engage in the conduct in the future. The assurance may also require the person to make refunds to individuals […]
[ Editor’s note: This section is effective January 1, 2022. ] The administrator may bring a civil action to restrain a person from violating this article 21 or rules promulgated pursuant to this article 21 and for other appropriate relief, including such orders or judgments as may be necessary to completely compensate or restore to […]
[ Editor’s note: This section is effective January 1, 2022.] The administrator may bring a civil action against a mortgage servicer or any other person for any violations of this article 21. An action may relate to transactions with more than one individual. The court may order a mortgage servicer to refund to individuals overcharges […]
[ Editor’s note: This section is effective January 1, 2022. ] Notwithstanding article 80 of title 13, all actions brought under this article 21 must be commenced within four years after the date on which any violation of this article 21 occurred or the date on which the last in a series of the acts […]
[ Editor’s note: This section is effective January 1, 2022.] The administrator shall not make public the name or identity of a person whose acts or conduct the administrator investigates or examines pursuant to this article 21 or the facts disclosed in the investigation or examination. The administrator may disclose notification records provided to the […]
[ Editor’s note: This section is effective January 1, 2022.] The department of law shall include in its annual presentations held pursuant to section 2-7-203 updates concerning the administration of this article 21, including: Complaints data, enforcement actions, and other relevant regulatory data; and The use of fees collected by the administrator pursuant to this […]
