| Notice Filed with SOS |
06/28/2019 |
| Rule |
ProposedRuleAttach2019-00295.pdf |
| Statutory Authority |
Part 1 of Title 12, Article 61, Colorado Revised Statutes, as amended by House Bill 19-1172. |
| Description of Subjects/Issues |
CHAPTER 5. SEPARATE ACCOUNTS AND ACCOUNTING |
| Purpose/Objective of Rule |
The specific purpose of this rulemaking is to add, modify and amend the trust and escrow account requirements and accounting methods for real estate brokers as a result of the mandatory rule review required by section 24-4-103.3., C.R.S. The Division of Real Estate conducted a review of all of its rules relating to the real estate practice act to assess the continuing need for and the appropriateness and cost-effectiveness of its rules. The review also determined whether the rules should be continued in their current form, modified, or repealed. After consultation with stakeholders, the proposed rules have been re-organized, re-indexed, and correctly categorized. As a result, Chapter 5 sets forth the trust and escrow account requirements for real estate brokers. This rulemaking also revises the statutory citations as a result of the passage of House Bill 19-1172. |
| Basis And Purpose |
BasisAndPurposeAttachment2019-00295.pdf
|
| Comments |
Recodification: Chapters 1-9 eff. 1/1/2020. Rules A-G, I, K repealed eff. 1/1/2020; adopted 8/5/2019. |
| Submitted in response to issues raised by COLS/OLLS? |
No
|
| Is this rule adopted in response to recent legislation? |
Yes
|
| Recent legislation bill number |
SB14-063
|
| Hearing Date |
08/05/2019 |
| Hearing Time |
09:00 AM |
| Hearing Location |
1560 Broadway, Suite 110-D, Denver, CO 80202 |
| Contact Name |
Martha Torres-Recinos |
| Contact Title |
Rulemaking Administrator |
| Contact Telephone |
303-894-2359 |
| Contact email |
martha.torres-recinos@state.co.us |