Capitol Connection – March 11, 2024
Legislative Advocacy This Week at the Capitol
The Colorado Association of REALTORS® is past the halfway point in the 2024 legislative session. Bill introductions are starting to slow down, but more can be expected. CAR is strongly supporting SB-106 because it has the potential to correct issues underlying the lack of entry-level housing construction and is opposing HB-1300 because it would hinder residential sales of existing housing throughout the state. Both bills underwent committee hearings and have been laid over until at least March 19th for action. CAR thanks every member who participated in the Senate Bill 106 Call for Action. Your engagement makes a difference.
Bill Updates
(Support) SB-009 Local Government Disaster-Related Programs
Sponsors: Sen. Cutter, Sen. Jaquez Lewis and Rep. Snyder
SB 9 supports local governments on disaster-related programs. This bill creates a pilot program for the State Forest Service in providing grants to local governments to establish a slash removal program as a wildfire mitigation incentive. The second section of the bill requires the Department of Public Safety to provide guidance to local governments on debris removal.
CAR supports SB 9 and state efforts to support local communities in wildfire mitigation efforts, including slash and debris removal programs.
(Support) HB-1233 Homeowners’ Assocation Delinquency Payments Enforcement Procedures
Sponsors: Rep. Wilson, Rep. Snyder, Sen. Roberts, and Sen. Gardner
HB 1233 is a bipartisan bill repealing the requirement for a homeowner’s association (HOA) to physically post a delinquency on a unit, alleviating the social impact of a physical notice. It also allows HOAs to charge owners for the cost of mailing notices including delinquency. The bill initially prolonged the amount of time for repayment plans and was since amended to stay as-is. The bill also ensures time-share units not occupied on a full-time basis are exempt from certain procedural requirements.
(Oppose) HB-1014 Deceptive Trade Practice Significant Impact Standard
Sponsors: Rep. Weissman, Rep. Mabrey, and Sen. Gonzales
The bill aims to reduce the level of evidence necessary to establish a sufficient impact to the public to any amount and would leave businesses vulnerable to deceptive trade claims under the Colorado Consumer Protection Act. Unintentional, mistaken, or errors of omission could be elevated as deceptive trade practices if this bill moves forward. Additionally, E&O insurance does not cover deceptive trade practices, which is why the Colorado Association of REALTORS® is opposing the bill. CAR advocated to amend a similar bill last year, HB23-1192, successfully removing section 1 that attempted to do the same.
The bill is scheduled for a hearing on March 18th in the Senate Judiciary Committee.
RPMA
“Don’t Miss Out on the Action – Sign up for REALTOR® Party Mobile Alerts”
Text REALTORS to 30644
REALTOR® Party Mobile Alerts offers REALTOR® Associations and REALTORS® a way to stay connected directly from their cell phone or tablet. When a national or state legislative call for action is launched, subscribers get a short text message containing information to take action. Stay in the “know” as housing legislation heats up at the state capitol and nationally this year.
*If you sign up for RPMA and receive a Call For Action, taking action does NOT subscribe your information to a listserv.* RPMA and CFA are strictly to inform members of legislation that the National Association of REALTORS® or Colorado Association of REALTORS® needs grassroots engagement.
RPAC
*Needed* We are looking for auction items for our Spring Summit RPAC reception. If you have any fun experiences, you can donate to RPAC please reach out to kbrenzel@coloradorealtors.com
100% CAR Committee RPAC Participation Challenge
Jason Witt, 2024 CAR President, announced a fun, non-mandatory, friendly competition for CAR Committee members to aim for 100% of RPAC Participation at the fair share amount of $25. Jason will announce which committees have reached 100% at Spring Summit Board meeting. RPAC is an important value used to help protect Colorado’s real estate industry. Each member contributes directly to CAR’s success, and President Jason Witt hopes this friendly challenge will provide a fun opportunity for engagement.
SAVE THE DATE – RPAC Reception at Spring Summit
Tuesday, April 9th at 4:15pm – 6:15pm. We will have a live auction with some great prizes. You don’t want to miss this opportunity to get your investments in for RPAC! Register for the RPAC Reception HERE.
Join us from April 8-10, 2024, at the Hyatt Regency in the Denver Tech Center for theCAR Spring Summit, a conference designed for REALTORS® like you who are seeking to broaden your industry engagement. This summit combines networking, innovation, and professional development.
NAR / ICYMI
Economists: Rate Cuts Will Help Commercial Recovery
The Federal Reserve will base the timing of interest rate cuts on certain data points. One of those points is consumer price inflation, which is currently at 3.1%. The goal is to be at 2% or a little lower. “You may scratch your head and ask, ‘Aren’t 3% and 2% pretty much the same?’” said Yun. But in economics, 2% is preferable to 3%, he added.
As Mortgage Rates Fall, Applications Rebound
Mortgage applications rose for the first time in more than a month as borrowing costs fell for the first time in the same period, showing how quickly home buyers will react to even minor changes in mortgage rates. The 30-year fixed-rate mortgage fell to a 6.88% average this week, Freddie Mac reports.
REALTOR® Helps Build Tiny Home Community for Unhoused
Sherri Strickland was shocked to learn that hundreds of people in her small, rural town of Victoria, Texas, were homeless. “You see the panhandlers, of course,” says Strickland, CIPS, SRS, broker-owner of All Star Properties. “But other than that, the homeless hide. I had no idea there were so many.”