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Second Regular Session | 75th General Assembly
Colorado General Assembly

PUBLIC
BILL SUMMARY For UNIFORM MORTGAGE MODIFICATION ACT

JOINT COMMITTEE COMMITTEE ON COLORADO COMMISSION ON UNIFORM STATE LAWS
Date Jan 23, 2026       Location HCR 0107

Uniform Mortgage Modification Act - Draft finalized and ready for introduction
02:12:14 PM  
Mr. Seth Holley, Colorado Bar Association, shared some suggested changes. In section 3 they would like to exclude the phrase "or other unpaid monetary obligation". Commissioner McGihon noted that obligation is in the listed definitions and that it seems to limit it to monetary obligations.
02:16:43 PM  
Commissioner Espenoza noted that on page 3 it seems to state what the "other obligation" may be referring to and maybe needs to be tied together.
02:17:54 PM  
Mr. Holley added that they would also like to add a reference to current statute regarding the advancement of future funds and a reference to the current statute regarding the mortgage statute of limitations.
02:19:59 PM  
Commissioner Love, as drafter, indicated that she would look into the changes and speak with the Uniform Law Commission.
02:20:37 PM  
Commissioner Levy stated that she did not see a problem with the open language of "other unpaid monetary obligations" as it does not seem to be exclusive to capitalization. Mr. Holley repeated that the term "other" was a problem in that it could be prejudicial to junior lienholders.
02:21:56 PM  
Commissioner Love noted that the word "other" is used several times and asked if the concern was only in that one place. Mr. Holey confirmed that the concern is only with the one place.
02:25:09 PM  
Commissioner Snyder asked about the modification of existing conditions to future advance funds and what conditions might affect it. Mr. Holley explained obligatory and nonobligatory types of future advance funds.
02:25:54 PM  
Commissioner McGihon asked if the commission want to give Commissioner Love and the bill sponsors ability to work with the Uniform Law Commission and the Colorado Bar Association regarding the suggested changes. Commissioner Levy asked for some clarification regarding any decisions that may be policy decisions restricting applicability.
02:28:51 PM  
Commissioner Love suggested that the bill be introduced as drafted and to continue conversation and amendments during the legislative process. The commissioners agreed. Commissioner Gardner added that once the bill is introduced it is the bill's sponsors decision regarding any amendments.
02:31:20 PM  
Commissioner McGihon noted that no motion was required as the bill was moved and approved for introduction at the December meeting. The commission thanked Mr. Holley for his testimony.