House Bill 1022 will help get Colorado’s Housing Market Back on Track
DENVER—State Rep. Ray Scott’s first bill was signed into law today by Gov. John Hickenlooper. The measure, House Bill 1022, will help Colorado’s economy, especially in rural areas, by supporting seller financing for residential property.
“I was elected to help get our economy back on track,” said Scott, a Grand Junction Republican. “A key component to our state economic recovery is to revive the housing market.”
HB 1022 exempts property owners providing seller financing on up to three residential properties in a 12 month period from having to be licensed as mortgage loan originators.
Current law places more restrictions on seller financing than what the federal government dictates. Presently, a large number of resort, farm and ranch properties are unable to secure conventional financing because they exceed Federal Housing Administration (FHA) loan limits or are considered too risky by lending institutions.
“With credit tight, and too many homes on the market, especially in rural areas, it’s vital we find a responsible way to absorb the excess inventory,” Scott said.
“We can’t get our economy back on track without a recovery in the housing market,” added Scott. “I decided to carry this bill because it didn’t make sense for the state government to put unnecessary restrictions upon willing buyers and sellers.”
HB 1022 passed the General Assembly unanimously.
The bill will go into effect on August 10, 2011, assuming the General Assembly adjourns as scheduled.
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DENVER—State Rep. Ray Scott’s first bill was signed into law today by Gov. John Hickenlooper. The measure, House Bill 1022, will help Colorado’s economy, especially in rural areas, by supporting seller financing for residential property.
“I was elected to help get our economy back on track,” said Scott, a Grand Junction Republican. “A key component to our state economic recovery is to revive the housing market.”
HB 1022 exempts property owners providing seller financing on up to three residential properties in a 12 month period from having to be licensed as mortgage loan originators.
Current law places more restrictions on seller financing than what the federal government dictates. Presently, a large number of resort, farm and ranch properties are unable to secure conventional financing because they exceed Federal Housing Administration (FHA) loan limits or are considered too risky by lending institutions.
“With credit tight, and too many homes on the market, especially in rural areas, it’s vital we find a responsible way to absorb the excess inventory,” Scott said.
“We can’t get our economy back on track without a recovery in the housing market,” added Scott. “I decided to carry this bill because it didn’t make sense for the state government to put unnecessary restrictions upon willing buyers and sellers.”
HB 1022 passed the General Assembly unanimously.
The bill will go into effect on August 10, 2011, assuming the General Assembly adjourns as scheduled.
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