Digest of Bills - 2012

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PROPERTY

S.B. 12-30 Foreclosure sales - public trustee - administrative changes. The act makes the following changes related to a foreclosure sale:

• Requires an electronic payment to an account of a public trustee to be in compliance with conditions placed on the account by the public trustee;
  
  
• Requires a holder of an evidence of debt (holder) or the attorney for a holder, when commencing a foreclosure, to file a statement identifying the loan servicer of the evidence of debt, if any;
  
  
• Requires a public trustee to include in a combined notice the following statement in bold: "If a sale is continued, the deadline to file a notice of intent to cure by those parties entitled to cure may also be extended";
  
  
• Establishes a form for the cure statement, which is a statement of all sums necessary to cure the default that caused the foreclosure;
  
  
• Modifies procedures related to the cure statement;
  
  
• Permits a rule 120 hearing notice, which relates to a court order authorizing a sale of the foreclosed property, to be presented to the occupant of the residential property, if a person at the residence is impeding posting;
  
  
• Adds a line for a confirmation deed fee and a confirmation deed recording fee to the bid form submitted by a holder, which fees are collected by and paid to an officer from the proceeds of a foreclosure sale;
  
  
• Modifies foreclosure procedures for a property that is part of a bankruptcy proceeding;
  
  
• Requires a public trustee to post notice about excess proceeds from a foreclosure sale (excess proceeds) on the trustee's web site;
  
  
• If the excess proceeds are at least $25, requires the public trustee to make reasonable efforts to identify the owner's current address;
  
  
• Requires an officer to retain excess proceeds, instead of transferring them to the county treasurer;
  
  
• After 5 years, requires any excess proceeds greater than or equal to $25 to be transferred to the state treasurer as unclaimed property for purposes of the "Unclaimed Property Act", instead of depositing the proceeds in the county general fund;
  
  
• Clarifies that an assignment of a lien must always be attached to the notice of intent to redeem by a lienor;
  
  
• Modifies when an officer is required to execute and record a confirmation deed and specifies the conditions under which an assignee must be listed as the grantee on the deed; and
  
  
• Specifies the procedures for releasing a deed of trust that has been recorded in the wrong county.

APPROVED by Governor April 12, 2012
EFFECTIVE September 1, 2012

NOTE: This act was passed without a safety clause. For further explanation concerning the effective date, see page vi of this digest.

 

H.B. 12-1105 Wind energy property rights - wind energy agreements - reversion - taxation. The act establishes a nonseverable wind energy right in real property. The act defines "wind energy agreement" as a lease, license, easement, or other agreement to develop wind-powered energy generation. Unless the parties agree otherwise, all wind energy interests revert to the owner of the surface estate if the wind energy production has ceased for a period of 15 years or if the generation of electricity has not begun within 15 years. The act specifically exempts equipment used in the development of wind energy from personal property tax until the equipment is first used.

APPROVED by Governor May 29, 2012
EFFECTIVE August 8, 2012

NOTE: This act was passed without a safety clause. For further explanation concerning the effective date, see page vi of this digest.

 

H.B. 12-1237 Common interest communities - unit owners' associations - management - records to be kept - disclosure - exceptions. The act adopts, with some revisions, suggested language from the uniform law commission concerning the records required to be kept by a unit owners' association concerning the finances, board meeting minutes, and other affairs of a common interest community under the "Colorado Common Interest Ownership Act".

APPROVED by Governor May 29, 2012
EFFECTIVE January 1, 2013

NOTE: This act was passed without a safety clause. For further explanation concerning the effective date, see page vi of this digest.

 

H.B. 12-1329 Mortgages and trust deeds - office of the public trustee - duties - budget - audit - procurement. The public trustee of each county is required to adopt a budget pursuant to the requirements of the "Local Government Budget Law of Colorado" and to submit the budget to the board of county commissioners of the county in which he or she serves.

The office of the public trustee of any trustee who is appointed by the governor is subject to an individual annual audit under the provisions of the "Colorado Local Government Audit Law".

Each public trustee who is appointed by the governor is subject to the state "Procurement Code" for any purchase of $20,000 more and for any multi-year purchase agreement; except that, if the procurement rules established for the county in which the public trustee serves require an open and competitive bidding process, the public trustee may apply the county procurement rules.

APPROVED by Governor May 21, 2012
EFFECTIVE August 8, 2012

NOTE: This act was passed without a safety clause. For further explanation concerning the effective date, see page vi of this digest.

The information on this page is presented as an informational service only and should not be relied upon as an official record of action or legal position of the State of Colorado, the Colorado General Assembly, or the Office of Legislative Legal Services.