Colorado Real Estate Commission Rules, Effective January 1, 2020: Updated Transaction File Checklist
As a reminder, the Commission rules have been re-organized, re-indexed, re-formatted into nine (9) chapters as well as being written in plain language for easier use and understanding of the Real Estate Practice Act. These rules were effective beginning January 1, 2020.
To assist with your review of the rules, the Division has highlighted the significant substantive changes to the rules. Please click the link below to read the rules and the summary of the substantive changes.
Additionally, the Division has posted the updated Transaction File Checklist to the website. Pursuant to Commission Rule 6.20 (Transaction File Requirements), this new rule clarifies that both a Broker and the Brokerage Firm must retain transaction files for a period of four (4) years. The retention period begins from the transaction close date or the expiration date of any Listing Contracts that do not end up closing. Please review the Transaction File Checklist for common records to be retained for both sales and property management files to ensure compliance with Commission Rule 6.20.
Board of Mortgage Loan Originators Permanent Rule Changes
On January 15, 2020, the Colorado Board of Mortgage Loan Originators adopted Permanent Rule changes to the Chapter 2 Rules, regarding Temporary Authority and Colorado Temporary License. This was done to fall in line with Congress’ “Economic Growth, Regulatory Relief, and Consumer Protection Act”, the “S.A.F.E Mortgage Licensing Act of 2008” (12 U.S.C. 5101, et. seq.) that was amended under its section titled “Eliminating Barriers to Jobs for Loan Originators” to allow for the Employment Transition of Loan Originators (Sec. 1518).
Winter 2020 Newsletter: Stay Warm and Get Caught-up! Link Correction
In case you missed it, the Winter 2020 Real Estate News is hot off the presses. The Division’s online publication provides the public access to the Division’s meetings and event calendar, program disciplinary actions, updates on important matters, and articles written by Division staff and outside contributors in the real estate industry.
Upcoming Board, Commission Meetings and; HOA Forums
Webcast any of the Division of Real Estate meetings or HOA Forums by clicking on the event date below to register for the live webcast.
February 2020
Colorado Real Estate Commission Meeting
HOA Forum - Roundtable (Aurora)
HOA Forum - New Board Members
March 2020
Board of Real Estate Appraisers Meeting
Board of Mortgage Loan Originators Meeting
HOA Upcoming Forums & Digest
Attend a forum to learn about the Colorado HOA Information and Resource Center and some important timely information regarding living and participating in your HOA. You will have the opportunity to voice your questions and concerns regarding HOAs. At the forum, helpful resources will be provided alongside a discussion of the rights and obligations of living in an HOA community. Topics and locations change monthly.
Seating is limited, please RSVP to: gary.kujawski@state.co.us, or go to the Division’s Events Calendar and click on the registration link located in the event details for a live webcast.
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