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Financial Services Law Insights and Observations

Colorado issues executive order limiting evictions and foreclosures

State Issues Covid-19 Colorado Mortgages

State Issues

On March 20, the Colorado Governor issued an executive order limiting evictions and foreclosures because of Covid-19. The order requests that $3,000,000 from the Disaster Emergency Fund be made available to the Department of Local Affairs to provide short-term rental and mortgage assistance to low-income households facing financial hardship due to Covid-19. Among other things, the order also directs the Department of Regulatory Agencies (DORA), through the Divisions of Banking and Financial Services, to take steps to encourage banks, credit unions, and other financial institutions that are holding residential or commercial mortgages to halt foreclosures and related evictions in connection with the Covid-19 pandemic. DORA is further directed to encourage financial institutions to provide a 90-day deferment of payment for all consumer loans (e.g., residential and commercial mortgages, refinances, auto loans, small business loans). While some provisions of the order are effective for six months from the date of issuance, most provisions expire within 30 days from March 20, 2020, unless extended by executive order.

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