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HOUSE BILL 26-1287 B Y REPRESENTATIVE(S) Boesenecker and Brooks, Bacon, Jackson, Ricks;
This bill has been prepared for the signatures of the appropriate legislative officers and the Governor.
To determine whether the Governor has signed the bill or taken other action on it, please consult the legislative status sheet, the legislative history, or the Session Laws.
HOUSE BILL 26-1287 BY REPRESENTATIVE(S) Boesenecker and Brooks, Bacon, Jackson, Ricks;
CONCERNING THE CONTINUATION OFCERTAIN REGULATORY FUNCTIONS OF THE DIVISION OF REAL ESTATE , AND ,IN CONNECTION THEREWITH , IMPLEMENTING THE RECOMMENDATIONS CONTAINED IN THE 2025 SUNSET REPORT BY THE DEPARTMENT OF REGULATORY AGENCIES .
CONCERNINGTHECONTINUATION OFCERTAIN REGULATORY FUNCTIONS OF THE DIVISION OF REAL ESTATE, AND, IN CONNECTION THEREWITH, IMPLEMENTING THE RECOMMENDATIONS CONTAINED IN THE 2025 SUNSETREPORT BY THE DEPARTMENT OFREGULATORY AGENCIES.
Be it enacted by the General Assembly of the State of Colorado:
Be it enacted by the GeneralAssembly ofthe State ofColorado:
SECTION 1.
SECTION 1.In Colorado Revised Statutes, amend 12-10-227 as follows:
In Colorado Revised Statutes, amend 12-10-227 as follows:
This part 2 is repealed, effective September 1, 2026SEPTEMBER 1, 2037.
This part 2 is repealed, effectiSeptember 1, 2026 SEPTEMBER 1, 2037.
Before the repeal, the division, including the commission, is scheduled for review in accordance with section 24-34-104.
Before the repeal, the division, including the commission, 1s scheduled for review in accordance with section 24-34-104.
________ Capital letters or bold & italic numbers indicate new material added to existing law;
Capital letters or bold & italic numbers indicate new material added to existing law;
dashes through words or numbers indicate deletions from existing law and such material is not part of the act.
dashes through words or numbers indicate deletionsfrom existing law andsuch material is notpart of the act.
Repeal of part - subject to review.
Repeal ofpart - subject to review.
This part 3 is repealed, effective September 1, 2026SEPTEMBER 1, 2037.
This part 3 is repealed, effective Scptcmbct 1, 2026 SEPTEMBER 1, 2037.
This part 5 is repealed, effective September 1, 2026SEPTEMBER 1, 2037.
This part 5 is repealed, effective Scptcnxbct 1, 2026 SEPTEMBER 1, 2037.
This part 9 is repealed, effective September 1, 2026.
This patt 9 is tcpcalcd, effective Scptcmbct 1, 2026.
Before the repeal, this part 9 is scheduled for review in accordance with section 24-34-104.
Dcfmc the 1epcal, this part 9 is scheduled fut Icvicw in accotdance with section 24-34-104.
Generalassembly review ofregulatory agenciesand functions for repeal, continuation, or reestablishment - legislative declaration - repeal.
General assembly review ofregulatory agencies and functions for repeal, continuation, or reestablishment - legislative declaration - repeal.
(VI) The division of real estate, including the real estate commission, created in part 2 of article 10 of title 12, and its functions under parts 2, 3, and 5 of article 10 of title 12;
(VI) The division of Ical estate, including the Ical estate commission, ctcatcd in part 2 of article 10 of title 12, and its functions undct parts 2, 3, and 5 ofarticle 10 oftitle 12, (XVII) The legal tequitcmcnts pertainingto honxc wanancy set vice PAGE 2-HOUSE BILL 26-1287 contracts under part 9 ofarticle 10 oftitle 12.
(XVII) Thelegal requirements pertainingtohomewarrantyservice PAGE 2-HOUSE BILL 26-1287 contracts under part 9 of article 10 of title 12.
(VII) THE DIVISION OF REAL ESTATE ,INCLUDING THE REAL ESTATE COMMISSION ,CREATED IN PART 2 OF ARTICLE 10 OF TITLE 12, AND ITS FUNCTIONS UNDER PARTS 2, 3,AND 5 OF ARTICLE 10 OF TITLE 12.
(VII) THEDIVISIONOFREALESTATE, INCLUDINGTHEREALESTATE COMMISSION, CREATED IN PART 2 OF ARTICLE 10 OF TITLE 12, AND ITS FUNCTIONSUNDERPARTS 2, 3AND 5 OFARTICLE 10OFTITLE 12.
