Signed by Governor Jared Polis

Vote Smart's Synopsis:

Vote to concur with Senate amendments and pass a bill that requires mortgage servicer providers to take certain actions regarding the disbursement of insurance proceeds to borrowers in Colorado.

Highlights:

• Requires Colorado homeowners to provide their mortgage servicer or company with a repair or rebuild plan if their property is damaged or destroyed for the purpose of insurance (Sec. 1). 

• Requires the plan to outline the payment structure of the repairs and outline certain milestones for insurance fund disbursement
  (Sec. 1). 

• Requires the mortgage company to approve or deny the plan within 30 days (Sec. 1). 

• Specifies that the disbursement of insurance funds shall be based on specific criteria, such as the total amount of the insurance payout and whether the borrower is behind or ahead on making payments to their mortgage
  (Sec. 1). 

Full Bill Text

Vote Smart's Synopsis:

Vote to amend and pass a bill that requires mortgage servicer providers to take certain actions regarding the disbursement of insurance proceeds to borrowers in Colorado.

Highlights:

• Requires Colorado homeowners to provide their mortgage servicer or company with a repair or rebuild plan if their property is damaged or destroyed for the purpose of insurance (Sec. 1). 

• Requires the plan to outline the payment structure of the repairs and outline certain milestones for insurance fund disbursement
  (Sec. 1). 

• Requires the mortgage company to approve or deny the plan within 30 days (Sec. 1). 

• Specifies that the disbursement of insurance funds shall be based on specific criteria, such as the total amount of the insurance payout and whether the borrower is behind or ahead on making payments to their mortgage
  (Sec. 1). 

Full Bill Text