Add Consumer Protections Regulation Mortgage Servicers
The act subjects mortgage servicers to regulation by the assistant attorney general designated by the attorney general as the administrator of the "Uniform Consumer Credit Code". A "mortgage servicer" is a person that is responsible for servicing a Colorado residential mortgage loan. Regulation of mortgage services includes the requirements of notification, record keeping, payment of fees, compliance with applicable federal laws, reporting, examinations, inspections, and enforcement. A violation of the requirements is subject to enforcement by the administrator, which may include an order requiring the payment of refunds to injured consumers, penalties, costs, and attorney fees.
$51,783 is appropriated from the uniform consumer credit code cash fund to the department of law to implement the act and is based on an assumption that the department will require 0.5 FTE to implement the act.
(Note: This summary applies to this bill as enacted.)