(1) It is unlawful for anyperson,A firm, Apartnership,A limited liabilitycompany,AN association,orA corporationtoengageinthebusiness or capacity of real estate broker in this state without first having obtained a license from the commission.
(1) Itis unlawful forany Aperson, Afirm, Apartnership, Alimited liabilitycompany,ANassociation, orAcorporationtoengageinthe business or capacity ofreal estate broker in this state without first having obtained a license from the commission.
No THE COMMISSION SHALL NOT GRANT A person shall be granted a license until the person establishes compliance with the provisions of this part 2 concerning education, experience, and testing;
No THECOMMISSIONSHALLNOTGRANTA person shall be granted a license until the person establishes compliance with the provisions of this part2 concerning education, experience, and testing;
truthfulness and honestyand otherwise good moral character;
truthfulness and honesty and otherwise good moral character;
and, inadditiontoanyotherrequirementsofthissection,competencytotransact the business of a real estate broker in suchmanner as to safeguard the interest of the public and onlyafter satisfactoryproof of the qualifications, together with the application for the license, is filed in the office of the commission.Indeterminingtheperson'scharacter,thecommissionshallbe governed by section 24-5-101.
and, inadditionto any otherrequirements ofthis section, competencyto transact the business of a real estate broker in such Amanner as to safeguard the interest ofthe public and only after satisfactory proofofthe qualifications, together with the application for the license, is filed in the office of the commission.
(2) THE COMMISSION MAY DENY A LICENSE TO AN APPLICANT FOR LICENSURE IFTHE APPLICANT IS GUILTY OF ANY OF THE OFFENSES LISTED IN SECTION 12-10-217 (1)(n)(I).
Indeterminingtheperson's character, thecommissionshall be governed by section 24-5-101.
SECTION 7.
(2) THE COMMISSIONMAYDENYALICENSETOANAPPLICANTFOR LICENSUREIFTHEAPPLICANTISGUILTYOFANYOFTHEOFFENSESLISTEDIN SECTION 12-10-217 (l)(n)(I).
InColoradoRevisedStatutes,12-10-217,amend(1) introductory portion, (1)(b), (1)(h), (1)(i), (7), and (9) as follows:
SECTION 7.In Colorado Revised Statutes, 12-10-217, amend ( 1) introductory portion, (1)(b), (1)(h), (1)(i), (7), and (9) as follows:
(1) The commission, upon its own motion, may, and, upon the complaint in writing of any person, shall, investigate the activities of any PAGE 3-HOUSE BILL 26-1287 licenseeoranypersonwho THAT assumestoactinthecapacityofalicensee within the state, and the commission, after holding a hearing pursuant to section12-10-219,hasthepowerto MAY imposeanadministrativefinenot to exceed two thousand five hundred dollars for each separate offense, and to censure a licensee, to place thA licensee on probation and to set the terms of probation, or totemporarily suspend a license or permanently revoke a license when IF the licensee has performed, is performing, or is attempting to perform any of the following acts and is guilty of:
(1) The commission, upon its own motion, may, and, upon the complaint in writing of any person, shall, investigate the activities of any PAGE 3-HOUSE BILL 26-1287 licenseeoranypersonwhoTHATassumes to act in the capacityofa licensee within the state, and the commission, after holding a hearing pursuant to section 12-10-219, has the power to MAYimpose an administrative fine not to exceed two thousand five hundred dollars for each separate offense, and to censure a licensee, to place the A licensee on probation and to set the terms of probation, or to temporarily suspend a license or pe1manently revoke a license when IFthe licensee has performed, is performing, or is attempting to perform any ofthe following acts and is guilty of:
(b) Making any promise of a character that influences, persuades, orinducesanotherpersonwhenheorshe THELICENSEE couldnotordidnot intend to keep the promise;
(b) Making any promise of a character that influences, persuades, or induces anotherpersonwhen he 01sheTHELICENSEEcouldnot ordid not intend to keep the promise;
(h) Failing to account for or to remit, within a reasonable time, any moneycomingintothelicensee'spossessionthatbelongstootherswhether acting as real estate brokers or otherwiWHEN PERFORMING FUNCTIONS FOR WHICH A LICENSE IS REQUIRED PURSUANT TO SECTION 12-10-201 (6), andfailingtokeeprecordsrelativetothemoney,which recordsshall MUST contain such information as may be ISprescribed by the rules of the commission relative thereto and shall be ARE subject to audit by the commission;
