Originator Exemption Mortgages To Family Members
Summary
Current law defines a mortgage loan originator as an individual who offers or negotiates terms of a residential mortgage loan, including to any family member, but there is an exemption for a parent who acts as a loan originator in providing loan financing to his or her child. The bill expands the exemption to include up to 3 loans per year without compensation, other than interest, between family members, and directs the board of mortgage loan originators to define 'family member' by rule. (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)
Bill status
signed
all 5 stages cleared
Introduction
Jan 2017
Committee Review
Feb 2017
Senate Passage
Feb 2017
House Passage
Mar 2017
Signed into Law
Mar 2017
Introduced Jan 27, 2017
Signed Mar 16, 2017
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
12
Key actions
2
Committee
2
Mar 16, 2017
Signed into law
Governor Signed
executive
Feb 28, 2017
Committee
House Committee on Business Affairs and Labor Refer Unamended to House Committee of the Whole
legislature
Feb 13, 2017
Introduced
Introduced In House - Assigned to Business Affairs and Labor
legislature
Feb 7, 2017
Legislature · Passed
Senate Committee on Business, Labor, & Technology Refer Unamended - Consent Calendar to Senate Committee of the Whole
legislature
Jan 27, 2017
Introduced
Introduced In Senate - Assigned to Business, Labor, & Technology
legislature
2 primary · 0 co-sponsors
Sponsors
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