Scott bill on owner-financed home sales is now law
Freshman Rep. Ray Scott saw his first bill signed into law Tuesday.
His measure, HB1022, allows property owners to carry their own financing when selling homes. The Grand Junction Republican said at a time when getting mortgages is harder, the measure will help spark sales in a sluggish housing market.
Under the measure, property owners who sell no more than three homes in a 12-month period are exempt from having to be licensed as mortgage-loan originators.
“With credit tight, and too many homes on the market, especially in rural areas, it’s vital we find a responsible way to absorb the excess inventory,” said Scott, who owns a business that builds and sells homes. “We can’t get our economy back on track without a recovery in the housing market.”
The bill takes effect in August.
Gov. John Hickenlooper also signed the first bill introduced by freshman Rep. Don Coram, R-Montrose. The measure allows multicounty regional tourism boards to limit their membership.
The current law creating local tourism boards didn’t take into account multiple counties creating a board. As a result, the law requires far more people than needed to serve on the panels.