LEGISLATORS APPLAUD RULE CHANGE TO CURB FORECLOSURES
December 17, 2007
Lawmakers to continue addressing crisis over coming months with series of town hall meetings
Members of the Democratic caucus today praised the Department of Real Estate for enacting an emergency rule change restricting prepayment penalties on mortgage loans. The rule change highlights the coordinated work of legislators, Governor Ritter and state agencies to curb the growing foreclosure crisis.
The new rule prohibits prepayment penalties that extend past the adjustment date of an interest rate, teaser rate or payment rate. The borrower’s payment usually increases on the adjustment date. The rule creates a presumption that a mortgage broker has violated their duty of good faith to the borrower if they recommend a loan product with a prepayment penalty that extends beyond the adjustment date. The rule takes effect immediately.
“Prepayment penalties can trap families in no-win situations where foreclosure becomes the only option,” said State Representative Rosemary Marshall (D-Denver), who sponsored mortgage-related legislation the past two years. “I wholeheartedly support the Division of Real Estate’s new rule implementing the mortgage broker legislation I sponsored during the last session, and believe it will help lenders and consumers keep their mortgage contracts alive.”
A state record 28,960 foreclosures were reported during the first nine months of this year. In response, legislators are holding a series of town hall meetings during the coming months to explore how foreclosure impacts middle-class Coloradoans, and to discuss what more can be done to reverse the troubling trend.
“We’re talking about people’s most personal and significant asset here: their homes,” said State Representative Andy Kerr (D-Jefferson County). “The new numbers are staggering. Too many people are facing foreclosure and a lot of those foreclosures are because of predatory loan practices. Lawmakers and state agencies are fulfilling our pledge to work with consumers to ensure a fair playing field.”
Representatives have hosted a series of town hall meetings throughout the Denver metro area to address the crisis. During the meetings, residents and legislators discuss what steps have already been taken and what more can be done to stem foreclosure rates. Another meeting will be held:
MON., MARCH 1, 10:30am - 12pm
LOCATION: Susan M. Duncan YMCA, 6350 Eldridge St, Arvada, CO 80004.
HOST: Representative Sara Gagliardi (D-Arvada)
NEW LAWS IN 2007 MAKE LIFE EASIER FOR COLORADANS
August 5, 2007
Over 90 new laws that help middle-class Coloradans went into effect this month. Bills range from advancing affordable health care to improving renewable energy efforts to assisting small businesses.
Some of the new laws:
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SB 231: Creates a repository to accept and distribute donated cancer drugs (Sen. Lois Tochtrop, Rep. Dianne Primavera)
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HB 1354: Creates an income tax check-off for the Reproductive Cancers Fund to educate about, screen for, and to treat cancer (Rep. Primavera, Sen. Peter Groff– goes into effect September 1st)
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HB 1149: Improves access to absentee voting for overseas residents (Rep. Joe Rice, Sen. Steve Ward)
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HB 1253: Prohibits insurance carriers from denying coverage to members of the uniformed services (Rep. Alice Madden, Sen. Brandon Shaffer)
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HB 1364: Protects military personnel from insurance scams. (Rep. Rice, Sen. Chris Romer)
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HB 1145: Encourages use of state lands for development of renewable energy resources. (Rep. Mike Merrifield, Sen. Ken Gordon)
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HB 1220: Requires government entities to purchase “green” products (Rep. John Kefalas, Sen. Groff
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HB 1169: Allows rural Coloradans to generate their own power from renewable sources (Rep. Judy Solano, Sen. Brandon Shaffer)
Click here for the Summary of 2007 Major Legislative Issues.
GOV. RITTER, TREAS. KENNEDY RELEASE ACCOUNTABILITY REPORT
June 14, 2007
STAR Report focuses on greater fiscal transparency in state government
Gov. Bill Ritter and State Treasurer Cary Kennedy kicked off a new era of transparency in state government today, announcing the release of the first State Taxpayer Accountability Report. The STAR Report provides information on the state’s fiscal condition for Fiscal Year 2005-2006, the most recently available audited data.
“Accountability begins with transparency,” Ritter said. “In order to maintain the public trust, the use of state taxpayer dollars must be open to public scrutiny in an easily accessible way. This report will help the people of Colorado better understand how state funds are raised and spent.”
Kennedy, who has made greater government transparency the focus of her administration, said the new report makes complicated financial information accessible and understandable. “Government must do a better job at shining the light on its own finances so people can see where their money goes,” Kennedy said. “This report is a big picture overview for taxpayers so they can see how their money is being used.”
The report was the product of unprecedented cooperation between the governor’s, treasurer’s and state controller’s offices. “We are working together to transform how we make information available,” Kennedy said. “The report is a snapshot of the state’s finances, presented from the perspective of the taxpayer. Voters in Colorado determine how we spend our money. As elected officials, we need to do our part to make the state’s financial information accessible and understandable.”
Ritter and Kennedy said the report will be updated each year and represents the first of several initiatives their offices are undertaking to modernize government and make it more accessible, responsive and efficient.
Click here to read the full STAR report.
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