(h) Failing to account for or to remit, within a reasonable time, any money coming into the licensee's possessionthat belongs to others whethe1 acting as teal estate brnke1s OI othe1wise WHEN PERFORMING FUNCTIONS FORWHICHALICENSE IS REQUIRED PURSUANTTOSECTION 12-10-201 (6), and failing to keep records relative to the money, which records shalt MUST contain such information as may be IS prescribed by the rules of the commission 1elative the1eto and shall be ARE subject to audit by the comm1ss1on;
(i) W HEN PERFORMING FUNCTIONS FOR WHICH A LICENSE IS REQUIREDPURSUANTTOSECTION 12-10-201(6),convertingfundsofothers, divertingfundsof otherswithout proper authorization,comminglingfunds of others with the broker's own funds, or failing to keep the funds of others in an escrow or a trustee account with some bank or recognized depository in this state, which account may be any type of checking, demand, passbook, or statement account insured by an agency of the United States government, and to keep records relative to the deposit that contain such information as may be prescribed by the rules of the commission, relative thereto, which records shall bARE subject to audit by the commission;
(i) WHEN PERFORMING FUNCTIONS FOR WHICH A LICENSE IS REQUIREDPURSUANTTOSECTION12-10-201 (6), convertingfunds ofothers, diverting funds ofothers without proper authorization, commingling funds ofothers with the broker's own funds, or failing to keep the funds ofothers in an escrow or a trustee account with some bank or recognized depository in this state, which account may be any type of checking, demand, passbook, or statement account insured by an agency of the United States government, and to keep records relative to the deposit that contain such information as may be prescribed by the rules ofthe commission, 1elative the1eto, which records shall be AREsubject to audit by the commission;
(7) When a complaint or an investigation discloses an instance of misconductthat,intheopinionof thecommission,doesnotwarrantformal actionbythecommissionbutthatshouldnotbedismissedasbeingwithout merit,thecommissionmaysendaletterofadmonitionby ELECTRONICMAIL ORBY certified mail, return receipt requested, tothelicenseeagainstwhom a complaint was made and a copy thereof to the person making the complaint.but ThelettershallMUST advisethelicenseethatthelicenseehas PAGE 4-HOUSE BILL 26-1287 therighttorequest,in writing, withintwentydaysafterprovenreceipt,that formal disciplinary proceedings be initiated to adjudicate the propriety of the conduct upon which the letter of admonition is based.
(7) When a complaint or an investigation discloses an instance of misconductthat, in the opinion ofthe commission, does notwarrant formal action by the commission butthat should not be dismissed as beingwithout merit, the commissionmaysendaletterofadmonitionbyELECTRONICMAIL ORBYcertified mail, return receipt requested, to the licensee against whom a complaint was made and a copy thereof to the person making the complaint.btttThe lettershaltMUSTadvisethe licenseethatthe licenseehas PAGE 4-HOUSE BILL 26-1287 the right to request, in writing, within twenty days after proven receipt, that formal disciplinary proceedings be initiated to adjudicate the propriety of the conduct upon which the letter ofadmonition is based.
If the request is timely made, the letter of admonition shall be deemed vacated, and the matter shall be processed by means of formal disciplinary proceedings.
Ifthe request is timely made, the letter of admonition shall be deemed vacated, and the matter shall be processed by means offormal disciplinary proceedings.
(9) Any application for licensure from a person whose license has been revoked shall not be considered until the passage of one year TWO YEARS from the date of revocation.
(9) Any application for licensure from a person whose license has been revoked shall not be considered until the passage of one yeat TWO YEARS from the date ofrevocation.
SECTION8.
SECTION 8.
InColoradoRevisedStatutes,12-10-213,amend(5);
In ColoradoRevised Statutes, 12-10-213, amend (5);
(5) Thecommissionshallpromulgaterulestoimplementthissection MAY INACTIVATE THE LICENSE OF A LICENSEE WHO FAILS TO COMPLY WITH THE REQUIREMENTS OF THIS SECTION .
(5) Thecommissionshallptomttlgatetulestoimplementthis section MAYINACTIVATETHELICENSEOFALICENSEEWHOFAILSTOCOMPLYWITH THEREQUIREMENTSOFTHISSECTION.
(6) T HE DIVISION MAY CHARGE A FEE TO EACH PROVIDER THAT SUBMITS A CONTINUING EDUCATION COURSE .
(6) THE DIVISION MAY CHARGE A FEE TO EACH PROVIDER THAT SUBMITSACONTINUINGEDUCATIONCOURSE.
(7) T HE COMMISSION SHALL ADOPT RULES TO IMPLEMENT THIS SECTION .
(7) THE COMMISSION SHALL ADOPT RULES TO IMPLEMENT THIS SECTION.
