C.R.S. Section 12-10-703
Board of mortgage loan originators

  • creation
  • compensation
  • enforcement of part after board creation
  • immunity

(1)

Intentionally left blank —Ed.

(a)

There is hereby created in the division of real estate a board of mortgage loan originators, consisting of five members appointed by the governor with the consent of the senate.

(b)

Of the members of the board:

(I)

Three must be licensed mortgage loan originators. The general assembly encourages the governor to appoint to at least one of these three positions a licensed mortgage loan originator who is an employee or exclusive agent of, or works as an independent contractor for, a Colorado-based mortgage company.

(II)

Two must be members of the public at large not engaged in mortgage loan origination or mortgage lending.

(c)

The term of office for a member is four years; except that the terms shall be staggered so that no more than three members’ terms expire in the same year.

(d)

In the event of a vacancy by death, resignation, removal, or otherwise, the governor shall appoint a member to fill the unexpired term. The governor has the authority to remove any member for misconduct, neglect of duty, or incompetence.

(2)

Intentionally left blank —Ed.

(a)

The board is a
type 1
entity, as defined in section 24-1-105, and exercises its powers and performs its duties and functions under the department.

(b)

Notwithstanding any other provision of this part 7, on and after the creation of the board by this section, the board shall exercise all of the rule-making, enforcement, and administrative authority of the director set forth in this part 7. The board has the authority to delegate to the director any enforcement and administrative authority under this part 7 that the board deems necessary and appropriate. If the board delegates any enforcement or administrative authority under this part 7 to the director, the director shall only be entitled to exercise such authority as specifically delegated in writing to the director by the board.

(3)

Each member of the board shall receive the same compensation and reimbursement of expenses as those provided for members of boards and commissions in the division of professions and occupations pursuant to section 12-20-103 (6). Payment for all per diem compensation and expenses shall be made out of annual appropriations from the division of real estate cash fund created in section 12-10-215.

(4)

Members of the board, consultants, and expert witnesses shall be immune from suit in any civil action based upon any disciplinary proceedings or other official acts they performed in good faith pursuant to this part 7.

(5)

A majority of the board shall constitute a quorum for the transaction of all business, and actions of the board shall require a vote of a majority of the members present in favor of the action taken.

(6)

Intentionally left blank —Ed.

(a)

All rules promulgated by the director prior to August 11, 2010, shall remain in full force and effect until repealed or modified by the board. The board shall have the authority to enforce any previously promulgated rules of the director under this part 7 and any rules promulgated by the board.

(b)

Nothing in this section shall affect any action taken by the director prior to August 11, 2010. No person who, on or before August 11, 2010, holds a license issued under this part 7 shall be required to secure an additional license under this part 7, but shall otherwise be subject to all the provisions of this part 7. A license previously issued shall, for all purposes, be considered a license issued by the board under this part 7.

Source: Section 12-10-703 — Board of mortgage loan originators - creation - compensation - enforcement of part after board creation - immunity, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-12.­pdf (accessed Oct. 20, 2023).

