Colorado's House Financial Committee has approved an act in efforts to help regulate fraud and increase the accountability of mortgage brokers throughout the state.
House Bill 1161 passed 12-1 on Friday and, if enacted, the bill would require mortgage brokers in Colorado to register every three years with the Division of Real Estate. Registration would include a criminal background check and disclosure of any professional disciplinary actions. Because of the potential increase in housing in Mesa County, leaders of the Financial Crimes Task Force say passage of the bill is important.
The bill's next step will be a hearing in front of the House Appropriations Committee, which should happen sometime in the near future.