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(5) (b) An applicant for a broker's license who has held a real estate license in another jurisdiction that administers a real estate broker's examination and who has been licensed for two or more years prior to applying for a Colorado license may be issued a broker's license if the applicantestablishesthatheorshepossesses THEYPOSSESS credentialsand qualifications that are substantively equivalent to the requirements in Colorado for licensure by examination.
(5) (b) An applicant for abroker's license who has held areal estate license in another jurisdiction that administers a real estate broker's examination and who has been licensed for two or more years prior to applying for a Colorado license may be issued a broker's license if the applicant establishes that h01shepossesses THEYPOSSESScredentials and qualifications that are substantively equivalent to the requirements m Colorado for licensure by examination.
except that a married woman AN INDIVIDUAL may elect to use her birth A PREVIOUSLY USED LEGAL name.
except that a manied ~e,man AN INDIVIDUAL may elect to use her birth A PREVIOUSL y USED LEGAL name.
In Colorado Revised Statutes, amend 12-10-224 as follows:
In Colorado Revised Statutes,amend 12-10-224 as follows:
The commission, the director, or the administrative law judge appointedforhearingsmayissueasubpoenacompellingtheattendanceand testimony of witnesses and the production of books, papers, or records pursuant to an investigation or hearing of the commission.
The commission, the director, or the administrative law judge appointedfor hearings may issueasubpoenacompellingthe attendanceand testimony of witnesses and the production of books, papers, or records pursuant to an investigation or hearing ofthe commission.
The subpoenas shall be served in the same manner as subpoenas issued by district courts MAYBEENFORCEDBYACOURTOFCOMPETENTJURISDICTIONIFNOTOBEYED andshallbeissuedwithoutdiscriminationbetweenpublicorprivateparties requiring the attendance of witnesses and the production of documents at hearings.
The subpoenas shall be ser ved in the same manner as subpeienas issued by distriet eeiurts MAY BEENFORCED BYACOURTOF COMPETENTJURISDICTION IFNOTOBEYED and shall be issuedwithout discrimination betweenpublic orprivateparties requiring the attendance ofwitnesses and the production of documents at hearings.
If a person fails or refuses to obey a subpoena issued by the commission, the director, or the appointed administrative law judge, the commission maypetition the district court having jurisdiction for issuance of asubpoena in the premises, and the courtshall,inapropercase,issueits subpoena.
If a person fails or refuses to obey a subpoena issued by the commission, the director, or the appointed administrative law judge, the commission may petition the district court havingjurisdiction for issuance ofa subpoena in the premises, and the court shall, in aproper case, issue its subpoena.
SECTION11.
SECTION 11.
InColoradoRevisedStatutes,12-10-506,amend(4) as follows:
InColoradoRevisedStatutes, 12-10-506, amend (4) as follows:
(4) The commission, the director, or the administrative law judge appointed for a hearing may issue a subpoena compelling the attendance and testimonyof witnesses and the production of books, papers, or records pursuant to an investigation or hearing of the commission.
(4) The commission, the director, or the administrative law judge appointed for a hearing may issue a subpoena compelling the attendance and testimony ofwitnesses and the production ofbooks, papers, or records pursuant to an investigation or hearing of the commission.
Any such subpoena shall be served in the same manner as for subpoenas issued by district courMAYBEENFORCEDBYACOURT OFCOMPETENT JURISDICTION IF NOT OBEYED .
Any such subpoena shall be set ved in the same manner as fur subpeienas issued by district eeiurMA y BE ENFORCED BY A COURT OF COMPETENT JURISDICTION IF NOT OBEYED.
InColoradoRevisedStatutes,12-10-207,amend(2) PAGE 6-HOUSE BILL 26-1287 as follows:
InColoradoRevised Statutes, 12-10-207, amend (2) PAGE 6-HOUSE BILL 26-1287 as follows:
(2) Itisthedutyofthedirector,personally,orthedirector'sdesignee to:
(2) It is the duty ofthe director, personally, orthe director's designee to:
(a) Aid in the administration and enforcement of parts 2THIS PART and PART 5 of this article 10andintheprosecutionof all persons charged with violating any of their provisions;
(a) Aid in the administration and enforcement ofparts 2 THISPART and PART5 ofthis article 10 and in the prosecution ofall persons charged with violating any oftheir provisions;
to (b) Conduct audits of business accounts of licensees;
to (b) Conduct audits ofbusiness accounts of licensees;
to (c) E STABLISH PROTOCOLS TO ADDRESS THE SECURITY OF ELECTRONIC CORRESPONDENCE , INCLUDING WHEN ELECTRONIC CORRESPONDENCE MAY BE USED FOR THE PURPOSES OF THIS ARTICLE 10;
to (c) ESTABLISH PROTOCOLS TO ADDRESS THE SECURITY OF ELECTRONIC CORRESPONDENCE, INCLUDING WHEN ELECTRONIC CORRESPONDENCEMAYBEUSED FORTHEPURPOSESOFTHIS ARTICLE 10;
SECTION13.
