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Property
Ch. 291
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Capital letters indicate new material added to existing statutes; dashes through words indicate deletions
from existing statutes and such material not part of act.
CHAPTER 291
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PROPERTY
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SENATE BILL 06-071
BY SENATOR(S) Veiga, Jones, Kester, May R., McElhany, and Teck;
also REPRESENTATIVE(S) Massey, Berens, Borodkin, Coleman, Garcia, Jahn, Kerr J., Liston, Merrifield, Riesberg, Solano,
Stafford, and Sullivan.
AN ACT
CONCERNING THE INCREASED REGULATION OF AGREEM ENTS OFFERED TO A HOM E OW NER IN
CONNECTION W ITH FORECLOSURE OF THE HOM E OW NER'S RESIDENCE.
Be it enacted by the General Assembly of the State of Colorado:
SECTION 1. Article 1 of title 6, Colorado Revised Statutes, is amended BY
THE ADDITION OF A NEW PART to read:
PART 11
COLORADO FORECLOSURE PROTECTION ACT
SUBPART 1
GENERAL PROVISIONS
6-1-1101. Short title. THIS PART 11 SHALL BE KNOWN AND MAY BE CITED AS THE
"COLORADO FORECLOSURE PROTECTION ACT".
6-1-1102. Legislative declaration. THE GENERAL ASSEMBLY HEREBY FINDS,
DETERMINES, AND DECLARES THAT HOME OWNERSHIP AND THE ACCUMULATION OF
EQUITY IN ONE'S HOME PROVIDE SIGNIFICANT SOCIAL AND ECONOMIC BENEFITS TO
THE STATE AND ITS CITIZENS. UNFORTUNATELY, TOO MANY HOME OWNERS IN
FINANCIAL DISTRESS, ESPECIALLY THE POOR, ELDERLY, AND FINANCIALLY
UNSOPHISTICATED, ARE VULNERABLE TO A VARIETY OF DECEPTIVE OR
UNCONSCIONABLE BUSINESS PRACTICES DESIGNED TO DISPOSSESS THEM OR
OTHERWISE STRIP THE EQUITY FROM THEIR HOMES. THERE IS A COMPELLING NEED
TO CURTAIL AND TO PREVENT THE MOST DECEPTIVE AND UNCONSCIONABLE OF
THESE BUSINESS PRACTICES, TO PROVIDE EACH HOME OWNER WITH INFORMATION
NECESSARY TO MAKE AN INFORMED AND INTELLIGENT DECISION REGARDING
Ch. 291
Property
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TRANSACTIONS WITH CERTAIN FORECLOSURE CONSULTANTS AND EQUITY
PURCHASERS, TO PROVIDE CERTAIN MINIMUM REQUIREMENTS FOR CONTRACTS
BETWEEN SUCH PARTIES, INCLUDING STATUTORY RIGHTS TO CANCEL SUCH
CONTRACTS, AND TO ENSURE AND FOSTER FAIR DEALING IN THE SALE AND PURCHASE
OF HOMES IN FORECLOSURE. TH