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Code of Colorado Regulations eDocket
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 |
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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
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| Is this rule adopted in response to recent legislation? |
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| 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 |
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Adopted rule
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Adopted Rules
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AdoptedRules02007-01062.RTF
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| 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 |
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