SECTION 13.
InColoradoRevisedStatutes,12-10-208,amend(2) as follows:
In ColoradoRevisedStatutes, 12-10-208, amend (2) as follows:
(2) If a broker has no registered agent registered in this state, the registered agent is not located under its registered agent name at its registered agent address, or the registered agent cannot with reasonable diligence be served, the broker may be served by ELECTRONIC MAIL , registered mail, or bycertified mail, return receipt requested, addressed to the entityatitsprincipaladdress.Serviceisperfectedunderthissubsection (2) at the earliest of:
(2) If a broker has no registered agent registered in this state, the registered agent is not located under its registered agent name at its registered agent address, or the registered agent cannot with reasonable diligence be served, the broker may be served by ELECTRONIC MAIL, registered mail, or by certified mail, return receipt requested, addressed to the entity at its principal address.
Service is perfected underthis subsection (2) at the earliest of:
PAGE 7-HOUSE BILL 26-1287 (b) The date shown on the return receipt, if ANY ,IF THE RETURN RECEIPT IS signed by or on behalf of the broker;
PAGE 7-HOUSE BILL 26-1287 (b) The date shown on the return receipt, if ANY, IF THE RETURN RECEIPT IS signed by or on behalfofthe broker;
or (c) Five days after mailingTHE SERVICE IS SENT .
or (c) Five days after mailing THE SERVICE IS SENT.
SECTION14.
SECTION 14.
InColoradoRevisedStatutes,12-10-219,amend(2) as follows:
InColoradoRevised Statutes, 12-10-219,amend(2) as follows:
If the licensee is an employed broker, the commission shall also notify the broker employing the licensee by mailing, byELECTRONIC MAIL OR first-class mail, a copy of the written notice required under section 24-4-104 (3) to the employing broker's last-known business address.
Ifthe licensee is an employed broker, the commission shall also notify the broker employing the licensee by mailing, by ELECTRONIC MAIL OR first-class mail, a copy of the written notice required under section 24-4-104 (3) to the employing broker's last-known business address.
(6) (b) "Real estate broker" or "broker" does not applyto anyof the following:
(6) (b) "Real estate broker" or "broker" does not apply to any ofthe following:
(II) Any public official in the conduct of his or her THE PUBLIC OFFICIAL S official duties;
(II) Any public official in the conduct of his or her THE PUBLIC OFFICIAL'S official duties;
(V) An attorney-at-law in connection with his or her THE ATTORNEY S representation of clients in the practice of law;
(V) An attorney-at-law in connection with his or her THE ATTORNEY's representation ofclients in the practice oflaw;
(XII) A regularly salaried employee of an owner of an apartment building or complex who acts as an on-site manager of such an apartment building or complex.
(XII) A regularly salaried employee of an owner of an apartment building or complex who acts as an on-site manager ofsuch an apartment building or complex.
This exemption applies only in WITH respect to the customary duties of an on-site manager performed for his or her THE ON -SITE MANAGER 'Semployer.
This exemption applies only in WITH respect to the customary duties of an on-site manager performed for his or her THE ON-SITE MANAGER'S employer.
(XIII) A regularly salaried employee of an owner of condominium PAGE 8-HOUSE BILL 26-1287 units who acts as an on-site manager of sucTHE units.
(XIII) A regularly salaried employee ofan owner ofcondominium PAGE 8-HOUSE BILL 26-1287 units who acts as an on-site manager ofsuch THE units.
For purposes of S USED IN this subsection (6)(b)(XIII) only, the term "owner" includes a homeowners' association AN HOA formed and acting pursuant to its recordedcondominiumdeclarationandbylaws.Thisexemptionappliesonly inWITH respecttothecustomarydutiesofanon-sitemanagerperformedfor his or herTHE ON -SITE MANAGER S employer.
For purposes ofAs USED IN this subsection (6)(b)(XIII) only, the term "owner" includes a homeowners' association AN HOA formed and acting pursuant to its recordedcondominiumdeclarationandbylaws.Thisexemptionappliesonly in WITH respecttothe customaryduties ofan on-sitemanagerperformed for his or herTHE ON-SITE MANAGER'S employer.
SECTION16.
SECTION 16.
InColoradoRevisedStatutes,12-10-212,amend(3) as follows:
InColoradoRevised Statutes, 12-10-212, amend (3) as follows:
Licensefees-partnership,limitedliabilitycompany, and corporation licenses - rules.