12‑10‑101
Definitions 12‑10‑201
Definitions 12‑10‑202
License required 12‑10‑203
Application for license - rules - definition 12‑10‑204
Errors and omissions insurance required - rules 12‑10‑205
Licenses - issuance - contents - display 12‑10‑206
Real estate commission - created - compensation - immunity 12‑10‑207
Division of real estate - creation - director, clerks, and assistants 12‑10‑208
Resident licensee - nonresident licensee - consent to service 12‑10‑209
Record of licensees - publications 12‑10‑210
Compilation and publication of passing rates per educational institution for real estate licensure examinations - definition - rules 12‑10‑211
Change of license status - inactive - cancellation 12‑10‑212
License fees - partnership, limited liability company, and corporation licenses - rules 12‑10‑213
Renewal of license - continuing education requirement - rules 12‑10‑214
Disposition of fees 12‑10‑215
Fee adjustments - cash fund created 12‑10‑216
Records - evidence - inspection 12‑10‑217
Investigation - revocation - actions against licensee or applicant - definition 12‑10‑218
Affiliated business arrangements - definitions - disclosures - enforcement and penalties - reporting - rules - investigation information shared with the division of insurance 12‑10‑219
Hearing - administrative law judge - review - rules 12‑10‑220
Rules 12‑10‑220.5
Radon disclosure - rules 12‑10‑221
Broker remuneration 12‑10‑222
Acts of third parties - broker’s liability 12‑10‑223
Violations 12‑10‑224
Subpoena compelling attendance of witnesses and production of records and documents 12‑10‑225
Failure to obey subpoena - penalty 12‑10‑226
Powers of commission - injunctions 12‑10‑226.3
HOA homeowners’ rights task force - creation - membership - duties - reporting - definitions - repeal 12‑10‑226.5
Metropolitan district homeowners’ rights task force - creation - membership - duties - reporting - definition - repeal 12‑10‑227
Repeal of part - subject to review 12‑10‑301
When entitled to commission 12‑10‑302
Objections on account of title 12‑10‑303
When owner must perfect title 12‑10‑304
Referral fees - conformity with federal law required - remedies for violation - definitions 12‑10‑305
Repeal of part - subject to review 12‑10‑401
Legislative declaration 12‑10‑402
Definitions 12‑10‑403
Relationships between brokers and the public - definition - rules 12‑10‑403.5
Broker engagement contracts - residential premises - prohibited terms - definition 12‑10‑404
Single agent engaged by seller or landlord 12‑10‑405
Single agent engaged by buyer or tenant 12‑10‑406
Dual agent 12‑10‑407
Transaction-broker 12‑10‑408
Broker disclosures 12‑10‑409
Duration of relationship 12‑10‑410
Compensation 12‑10‑411
Violations 12‑10‑501
Definitions 12‑10‑502
Registration required 12‑10‑503
Application for registration 12‑10‑504
Registration of developers 12‑10‑505
Refusal, revocation, or suspension of registration - letter of admonition - probation 12‑10‑506
Powers of commission - injunction - rules 12‑10‑507
Violation - penalty 12‑10‑508
Repeal of part - subject to review 12‑10‑601
Legislative declaration 12‑10‑602
Definitions 12‑10‑603
Board of real estate appraisers - creation - compensation - immunity - legislative declaration - subject to review - repeal of part 12‑10‑604
Powers and duties of the board - rules 12‑10‑605
Fees, penalties, and fines collected under part 6 12‑10‑606
Qualifications for licensing and certification of appraisers - continuing education - rules - evaluations - definitions 12‑10‑607
Appraisal management companies - application for license - exemptions 12‑10‑608
Errors and omissions insurance - duties of the division - certificate of coverage - group plan made available - rules 12‑10‑609
Bond required 12‑10‑610
Expiration of licenses - renewal - penalties - fees - rules 12‑10‑611
Licensure or certification by endorsement - temporary practice 12‑10‑612
Denial of license or certificate - renewal - definition 12‑10‑613
Prohibited activities - grounds for disciplinary actions - procedures 12‑10‑614
Appraisal management companies - prohibited activities - grounds for disciplinary actions - procedures - rules 12‑10‑615
Judicial review of final board actions and orders 12‑10‑616
Unlawful acts - penalties 12‑10‑617
Appraisal management company license required - violations - injunction 12‑10‑618
Injunctive proceedings 12‑10‑619
Special provision for appraiser employees of county assessors 12‑10‑620
Duties of board under federal law 12‑10‑621
Business entities 12‑10‑622
Provisions found not to comply with federal law null and void - severability 12‑10‑623
Scope of article - regulated financial institutions - de minimis exemption 12‑10‑701
Short title 12‑10‑702
Definitions 12‑10‑703
Board of mortgage loan originators - creation - compensation - enforcement of part after board creation - immunity 12‑10‑704
License required - rules 12‑10‑705
Registration required - rules 12‑10‑706
License or registration inactivation 12‑10‑707
Errors and omissions insurance - duties of the board - certificate of coverage - when required - group plan made available - effect - rules 12‑10‑708
License renewal 12‑10‑709
Exemptions - definition - rules 12‑10‑710
Originator’s relationship to borrower - rules 12‑10‑711
Powers and duties of the board - rules 12‑10‑712
Powers and duties of the board over mortgage companies - fines - rules 12‑10‑713
Disciplinary actions - grounds - procedures - rules 12‑10‑714
Hearing - administrative law judge - review - rules 12‑10‑715
Subpoena - petty offense 12‑10‑716
Immunity 12‑10‑717
Bond required - rules 12‑10‑718
Fees 12‑10‑719
Attorney general - district attorney - jurisdiction 12‑10‑720
Violations - injunctions 12‑10‑721
Prohibited conduct - influencing a real estate appraisal 12‑10‑722
Rule-making authority 12‑10‑723
Acts of employee - mortgage loan originator’s liability 12‑10‑724
Dual status as real estate broker - requirements 12‑10‑725
Written disclosure of fees and costs - contents - limits on fees - rules 12‑10‑726
Fee, commission, or compensation - when permitted - amount 12‑10‑727
Confidentiality 12‑10‑728
Mortgage call reports - reports of violations 12‑10‑729
Unique identifier - clearly displayed 12‑10‑730
Repeal of part - subject to review 12‑10‑801
HOA information and resource center - creation - duties - rules - subject to review - repeal 12‑10‑901
Definitions 12‑10‑902
Purchase of service contract not compulsory 12‑10‑903
Contract requirements 12‑10‑904
Penalty for violation 12‑10‑905
Prohibitions 12‑10‑906
Repeal of part - subject to review
Green check means up to date. Up to date

Current through Fall 2024

§ 12-10-703’s source at colorado​.gov