NAR Government Affairs has been closely monitoring the implementation of rules by the Consumer Financial Protection Bureau (CFPB). As part of the implementation of the Qualified Mortgage (QM) regulations, CFPB included in the 3% cap on fees and points, amounts paid to affiliate title companies and insurance escrows when there is an affiliate involved in the transaction. Unaffiliated charges...
This past Friday, CAR presented Commissioner Barbara Kirkmeyer with an RPAC check and our endorsement in the Congressional District 4 Republican Primary. Commissioner Kirkmeyer aligns with REALTORS® on key legislative issues, including safeguarding the Mortgage Interest Deduction, streamlining the short sale process, prudently reforming the secondary mortgage markets, and preserving FHA to help American families obtain affordable mortgage financing. Keeping...
Legislative Webcast Update You can’t afford to miss this update! CAR’s Legislative Team provides a comprehensive review of legislative activity this year. Topics include: Tax credits for natural disasters and wildfire mitigation, mineral estates, foreclosures, home inspector licensing, contractor retainage, affordable housing, construction defects and more! Click here to view this webcast. REALTOR® Party Convention and Trade Expo Thank you so much to those of...
Sine Die! Wednesday, May 7, the final gavel came down on the second session of the 69th General Assembly. In total, 621 bills were introduced. CAR tracked 66 bills this year and took a position on 32 of them. As we are busy preparing for the 2014 elections, many are noting the bipartisan nature of a large majority of the bills...
SB14-220, Concerning prerequisites to the authority of a unit owners’ association to pursue resolution of disputes involving construction defects, was introduced on Wednesday night. The bill has been assigned to the Senate State, Veterans, and Military Affairs Committee, as well as the Senate Judiciary Committee. We are thankful to those of you who have submitted testimonials so far, and those of...
HB 1373 Senior and Disabled Veteran Property Tax Exemption LPC voted to SUPPORT HB 14-1373, Concerning individuals who may claim the property tax exemption for qualifying seniors and disabled veterans. This bill modifies the state's Homestead Exemption to extend its benefits to certain individuals who are not eligible under current law. Specifically, the bill permits the following owners of residential property...
Five Colorado REALTORS® will be inducted into the NAR RPAC Hall of Fame in May during the 2014 REALTOR® Party Convention and Trade Expo. They will be honored for their commitment to RPAC and their investment of over $25,000 during their career as REALTORS®. Kit Cowperthwaite A former lawyer, Kit left a long-time practice in 1993 to begin a full-time career as a REALTOR®. He quickly became involved, serving...
Efforts to simplify the nation’s tax code sounds like a simple enough idea. It sounds like good news until you read through Michigan Congressman Dave Camp’s Tax Plan and see that the proposed ideas will hit homeowners the hardest. The proposals behind the Tax Reform Act of 2014 promises to provide a big financial blow to first-time home buyers, homeowners who have seen large gains in...
HB 1136 Signed by the Governor CAR initiated HB 14-1136, which effectively provides a state licensing agency, such as the Real Estate Commission, the authority to approve education programs from providers of CE toward its licensees without an additional layer of approval from the Department of Higher Education. The legislation also removes the restriction of membership among trade associations offering education...
HB 1254 Regarding HOA Fees, Including Transfer Fees, Passes Its Final Vote CAR supported HB14-1254, Concerning a requirement to disclose fees charged to a unit owners’ association by a community association manager, passed its final hurdle as the House concurred with the Senate’s amendments and voted to repass HB-1254. The bill requires a licensed community association manager who provides services for...