License fees- partnership, limited liability company, and corporation licenses - rules.
(3) Each real estate broker's license granted to an individual shall entitleENTITLES the individual to perform all the acts contemplated bythis part 2 without any further application on his or herE INDIVIDUAL 'Spart and without the payment of any fee other than the fees specified in this section.
(3) Each real estate broker's license granted to an individual shall entitleENTITLES the individual to perform all the acts contemplated by this part 2 without any further application on his or heTHE INDIVIDUAL'S part and without the payment of any fee other than the fees specified in this section.
(2) (b) If a licensee or the employing broker of a licensee is part of anaffiliatedbusinessarrangement,when an offer topurchaserealproperty is fully executed, the licensee shall disclose to all parties to the real estate transaction the existence of the arrangement THE EXISTENCE OF THE AFFILIATED BUSINESS ARRANGEMENT TO THE PARTY THE LICENSEE REPRESENTS AT THE TIME OF MAKING THE REFERRAL .
(2) (b) Ifa licensee or the employing broker ofa licensee is part of an affiliated business arrangement, when an offer to purchase real property is fully executed, the licensee shall disclose to all parties to the real estate transaction the existence of the anangement THE EXISTENCE OF THE AFFILIATED BUSINESS ARRANGEMENT TO THE PARTY THE LICENSEE REPRESENTS AT THE TIME OF MAKING THE REFERRAL.
The disclosure shall be written, shall be signed by all parties to the real estate transaction, and shallMUST complywiththefederal"RealEstateSettlementProceduresAct of 1974", as amended, 12 U.S.C.
The disclosure shalt be written, shall be signedby all parties to the real estate transaction, and shaltMUST complywith the federal "RealEstate SettlementProcedures Act of 1974", as amended, 12 U.S.C.
(g) It shallIS not be a violation of this section for an affiliated business arrangement:
(g) It shalt IS not be a violation of this section for an affiliated business arrangement:
(II) If an attorney or law firm represents a client in a real estate PAGE 9-HOUSE BILL 26-1287 transaction and issues or arranges for the issuance of a policy of title insuranceinthetransactiondirectlyasagentorthroughaseparatecorporate title insurance agency that may be established by that attorney or law firm andoperatedasanadjuncttohisorher THEATTORNEY SORLAWFIRM 'Slaw practice.
(11) If an attorney or law firm represents a client in a real estate PAGE 9-HOUSE BILL 26-1287 transaction and issues or arranges for the issuance of a policy of title insurance inthetransactiondirectlyas agentorthroughaseparate corporate title insurance agency that may be established by that attorney or law firm and operated as an adjunct to his or her THEATTORNEY'SORLA w FIRM'Slaw practice.
In Colorado Revised Statutes, amend 12-10-225 as follows:
In Colorado Revised Statutes,amend 12-10-225 as follows:
Any A person who THAT willfully fails or neglects to appear and testify or to produce books, papers, or records required by subpoena, duly served upon him or herTHE PERSON in any matter conducted under parts 2 and THIS PART 2 AND PART 5 of this article 10, commits a petty offense.
:Any A person who THAT willfully fails or neglects to appear and testify or to produce books, papers, or records required by subpoena, duly served upon him or her THEPERSONin any matter conducted under parts 2 and THIS PART2 AND PART 5 of this article 10, commits a petty offense.
In Colorado Revised Statutes, amend 12-10-302 as follows:
In Colorado Revised Statutes,amend 12-10-302 as follows:
Objections on account of title.
Objections on account oftitle.
No A real estate agent or broker iNOT entitled to a commission when a proposed purchaser fails or refuses to complete his or her THE PROPOSEDPURCHASER 'Scontract of purchase because of defects in the title of the owner, unless the owner, within a reasonable time, has the defects corrected by legal proceedings or otherwise.
No A real estate agent or broker is NOT entitled to a commission when a proposed purchaser fails or refuses to complete his or her THE PROPOSEDPURCHASER'Scontract ofpurchase because ofdefects in the title of the owner, unless the owner, within a reasonable time, has the defects corrected by legal proceedings or otherwise.
In Colorado Revised Statutes, amend 12-10-303 as follows:
In Colorado Revised Statutes,amend 12-10-303 as follows:
The A N owner shall IS not be required to begin legal or other proceedings for the correction of a title until the agent or broker secures fromtheproposedpurchaseranenforceablecontractinwriting,bindinghim or herTHE PROPOSED PURCHASER to complete the purchase whenever the defects in the title are corrected.
