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Colorado Revised Statutes Title 12. Professions and Occupations § 12-10-724. Dual status as real estate broker--requirements

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) Unless a mortgage loan originator complies with both subsections (2) and (3) of this section, he or she shall not act as a mortgage loan originator in any transaction in which:

(a) The mortgage loan originator acts or has acted as a real estate broker or salesperson; or

(b) Another person doing business under the same licensed real estate broker acts or has acted as a real estate broker or salesperson.

(2) Before providing mortgage-related services to the borrower, a mortgage loan originator shall make a full and fair disclosure to the borrower, in addition to any other disclosures required by this part 7 or other laws, of all material features of the loan product and all facts material to the transaction.

(3)(a) A real estate broker or salesperson licensed under part 2 of this article 10 who also acts as a mortgage loan originator shall carry on the mortgage loan originator business activities and shall maintain the person's mortgage loan originator business records separate and apart from the real estate broker or sales activities conducted pursuant to part 2 of this article 10. The activities shall be deemed separate and apart even if they are conducted at an office location with a common entrance and mailing address if:

(I) Each business is clearly identified by a sign visible to the public;

(II) Each business is physically separated within the office facility; and

(III) No deception of the public as to the separate identities of the broker business firms results.

(b) This subsection (3) shall not require a real estate broker or salesperson licensed under part 2 of this article 10 who also acts as a mortgage loan originator to maintain a physical separation within the office facility for the conduct of its real estate broker or sales and mortgage loan originator activities if the board determines that maintaining the physical separation would constitute an undue financial hardship upon the mortgage loan originator and is unnecessary for the protection of the public.

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Cite this article: FindLaw.com - Colorado Revised Statutes Title 12. Professions and Occupations § 12-10-724. Dual status as real estate broker--requirements - last updated January 01, 2025 | https://codes.findlaw.com/co/title-12-professions-and-occupations/co-rev-st-sect-12-10-724/

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