Colorado adopted rules amending requirements under the Mortgage Loan Originator Licensing and Mortgage Company Registration Act (MLOLMCRA). Under the adopted rules, a mortgage loan originator must provide a Colorado Lock-in Disclosure Form (Disclosure) to the borrower if the transaction is not subject to the federal TRID Rule but is subject to the applicable Good Faith Estimate, HUD-1 and Truth-in-Lending Disclosure requirements (i.e., a HELOC or reverse mortgage). Colorado has mandated the exact form of the Disclosure. The adopted rules also require a mortgage loan originator to maintain records of disclosures required under federal law and the MLOLMCRA for a period of 5 years. In addition, the adopted rules require a mortgage loan originator to notify the Board of Mortgage Loan Originators of: a plea or conviction involving a felony or misdemeanor offense (excluding a misdemeanor traffic offense or a petty offense); a violation of fair housing laws; a revocation or suspension of a license; or any disciplinary action taken against the mortgage loan originator. The adopted rules went into effect January 18, 2017.
See Colorado Secretary of State website for the full text of the Regulations:
http://www.sos.state.co.us/CCR/eDocketDetails.do?trackingNum=2016-00645
http://www.sos.state.co.us/CCR/eDocketDetails.do?trackingNum=2016-00647
