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Legislative Year: 2022 Change
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Bill Detail: SB22-229

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Title Release Deed Of Trust Without Evidence Of Debt
Status Governor Signed (06/07/2022)
Bill Subjects
  • Housing
  • Local Government
House Sponsors M. Gray (D)
T. Bernett (D)
Senate Sponsors T. Story (D)
S. Jaquez Lewis (D)
House Committee Business Affairs and Labor
Senate Committee Business, Labor and Technology
Date Introduced 04/25/2022
Summary

Under current law, with limited exceptions, a public trustee must
release a deed of trust upon the satisfaction of certain preconditions, one
of which is the production of the original canceled evidence of debt such
as a note or bond as evidence that the indebtedness secured by the deed
of trust has been paid. To this requirement, section 1 of the bill adds
another exception. That is, a holder of the original evidence of debt may

request the release of a deed of trust without producing or exhibiting the
original evidence of debt if the holder:
  • Agrees to indemnify and defend the public trustee against
any claim for damages resulting from the action of the
public trustee taken in accordance with the request;
  • Provides the public trustee a current address for the original
grantor, assuming party, or current owner when requesting
the release of the deed of trust; and
  • Files the request for the release of the deed of trust
electronically via the county's electronic recording system.
Section 1 also removes language requiring a title insurance
company to be qualified as well as licensed in Colorado for certain
purposes relating to the release of a deed of trust.
Section 2 makes necessary changes to the statutory form that is
used to request a deed of trust without producing the evidence of debt.

Committee Reports
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Fiscal Notes Fiscal Notes (04/26/2022) (most recent)  
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