HB 23-1266 CO

0likes☆Favorite🔕SubscribeShare

Became Law

Under current law, the borrower in a reverse mortgage transaction is relieved of the obligation to occupy the subject property as a principal residence (principal-residence requirement) if the borrower is temporarily absent for up to 60 days or, if the property is adequately secured, for up to one year. The act adds a third exception to the principal-residence requirement to cover situations in which a natural disaster or other serious incident beyond the borrower's control (force majeure) renders the property uninhabitable, in which case the reverse mortgage does not become due and payable if: The borrower is engaged in repairing the home with the intent of reoccupying the home as a principal residence or selling the home; The borrower stays in communication with the lender while the home is being repaired; The borrower complies with all other terms and conditions of the reverse mortgage; and Repairing or rebuilding of the home does not reduce the lender's security. The act requires that the lender disclose these conditions suspending the repayment requirement on a reverse mortgage due to a force majeure to the borrower in writing at the time of closing. APPROVED by Governor June 7, 2023 EFFECTIVE June 7, 2023(Note: This summary applies to this bill as enacted.)

• Kyle Brown Democratic · primary
• Naquetta Ricks Democratic · primary
• Sonya Jaquez Lewis · primary
• Janet Buckner · primary

1. Jun 7, 2023 Governor Signed · executive
2. May 5, 2023 Sent to the Governor · executive
3. May 5, 2023 Signed by the President of the Senate · upper
4. May 4, 2023 Signed by the Speaker of the House · lower
5. Apr 27, 2023 Senate Third Reading Passed - No Amendments · upper
6. Apr 26, 2023 Senate Second Reading Passed - No Amendments · upper
7. Apr 24, 2023 Senate Second Reading Laid Over Daily - No Amendments · upper
8. Apr 20, 2023 Senate Committee on Local Government & Housing Refer Unamended to Senate Committee of the Whole · upper
9. Apr 18, 2023 Introduced In Senate - Assigned to Local Government & Housing · upper
10. Apr 17, 2023 House Third Reading Passed - No Amendments · lower
11. Apr 15, 2023 House Third Reading Laid Over Daily - No Amendments · lower
12. Apr 14, 2023 House Second Reading Special Order - Passed with Amendments - Committee, Floor · lower
13. Apr 11, 2023 House Committee on Transportation, Housing & Local Government Refer Amended to House Committee of the Whole · lower
14. Mar 27, 2023 Introduced In House - Assigned to Transportation, Housing & Local Government · lower