Colorado Amends Exemptions Under NMLS

[C L.]

Note this recent change in Colorado statute regarding seller financing and Loan Originator Licensing:

Exemption for Seller Financed Transactions Amended

"Colorado recently amended the exemption provisions under the Mortgage Loan Originator Licensing and Mortgage Company Registration Act (Act), with respect to seller financed transactions. Under the amended statute, a person, estate or trust that provides mortgage financing for the sale of no more than 3 properties in a 12-month period to purchasers of such properties, each of which is owned by the person, estate or trust, is exempt from the Act. The exemption previously applied only to individuals and did not include a de minimus threshold."

In due time, hopefully more states will step to the plate and make similar amendments.