Skip to main content

Colorado amends Mortgage Loan Originator Licensing Act

Jun 08, 2009

The Colorado Gov. Bill Ritter has signed House Bill 1085 into law. HB 1085 concerns the regulation of mortgage loan originators, and, in connection therewith, modifying the "Mortgage Broker Licensing Act" to conform to the federal Secure and Fair Enforcement Act (SAFE Act) for the Mortgage Licensing Act of 2008," exempting certain financial institutions from the list of prohibited practices under the Act, and making an appropriation. This bill becomes effective Wednesday, Aug. 5, 2009. HB 1085 amends the Colorado Mortgage Loan Originator Licensing Act by: ● Adding definitions for 13 terms; ● Requiring annual license renewal; ● Prohibiting independent contractors from engaging in loan origination without a license;  ● Adding a subsection regarding the minimum application requirements;  ● Revising the time frame the director has to consider an application;  ● Revising continuing education requirements;  ● Revising the requirements regarding errors and omissions insurance;  ● Adding new exemptions; ● Revising potential penalties for violations;  ● Revising bond requirements;  ● Adding a requirement for mortgage call reports; and  ● Adding a requirement for licensees to display their unique identifier on mortgage documents. To view Colorado HB 1085, click here. 
About the author
Published
Jun 08, 2009
Housing, Economic Leaders Embrace New Digital Opportunities

It’s Crypto Week at the Capitol, with some getting ready for breakthrough regulations that could change financial services

Some Question Lenders’ And Others’ Readiness To Use VantageScore 4.0

Following FHFA announcement Tuesday, doubts arise regarding potential changes that may be needed to move to VantageScore credit scoring

HUD Freezes Foreclosures On FHA Mortgages In Texas Flood Zone

Kerr County homeowners among hardest hit in disaster that’s claimed more than 100 lives

Jul 09, 2025
Fannie, Freddie Now Allow Lenders To Use VantageScore 4.0

Lenders will keep tri-merge credit scoring model; what this shift means

President Trump Signs Big Beautiful Bill — Here's What It Means For Mortgage And Housing

What you need to know about the law as a mortgage professional and share with your clients

FHFA Chief Officially Calls For Investigation Of Federal Reserve Chairman Powell

Alleges Powell lied in testimony to Congress regarding Fed building renovations, says Fed Chair should be fired