DENVER – Colorado Attorney General John W. Suthers today praised legislative members of the senate’s Business, Labor, and Technology Committee for a unanimous, 8-0 vote to send SB-085 to the senate floor.
“Just as homeownership is the essence of the American Dream, foreclosure has become an American nightmare,” commented Suthers while testifying in favor of the legislation. “I’m glad to see Senate Bill 85 affirmed in committee, and look forward to seeing the bill make its way toward the Governor’s desk.”
SB-085, which has the bipartisan sponsorship of Sen. Jennifer Veiga (D-Denver) and Rep. Tom Massey (R-Poncha Springs), would combat mortgage fraud in three important ways: First, the bill would expand authority in the Division of Regulatory Agencies to revoke a mortgage broker’s registration if that broker has been enjoined in any state from brokering mortgages. Second, the bill would make it a crime for mortgage brokers to improperly influencing appraisers. Finally, the legislation would prohibit realtors, other brokers, lenders, and investors from improperly influencing, or attempting to influence, an appraisal.