The AN owner shalt IS not be required to begin legal or other proceedings for the correction of a title until the agent or broker secures fromtheproposedpurchaseranenforceablecontractinwriting, bindinghim or her THEPROPOSEDPURCHASERto complete the purchase whenever the defects in the title are corrected.
InColoradoRevisedStatutes,12-10-403,add(9)as PAGE 10-HOUSE BILL 26-1287 follows:
In ColoradoRevised Statutes, 12-10-403, add (9) as PAGE IO-HOUSE BILL 26-1287 follows:
(9) N OTWITHSTANDING SUBSECTION (6)(b)OF THIS SECTION , A BROKER WORKING WITH A BUYER , SELLER, LANDLORD ,OR TENANT MAY DISCLOSETHEBUYER 'S,SELLER S,LANDLORD 'SORTENANT SCONFIDENTIAL INFORMATIONTOTHEBROKER SEMPLOYINGBROKERORTOTHEEMPLOYING BROKER S DESIGNEE FOR THE PURPOSE OFPROPER SUPERVISION SO LONG AS THE EMPLOYING BROKER OR DESIGNEE DOES NOT USE THE CONFIDENTIAL INFORMATION TO THE DETRIMENT OF THE BUYER ,SELLER ,LANDLORD , OR TENANT .
(9) NOTWITHSTANDING SUBSECTION (6)(b) OF THIS SECTION, A BROKER WORKING WITH A BUYER, SELLER, LANDLORD, OR TENANT MAY DISCLOSETHEBUYER'S, SELLER'S,LANDLORD'S, ORTENANT'S CONFIDENTIAL INFORMATIONTOTHEBROKER'S EMPLOYINGBROKERORTO THE EMPLOYING BROKER'S DESIGNEE FORTHE PURPOSE OF PROPER SUPERVISION SOLONG AS THE EMPLOYING BROKER OR DESIGNEE DOES NOT USE THE CONFIDENTIAL INFORMATION TO THE DETRIMENT OF THE BUYER, SELLER, LANDLORD, OR TENANT.
SECTION22.
SECTION 22.
InColoradoRevisedStatutes,12-10-404,amend(2) introductory portion as follows:
In Colorado Revised Statutes, 12-10-404,amend (2) introductory portion as follows:
(2) EXCEPT AS DESCRIBED IN SECTION 12-10-403 (9), A BROKER ACTING AS A SELLER S OR LANDLORD S AGENT SHALL NOT DISCLOSE the following information shall not be disclosed bya broker acting as a seller's or landlord's agent without the informEXPRESS WRITTEN consent of the seller or landlord:
(2) EXCEPT AS DESCRIBED IN SECTION 12-10-403 (9),A BROKER ACTING AS A SELLER'S OR LANDLORD'S AGENT SHALL NOT DISCLOSE the following information shall not be disclosedbyab1oker acting as a seller's landlord's agentwithout the informed EXPRESS WRITTEN consent o f the seller or landlord:
SECTION23.
SECTION 23.
InColoradoRevisedStatutes,12-10-405,amend(2) introductory portion as follows:
In Colorado Revised Statutes, 12-10-405,amend (2) introductory portion as follows:
(2) EXCEPT AS DESCRIBED IN SECTION 12-10-403 (9), A BROKER ACTING AS A BUYER 'S OR TENANT 'S AGENT SHALL NOT DISCLOSE the following information shall not be disclosed bya broker acting asabuyer's or tenant's agent without the informedEXPRESS WRITTEN consent of the buyer or tenant:
(2) EXCEPT AS DESCRIBED IN SECTION 12-10-403 (9),A BROKER ACTING AS A BUYER'S OR TENANT'S AGENT SHALL NOT DISCLOSE the following information shall not be discloseby abroker acting as abuyer's or tenant's agentwithout the informed EXPRESS WRITfEN consent o f the buyer or tenant:
SECTION24.
SECTION 24.
InColoradoRevisedStatutes,12-10-407,amend(3) introductory portion as follows:
In Colorado Revised Statutes, 12-10-407,amend (3) introductory portion as follows:
PAGE 11-HOUSE BILL 26-1287 (3) EXCEPT AS DESCRIBED IN SECTION 12-10-403 (9), A TRANSACTION -BROKERSHALLNOTDISCLOSE thefollowinginformationshall not be disclosed by a transaction-broker without the informed EXPRESS WRITTEN consent of all parties:
PAG E 11-HOUSE B IL L 26-1287 (3) EXCEPT AS DESCRIBED IN SECTION 12-10-403 (9), A TRANSACTION-BROKERSHALLNOTDISCLOSEthefollowing informationshalt not be disclosed by a transaetion-brnke1 without the informed EXPRESS WRITTEN consent of all parties:
InColoradoRevisedStatutes,12-10-505,amend(1) introductory portion, (1)(a), and (4) as follows:
InColoradoRevised Statutes, 12-10-505, amend (1) introductory portion, (l)(a), and (4) as follows:
Refusal, revocation, or suspension of registration - letter of admonition - probation.
