As previously announced, sections of Article 61 of Title 12 of Colorado’s Statutes will be re-codified under Article 10 of the same Title on October 1, 2019. This change affects the following documents (note: only the statutes relevant to the re-codification are listed):
While we will be updating the citation on our “CO Commitment Agreement” (Cx17939) for the October 1st change, we will be postponing any similar changes to our “CO Tangible Net Benefit Disclosure” (Cx12873), “CO Lock-in Disclosure” (Cx13134), and “CO Dual Status Disclosure” (Cx14095), since these are model forms published by the Colorado Department of Regulatory Agencies and such forms have not been updated by the Department (see https://www.colorado.gov/pacific/dora/mortgage-loan-originator-industry-forms). We will continue to monitor these model forms for updates and make any necessary changes as soon as possible.
In reviewing CO HB 19-1172 (2019), we have also determined that our “CO Explanation of Fee Increase” (Cx14439) and “Colorado Third Party Fees Disclosure” (Cx16050) are not required under Colorado law. Because these two documents were assignable “upon request,” they will continue to print for clients who requested them, but they will no longer be maintained for compliance, nor “rep’d and warranted,” by us. The obsolete citations which currently print on the documents will be removed and the phrase “pursuant to applicable law” in the first sentence of Cx16050 will be deleted.
These changes will take effect on October 1, 2019. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.