Personal and Family Lending: New Federal and Colorado Regulations
by Desta K. Asfaw
There have been a number of recent changes to the mortgage lending laws. Under current law in Colorado, certain private loans secured by residential real estate may be subject to compliance with strict licensing and other requirements. Failure to comply could potentially result in misdemeanor charges and/or fines.
These new obstacles stem from provisions of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (“SAFE Act”), the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”), and the Colorado Mortgage Loan Originator Licensing and Mortgage Company Registration Act (“CMLO Act”).