Refusal, revocation, or suspension of registration - letter ofadmonition - probation.
may issue a letter of admonition;
may issue a letter ofadmonition;
may place a registrant on probation under its close supervision on such terms and for such time as it THE COMMISSION deems appropriate;
may place a registrant on probation under its close supervision on such terms and for such time as it THECOMMISSION deems appropriate;
(a) Has used false or misleading advertising or has made a false or misleading statement or a concealment in his or her THE DEVELOPER S OR OTHER PERSON S application for registration;
(a) Has used false or misleading advertising or has made a false or misleading statement or a concealment in his 01 her THEDEVELOPER'S OR OTHERPERSON'S application for registration;
(4) When a complaint or investigation discloses an instance of misconductthat,intheopinionofthecommission,doesnotinitiallywarrant formal action bythe commission but that should not be dismissed as being without merit, the commission may send a letter of admonition by ELECTRONIC MAIL OR BY certified mail, return receipt requested, to the registrant who is the subject of the complaint or investigation and a copy thereof to any person making the complaint.
(4) When a complaint or investigation discloses an instance of misconductthat, inthe opinionofthe commission, does not initiallywarrant formal action by the commission butthat should not be dismissed as being without merit, the commission may send a letter of admonition by ELECTRONIC MAIL OR BY certified mail, return receipt requested, to the registrant who is the subject ofthe complaint or investigation and a copy thereofto any person making the complaint.
The letter shall MUST advise the registrant that he or sheTHE REGISTRANT has the right to request in writing, within twenty days after proven receipt, that formal disciplinary proceedings be initiated against him or herTHE REGISTRANT to adjudicate the propriety of the conduct upon which the letter of admonition is based.
The letter shalt MUST advise the registrant that he or she THE REGISTRANT has the right to request in writing, within twenty days after proven receipt, that formal disciplinary proceedings be initiated against him 01 her THEREGISTRANTto adjudicate the propriety ofthe conduct upon which the letter of admonition is based.
If the request is timely made, the letter of admonition shall be deemed vacated, and the matter shall be processed bymeans of formal disciplinary proceedings.
If the request is timely made, the letter of admonition shall be deemed vacated, and the matter shall be processed by means offormal disciplinary proceedings.
on the day following the expiration of the ninety-dayperiod after final adjournment of the general assembly(August 12, 2026, if adjournment sine die is on May 13, 2026);
on the day following the expiration of the ninety-day period after final adjournment ofthe general assembly (August 12, 2026, if adjournment sine die is on May 13, 2026);
except that, if a referendumpetitionisfiledpursuanttosection1(3)ofarticleVofthestate constitution against this act or an item, section, or part of this act within such period, then the act, item, section, or part will not take effect unless PAGE 13-HOUSE BILL 26-1287 approvedbythepeopleatthegeneralelectiontobeheldinNovember2026 and, in such case, will take effect on the date of the official declaration of the vote thereon by the governor.
except that, if a referendumpetition is filed pursuantto section 1(3) ofarticle V ofthe state constitution against this act or an item, section, or part of this act within such period, then the act, item, section, or part will not take effect unless PAGE 13-HOUSE BILL 26-1287 approved by the people atthe general election to be held inNovember2026 and, in such case, will take effect on the date ofthe official declaration of the vote thereon by the governor.
____________________________ ____________________________ Julie McCluskie James Rashad Coleman, Sr.
J u ~ es Rashad Coleman, Sr.
SPEAKER OF THE HOUSE PRESIDENT OF OF REPRESENTATIVES THE SENATE ____________________________ ____________________________ Vanessa Reilly Esther van Mourik CHIEF CLERK OF THE HOUSE SECRETARY OF OF REPRESENTATIVES THE SENATE APPROVED________________________________________ (Date and Time) _________________________________________ Jared S.
SPEAKER OF THE HOUSE PRESIDENT OF OF REPRESENTATIVES THE SENATE Vanessa Reilly Esther van Mourik CHIEF CLERK OF THE HOUSE SECRETARY OF OF REPRESENTATIVES THE SENATE Jared S.
Polis GOVERNOR OF THE STATE OF COLORADO PAGE 14-HOUSE BILL 26-1287
Poli GOVERNORO PAGE 14-HOUSE BILL 26-1287
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