Colorado 2022 Regular Session Status: Enacted 1 D cosponsors

SB 22-229 — Release Deed Of Trust Without Evidence Of Debt

Last action — Governor Signed

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Senate
  4. ✓
    Passed House
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced April 25, 2022. Enacted.

Prognosis

Advancing 58% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 4 sponsors

    4 primary, 0 co-sponsors signed on.

  • Single-party support

    Sponsorship is currently within one party (1 D).

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

Under current law, with limited exceptions, a public trustee must release a deed of trust upon the satisfaction of certain preconditions, one of which is the production of the original canceled evidence of debt such as a note or bond as evidence that the indebtedness secured by the deed of trust has been paid. To this requirement, the act adds another exception. That is, a holder of the original evidence of debt may request the release of a deed of trust without producing or exhibiting the original evidence of debt if the holder: Agrees to indemnify and defend the public trustee against any claim for damages resulting from the action of the public trustee taken in accordance with the request; Provides the public trustee a current address for the original grantor, assuming party, or current owner when requesting the release of the deed of trust; and Files the request for the release of the deed of trust electronically via the county's electronic recording system. The act also removes language requiring a title insurance company to be "qualified" as well as licensed in Colorado for certain purposes relating to the release of a deed of trust. Further, the act makes necessary changes to the statutory form that is used to request a deed of trust without producing the evidence of debt. (Note: This summary applies to this bill as enacted.)

Bill Text

What changed in the latest version

23 added · 18 removed

Plain-language change summary

The changes to SB 22-229 include the addition of a new clause regarding the release of a deed of trust by a public trustee. Specifically, the public trustee will be required to release a deed of trust upon receipt of a current address for the original grantor, assuming party, or current owner, or an annotation on the request for release of the deed of trust as well as a written statement from the holder of the evidence of debt secured by the deed of trust. This matters because it clarifies the conditions under which a public trustee can release a deed of trust, potentially streamlining the process for those involved.

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Previous
Latest
-Second Regular Session Seventy-third General Assembly STATE OF COLORADO ENGROSSED This Version Includes All Amendments Adopted on Second Reading in the House of Introduction LLS NO.
-Second Regular Session Seventy-third General Assembly STATE OF COLORADO REENGROSSED This Version Includes All Amendments Adopted in the House of Introduction LLS NO.
22-1040.01 Richard Sweetman x4333 SENATE BILL 22-229 SENATE SPONSORSHIP Story and Jaquez Lewis, HOUSE SPONSORSHIP Bernett and Gray, Senate Committees House Committees Business, Labor, & Technology A BILL FOR AN ACT C ONCERNING THE CONDITIONS UNDER WHICH A PUBLIC TRUSTEE SHALL RELEASE A DEED OF TRUST .
22-1040.01 Richard Sweetman x4333 SENATE BILL 22-229 SENATE SPONSORSHIP Story and Jaquez Lewis, Woodward HOUSE SPONSORSHIP Bernett and Gray, Senate Committees House Committees Business, Labor, & Technology A BILL FOR AN ACT C ONCERNING THE CONDITIONS UNDER WHICH A PUBLIC TRUSTEE SHALL RELEASE A DEED OF TRUST .
This summary applies to this bill as introduced and does notreflectanyamendmentsthatmaybesubsequentlyadopted.Ifthisbill passes third reading in the house of introduction, a bill summary that applies to the reengrossed version of this bill will be available at http://leg.colorado.gov.) Under current law, with limited exceptions, a public trustee must release a deed of trust upon the satisfaction of certain preconditions, one of which is the production of the original canceled evidence of debt such as a note or bond as evidence that the indebtedness secured by the deed e of trust has been paid.
This summary applies to this bill as introduced and does d notreflectanyamendmentsthatmaybesubsequentlyadopted.Ifthisbill d passes third reading in the house of introduction, a bill summary that e 2 E a 0 applies to the reengrossed version of this bill will be available at T U , http://leg.colorado.gov.) N g 2 S d r e A Under current law, with limited exceptions, a public trustee must d release a deed of trust upon the satisfaction of certain preconditions, one 3 of which is the production of the original canceled evidence of debt such as a note or bond as evidence that the indebtedness secured by the deed d of trust has been paid.
To this requirement, section 1 of the bill adds n another exception.
To this requirement, section 1 of the bill adds d another exception.
That is, a holder of the original evidence of debt may m 2 T n 2 N g 8 Shading denotes HOUSE amendment.
That is, a holder of the original evidence of debt may e 2 E a 0 A U , N n 2 Shading denotes HOUSE amendment.
E d i Capital letters or bold & italic numbers indicate new material to be added to existing statute.
S a r Capital letters or bold & italic numbers indicate new material to be added to existing statuteA Dashes through the words indicate deletions from existing statute.
Dashes through the words indicate deletions from existing statute.
d request the release of a deed of trust without producing or exhibiting the original evidence of debt if the holder:
d A request the release of a deed of trust without producing or exhibiting the original evidence of debt if the holder:
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Amendments

1 amendment

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Action History

  1. Governor Signed

  2. Signed by the President of the Senate

  3. Signed by the Speaker of the House

  4. Sent to the Governor

  5. House Third Reading Passed - No Amendments

  6. Senate Considered House Amendments - Result was to Concur - Repass

  7. House Third Reading Laid Over Daily - No Amendments

  8. House Second Reading Special Order - Passed with Amendments - Floor

  9. House Committee on Business Affairs & Labor Refer Unamended to House Committee of the Whole

  10. Senate Third Reading Passed - No Amendments

  11. Introduced In House - Assigned to Business Affairs & Labor

  12. Senate Second Reading Special Order - Passed - No Amendments

  13. Senate Committee on Business, Labor, & Technology Refer Unamended - Consent Calendar to Senate Committee of the Whole

  14. Introduced In Senate - Assigned to Business, Labor, & Technology

Sponsors

Sponsorship breakdown

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4 sponsors · 0 co-sponsors · 97 not signed on

Sponsors (4)

Co-sponsors (0)

None.

Not signed on (97)

97 members have not signed on to this bill.

Show all 97 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance housing
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 22-229 do?
Under current law, with limited exceptions, a public trustee must release a deed of trust upon the satisfaction of certain preconditions, one of which is the production of the original canceled evidence of debt such as a note or bond as evidence that the indebtedness secured by the deed of trust has been paid. To this requirement, the act adds another exception. That is, a holder of the original evidence of debt may request the release of a deed of trust without producing or exhibiting the original evidence of debt if the holder: Agrees to indemnify and defend the public trustee against any claim for damages resulting from the action of the public trustee taken in accordance with the request; Provides the public trustee a current address for the original grantor, assuming party, or current owner when requesting the release of the deed of trust; and Files the request for the release of the deed of trust electronically via the county's electronic recording system. The act also removes language requiring a title insurance company to be "qualified" as well as licensed in Colorado for certain purposes relating to the release of a deed of trust. Further, the act makes necessary changes to the statutory form that is used to request a deed of trust without producing the evidence of debt. (Note: This summary applies to this bill as enacted.)
Who sponsors SB 22-229?
SB 22-229 is sponsored by Matt Gray, Tracey Bernett, Tammy Story (Democrat), and Jaquez Lewis.
What is the current status of SB 22-229?
This bill has been enacted into law. Introduced April 25, 2022. Enacted.
Where can I track SB 22-229?
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Last checked for changes 3 months ago · updated continuously

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