|
Who is exempt from licensure?
A complete description of exemptions are listed under §12-61-904, C.R.S. In summary, the following are exempt:
1.Federal and state agencies and political subdivisions of the state.
2. Owner who finances a purchase of real property.
3. Bank, saving bank, savings and loan association, industrial bank, industrial loan company, credit union,or bank or savings association holding company organized under federal law, and subsidiary or employee of the above.
4. Attorney who renders legal advice, but who is not in the primary business of brokering a mortgage.
5. Person who funds a mortgage, but does not solicit a borrower and does not participate in the negotiation of the residential mortgage.
Does the Division of Real Estate provide exemption letters?
Yes. The Division issues exemption letters applicable to the present provision, § 12-61-904(1)(c), C.R.S. 2006.
The following are the requirements to apply for an exemption letter:
- Completed exemption checklist
- Written request and explanation of your exemption
- State how your workers are paid (W-2 or 1099).
- Provide all written supporting documentation.
- Provide the Division with a list of all exempt individuals in your company.
a) The Division requires updated lists on a quarterly basis.
b) Persons not on the list will be considered out of compliance with the State of Colorado
- Please provide the contact information for the appropriate person the Division may contact for updated lists and verifications of employment.
Please allow up to 3 weeks for processing of exemption packages. Incomplete exemption packages will not be processed. The Division requires original exemption packages with original signatures. Accordingly, faxed exemption packages will not be processed.
Is the Colorado Supervised Lenders license an exemption to the Mortgage Broker Licensing Act?
No. The Supervised Lenders license is for lenders. The Mortgage Broker Licensing Act (the "Act") requires the licensing of natural persons.
How do I learn more about the Supervised Lenders license?
The Office of the Attorney General manages the Supervised Lenders license.
You may reach them at (303) 866-4527or at http://www.ago.state.co.us/UCCC/ContactUs.cfm.
If my company is registered with the Secretary of State, are we exempt?
No. The Secretary of State requires all companies operating in Colorado to be registered. Registration with the Secretary of State is not specific to the mortgage industry. The Secretary of State is a separate state agency than the Department of Regulatory Agencies. You may reach the Secretary of State at (303)894-2200 or at http://www.sos.state.co.us/.
Is correspondent lending an exemption?
No. Correspondent lending is not an exemption.
My company is a mortgage banker. Am I exempt?
No. Only state and nationally chartered banks are exempt.
|
