Capitol Connection: April 3, 2015
SB 210 Title Insurance Commission
The Legislative Policy Committee (LPC) voted to SUPPORT SB15-210, Title Insurance Commission, by Senator Laura Woods (R-Arvada) and Representative Jeni Arndt (D-Fort Collins). The bill creates the Title Insurance Commission in the Division of Insurance (division) in the Department of Regulatory Agencies (DORA) as a Type 1 agency for the purposes of:
- proposing, advising, and recommending rules, subject to approval by the Commissioner of Insurance (commissioner), for the implementation and administration of the business of title insurance;
- proposing, advising, and recommending bulletins and position statements concerning any title insurance-related subject for issuance by the commissioner;
- conducting administrative hearings related to the licensing of applicants, the conduct of a title licensee, continuing education program approval, and to advise the commissioner;
- recommending disciplinary actions following the investigation of a complaint by the commissioner; and
- proposing rules to the commissioner for establishing a licensing examination.
Unlike other lines of insurance, the issuance of a title insurance product is often accompanied with closing and settlement services. These services include the execution of legal documents and the delivery of financial services not limited to the collection and disbursement of consumers’ and lenders’ funds, payment of taxes, unpaid liens, payoff of existing mortgages and the recording of documents in the public records. It is absolutely necessary that Colorado consumers have assurance that regulatory resources are efficiently and effectively used to examine and quickly respond to industry issues and risks that may cause risk to consumers and/or industry. A Commission can timely and efficiently regulate those important aspects that pose the greatest harm.
Currently, title insurance is the only part of the licensed real estate industry that currently does NOT operate with a regulatory commission. Existing real estate and mortgage commissions in Colorado have created an effective mechanism to define sound business practices and create a competitive environment for Colorado real estate transactions. Colorado’s real estate commission and mortgage commission have allowed for industry guidance and timely response to market issues for REALTORS® and mortgage brokers without increasing regulatory costs.
SB 177 Construction Defects CALL FOR ACTION
Senate Bill 177, Construction Defects Reform, is scheduled to be heard on the Senate Floor on Monday, April 6th. If you have not yet acted, please do so at this link. If you have already acted, please make sure to use the “Tell a Friend” link included in the email distributed today to forward to colleagues, friends, and clients. Please keep on the lookout for additional information and updates about Senate Bill 177 as it moves through the process.
HB 1260 Wildfire Mitigation Tax Deduction to a Tax Credit
HB15-1260, Change Wildfire Mitigation Tax Deduction to Credit, was heard in the House Finance Committee this week. Thank you to Janene Johnson, CAR’s Government Affairs Division Chair and LPC Vice Chair, for offering testimony on behalf of LPC and CAR. The bill was laid over for two weeks in order to work on amendments that would help reduce the fiscal impact of the bill.
Colorado Budget Passes Senate
The State Budget Bill, also known as the Long Bill, was discussed on the Senate floor this week. After eleven hours of debate on second reading, with over forty proposed amendments to the bill, the bill passed the Senate with a 21-14 vote. To read more about the budget debate and proposed amendments, click here.
Draft Data Breach Bill Passes Subcommittee
On Wednesday, March 25, 2015, the House Energy and Commerce Subcommittee on Commerce, Manufacturing and Trade approved a discussion draft bill entitled “The Data Security and Breach Notification Act of 2015.” The draft bill seeks to establish a single federal standard concerning data security and data breach notification. To view NAR’s letter on this issue, click here.
FHA Electronic Appraisal Delivery
On March 26, 2015, the Federal Housing Administration (FHA) published Mortgagee Letter 2015-08, Electronic Appraisal Delivery (EAD) Portal for FHA-Insured Single Family Mortgages. This Mortgagee Letter announces FHA’s implementation of its EAD portal, and provides information about the portal and its mandatory use with FHA case numbers assigned on and after June 27, 2016. FHA notes that the EAD portal will offer process and technology efficiencies that streamline appraisal data transmission, promote quality up-front appraisal data, and reduce post-endorsement appraisal data corrections. Click here for more information on this.
NAR REALTORS® Legislative Meetings and Trade Expo REGISTRATION OPEN
The REALTORS® Legislative Meetings and Trade Expo is taking place May 11-16, 2015 in Washington, D.C. We will be scheduling meetings with the Colorado delegation, and you don’t want to miss out! Register here today.
Racing with RPAC event at Spring Meetings
Racing with RPAC will take place April 21, 2015 6PM – 8PM. This fundraising event, hosted by CYPN, will be held at Johnny Martin’s Car Central in Colorado Springs and is open to all members. $50 RPAC investment required for entry and includes 1 drink ticket, appetizers, and games. Additional racing simulation games will be available for an additional RPAC investment. For more information or to register, please click here.
Stand Up 4 Transportation
Thanks to the efforts of APTA (American Public Transportation Association) and their amazing Chairman Phil Washington, cities across the nation are asking for the U.S. Congress to pass a long-term transportation-spending bill to keep transportation moving! Join Transit Alliance, RTD and others to demonstrate how Denver supports transit, transportation and infrastructure investment!!! On April 9th at 10AM, Transit Alliance will be having a Unity Parade beginning at the Market Street Plaza, followed by a Rally at Union Station. Please click here to view more details about the mission of this event.