The Division of Real Estate (the “Division”), in compliance with Senate Bill 14-063 (§24-4-103.3, C.R.S.), on behalf of its Boards and Commission, is required to give public notice on its website for its review of existing rules and provide an opportunity for public comment on any proposed rule changes.
Pursuant to Senate Bill 14-063, the Division will conduct a review of the administrative rules for each regulatory program within the Division. The review will assess the continuing need for, the appropriateness, and cost-effectiveness of the regulations. The assessment will also determine whether the rules should be continued in their current form, modified, or repealed.
Rule Review Requirements
The Division must consider:
- Whether the rule is necessary;
- Whether the rule overlaps or duplicates other rules of the agency or with other federal, state, or local government rules;
- Whether the rule is written in plain language and is easy to understand;
- Whether the rule has achieved the desired intent and whether more or less regulation is necessary;
- Whether the rule can be amended to give more flexibility, reduce regulatory burdens, or reduce unnecessary paperwork or steps while maintaining its benefits;
- Whether the rule is implemented in an efficient and effective manner, including the requirements for the issuance of permits and licenses;
- Whether a cost-benefit analysis was performed by the applicable rule-making agency or official in the principal departments pursuant to section 24-4-103(2.5); and
- Whether the rule is adequate for the protection of the safety, health, and welfare of the state or its residents.
Review of the Rules for Mortgage Loan Originators and Mortgage Companies
The Division, on behalf of the Board of Mortgage Loan Originators, is currently conducting a review of the administrative rules regarding mortgage loan originators and mortgage companies.
Thank you for sharing your input on the rules. The Division will be convening an industry stakeholder task force to review the public comments received.