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Code of Colorado Regulations eDocket
Details of Tracking Number
2020-00416
CCR details
| Tracking Number |
2020-00416 |
| 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 |
MORTGAGE LOAN ORIGINATORS AND MORTGAGE COMPANIES |
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Proposed rule
| Notice Filed with SOS |
06/10/2020 |
| Rule |
ProposedRuleAttach2020-00416.pdf |
| Statutory Authority |
Part 7 of Title 12, Article 10, Colorado Revised Statutes, as amended. The specific authority under which the Board shall establish these rules is set forth in sections 12-10-703(2)(a), 12-10-711(11), and 12-10-712(3), C.R.S. |
| Description of Subjects/Issues |
Chapter 1: DEFINITIONS
Chapter 2: REQUIREMENTS FOR LICENSURE
Chapter 3: CONTINUING EDUCATION REQUIREMENTS
Chapter 4: RENEWAL, REINSTATEMENT, INACTIVATION, SUSPENSION, SURRENDER OR
REVOCATION OF A LICENSE OR REGISTRATION
Chapter 5: PROFESSIONAL STANDARDS
Chapter 6: EXCEPTIONS AND BOARD REVIEW OF INITIAL DECISIONS
Chapter 7: DECLARATORY ORDERS PURSUANT TO SECTION 24-4-105(11), C.R.S
Chapter 8: NATIONWIDE MORTGAGE LICENSING SYSTEM AND REGISTRY (“NMLS”) |
| Purpose/Objective of Rule |
In compliance with the mandatory rule review required by section 24-4-103.3., C.R.S., the Division of Real Estate, on behalf of the Board of Mortgage Loan Originators, conducted a review of all of the Board’s rules relating to the Mortgage Loan Originator Licensing and Mortgage Company Registration Act to assess the continuing need for, the appropriateness, and cost-effectiveness of the 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 The review also determined whether the rules should be continued in their current form, modified, or repealed.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 modified in a more efficient and effective manner that continues to ensure consumer protection as well a fair and balanced regulatory environment.
Modifying the administrative rules regarding definitions, licensure requirements, application processes, education requirements, professional standards, declaratory orders, exceptions of initial decisions, and the nationwide multi-state licensing system and registry. These administrative rules set forth licensing and enforcement requirements of mortgage loan originators and mortgage companies. |
| Comments |
Please register for virtual rulemaking hearing:
https://attendee.gotowebinar.com/register/7113878016683812364
After registering, you will receive a confirmation email containing information about joining the webinar.
Registration can also be completed via Division of Real Estate website under 'Calendar of Events’ – July 15th event:
https://www.colorado.gov/dora/division-real-estate |
| Submitted in response to issues raised by COLS/OLLS? |
No
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| Is this rule adopted in response to recent legislation? |
No
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| Hearing Date |
07/15/2020 |
| Hearing Time |
09:00 AM |
| Hearing Location |
1560 Broadway, Suite 110-D, Denver, CO 80202 |
| Contact Name |
Martha Torres-Recinos |
| Contact Title |
Rulemaking Coordinator |
| Contact Telephone |
303-894-2359 |
| Contact email |
martha.torres-recinos@state.co.us |
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Adopted rule
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