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Financial Services Law Insights and Observations

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  • Colorado Division of Real Estate Adopts New Rules Regarding Mortgage Brokers

    State Issues

    The Colorado Division of Real Estate recently adopted two new rules for mortgage brokers regarding (i) mortgage broker licensing education requirements (Rule 1-4-1), and (ii) dual status disclosure requirements (Rule 7-1-1). Rule 1-4-1 clarifies the education requirements for individual mortgage broker applicants and licensees. Rule 7-1-1 finds that an individual’s dual status (i.e., acting as a mortgage broker and real estate broker in a single transaction) is a material fact that must be disclosed to the borrower. A dual status mortgage broker must complete and submit a disclosure form to the borrower within three business days after receipt of a loan application or any moneys from a borrower. The final text of Rules 1-4-1 and 7-1-1 was published in the February 10, 2009 Colorado Register and both rules became effective March 2, 2009. 

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  • Florida Attorney General Settles Suit Against Mortgage Foreclosure Rescue Services Company

    State Issues

    On February 9, Florida Attorney General Bill McCollum reached a settlement with a Florida mortgage foreclosure rescue services company that allegedly collected advance fees for its services, in violation of Florida law. Among other things, the settlement (i) orders the payment of $10,000 to the Attorney General’s “Seniors vs. Crime” program, and (ii) requires the company to refund certain consumers.

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