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Code of Colorado Regulations eDocket
Official Publication of the State Administrative Rules (24-4-103(11) C.R.S.)

Details of Tracking Number  2007-01062


CCR details

Tracking Number 2007-01062
Type of Filing Permanent Rule
Department 700 Department of Regulatory Agencies
Agency 725 Division of Real Estate
CCR Number 4 CCR 725-3
CCR Title RULES REGARDING MORTGAGE BROKERS

Proposed rule

Notice Filed with SOS 09/20/2007
Rule ProposedRuleAttach2007-01062.RTF
Statutory Authority Section 12-61-904.5(1)(a), C.R.S
Description of Subjects/Issues Prohibits mortgage brokers from recommending or inducing borrowers to enter into a transaction that does not have a reasonable, tangible net benefit to the borrower
Purpose/Objective of Rule Section 12-61-904.5, C.R.S., states that mortgage brokers shall have a duty of good faith and fair dealing in all communications and transactions with a borrower. Section 12-61-904.5(1)(b), C.R.S., requires mortgage brokers to make a reasonable inquiry concerning the borrower?s current and prospective income, existing debts and other obligations, and any other information known to the mortgage broker and, after making such 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 borro
Submitted in response to issues raised by COLS/OLLS? No
Is this rule adopted in response to recent legislation?
Hearing Date 10/31/2007
Hearing Time 09:00 AM
Hearing Location Colorado Division of Real Estate, 1560 Broadway, Suite 925, Denver, Colorado, 80202
Contact Name Yvette Gabardi
Contact Title Rulemaking Coordinator
Contact Telephone 303.894.2341
Contact email yvette.gabardi@dora.state.co.us

Adopted rule

Adopted Rules AdoptedRules02007-01062.RTF
Adopted Date 11/05/2007
AGO requested date 11/05/2007
Attorney General Opinion 11/20/2007
Effective Date 01/01/2008
Inserted into CCR 12/19/2007