Sen. Jack Tate

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.)

The bill requires that any complaint filed with the division of professions and occupations in the department of regulatory agencies against a mental health professional alleging a maintenance-of-records violation must be commenced within 7 years after the alleged act or failure to act giving rise to the complaint. Mental health professionals must give notice to former clients that a client's records may not be retained after the 7-year period. Complaints subject to the 7-year filing period must be resolved by the agency within 2 years after the date the complaint was filed. (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

Currently, the board of trustees (board) of the public employees' retirement association (PERA) is comprised of the following 15 trustees: The state treasurer; Three elected members of the state division; Four elected members of the school division; One elected member of the local government division; One elected member of the judicial division; Two elected retirees; and Three trustees appointed by the governor and confirmed by the senate who are not PERA members or retirees and who are experts in certain fields. In addition, there is one ex officio trustee from the Denver public schools division. The bill modifies the composition of the board by: Eliminating one elected member trustee position from the state division; Eliminating 2 elected member trustee positions from the school division; Requiring at least one elected member from both the state division and the school division to be at least 20 years from retirement eligibility; and Adding 3 more trustees appointed by the governor and confirmed by the senate who are not PERA members or retirees and who are experts in certain fields to replace the eliminated elected member trustee positions. The additional appointed trustees must have significant experience and competence in investment management, finance, banking, economics, accounting, pension administration, or actuarial analysis. The bill does not change the inclusion on the board of the state treasurer, the elected members from the local government division and the judicial division, or the ex officio trustee from the Denver public schools division. (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

Statutory Revision Committee. Pursuant to section 24-1-136 (11)(a)(I), Colorado Revised Statutes, any report that is required to be made to the general assembly by an executive agency or the judicial branch on a periodic basis expires on the day after the third anniversary of the date on which the first report was due, unless the general assembly, acting by bill, continues the requirement. The bill addresses reporting requirements of the department of local affairs. Sections 1, 2, and 6 repeal reports that were scheduled to repeal according to section 24-1-136 (11)(a)(I). Currently there are no repeal dates listed in the organic statutes. Sections 3, 4, and 5 continue indefinitely the reporting requirements contained in those statutory sections. (Note: This summary applies to this bill as introduced.)

The bill clarifies that a construction professional has the right to receive notice from a prospective claimant concerning an alleged construction defect; to inspect the property; and then to elect to either repair the defect or tender an offer of settlement before the claimant can file a lawsuit seeking damages. (Note: This summary applies to this bill as introduced.)

Pursuant to current law, the state treasurer is a member of the board of trustees (board) of the public employees' retirement association (PERA). PERA's nonstatutory governance manual permits a trustee to make reasonable requests for information from PERA when the information is necessary for the purposes of fulfilling the trustee's duties as a member of the board. The governance manual also includes limitations on the nature of requests for information that a member of the board of trustees can make. The bill authorizes the state treasurer, in his or her capacity as a member of the board of trustees and in furtherance of his or her fiduciary duties and obligations to the members and benefit recipients of PERA, to review all records or information within the custody and control of PERA. Upon request of the state treasurer, the executive director of PERA or the board is required to provide access to any records or information requested. Neither the executive director nor the board may deny the state treasurer's request for records or information based on the expenditure of staff time or the need to use outside resources to fill the request, or any other reason. The state treasurer is prohibited from using any records or information provided for personal use and PERA is required to keep certain information confidential when providing requested records or information to the state treasurer. (Note: This summary applies to this bill as introduced.)

Statutory Revision Committee. The bill updates various statutes pertaining to the office of the state auditor (OSA). Currently, the legislative audit committee (LAC) has the discretion to direct the state auditor to conduct a performance audit of any public highway authority; except that the LAC may not do so in any year during which the interim transportation legislation review committee (TLRC) meets. However, the TLRC is statutorily required to meet every year. Consequently, section 1 of the bill repeals the timing limitation so that such a performance audit can be requested at any time. The executive director of the department of revenue (DOR) is currently required to account monthly to the state treasurer regarding working capital retained by DOR and to provide copies of this accounting to the governor and the state auditor. Because DOR does not retain working capital, section 2 repeals this obsolete provision. Additionally, the state treasurer must provide copies of receipts for money transmitted daily from the executive director of DOR to the state auditor, in addition to providing one copy to the executive director and retaining one copy for his or her files. Section 2 also removes the requirement to provide the state auditor these copies. Pursuant to a statute created in 1881, holders of warrants from counties with more than $50,000 in floating indebtedness may exchange those warrants for county bonds, if the exchange is approved by election. County bonds so exchanged must be registered with OSA, and a ten-cent fee must be paid to OSA for recording each bond. Because this registration provision is obsolete, section 3 repeals the registration and recording fee requirements. Section 4 repeals an obsolete provision relating to an audit of the estimated actual operating costs of the enhanced emissions inspections program contractor, which audit was required to be completed by the end of 2001. (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

Statutory Revision Committee. Pursuant to section 24-1-136 (11)(a)(I), Colorado Revised Statutes, any report that is required to be made to the general assembly by an executive agency or the judicial branch on a periodic basis expires on the day after the third anniversary of the date on which the first report was due unless the general assembly, acting by bill, continues the requirement. Sections 2, 6, 7, 9, and 10 continue indefinitely the reporting requirements contained in those statutory sections. Sections 1, 3, and 4 of the bill repeal reports from the state department and subsidiary officials that were scheduled to repeal according to section 24-1-136 (11)(a)(I). Currently there is no repeal date listed in the organic statute. Sections 5 and 8 add a repeal date in the organic statute that coincides with the scheduled repeal date specified in section 24-1-136 (11)(a)(I). (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)