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Colorado Revised Statutes Title 5. Consumer Credit Code § 5-21-103. Definitions

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

As used in this article 21, unless the context otherwise requires:

(1) “Administrator” means the administrator of the “Uniform Consumer Credit Code”, articles 1 to 9 of this title 5, designated pursuant to section 5-6-103.

(2) “Borrower” means an individual obligated to repay a residential mortgage loan.

(3) “Loans held for sale” means loans originated and held for sale for up to three hundred sixty-four days after each loan's origination.

(4) “Mortgage servicer” means a person, wherever located, that is responsible for servicing a Colorado residential mortgage loan. A mortgage servicer includes a person that makes payments to a borrower under a reverse mortgage as defined in section 11-38-102(4). A mortgage servicer does not include:

(a) A supervised financial organization as defined in section 5-1-301(45);

(b) A mortgage loan originator regulated by the division of real estate or as defined in section 12-10-702(14)(a) or a mortgage company regulated by the division of real estate or as defined in section 12-10-702(12); except that a mortgage loan originator or mortgage company that also services a residential mortgage loan is a mortgage servicer;

(c) A federal agency or department;

(d) A collection agency as defined in section 5-16-103(3) that is licensed pursuant to section 5-16-120 or is exempt from licensure under section 5-16-103(3)(e) and whose mortgage debt collection business involves collection of residential mortgage loans obtained by the collection agency after default; except that a collection agency that also services residential mortgage loans assigned to the collection agency before default is a mortgage servicer;

(e) An agency, instrumentality, or political subdivision of this state;

(f) A supervised lender as defined in section 5-1-301(46); except that a supervised lender, other than a supervised financial organization as defined in section 5-1-301(45), that also services residential mortgage loans is a mortgage servicer;

(g) A small servicer that services fewer than five thousand residential mortgage loans in any calendar year, exclusive of loans held for sale, as determined by the administrator, who shall apply the criteria in 12 CFR 1026.41 (e)(4)(iii) or any successor regulation;

(h) A person that the administrator designates by rule or order as exempt. These exemptions are limited to nonprofit organizations, government agencies, or other entities whose primary business is not to service mortgages and that seek to promote affordable housing or financing.

(i) An originator or servicer that utilizes a subservicer to carry out the administrative functions of servicing a mortgage unless the subservicer is acting at the direction of the originator or servicer; or

(j) A person that services loans held for sale.

(5) “Notifier” means a person required to notify the administrator of the person's activities as a mortgage servicer pursuant to this article 21.

(6) “Record” means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.

(7) “Residential mortgage loan” means a loan that is primarily for personal, family, or household use and that is secured by a mortgage, deed of trust, or other equivalent, consensual security interest on a dwelling or residential real property upon which is constructed or intended to be constructed a dwelling as defined by section 5-1-301(18).

(8) “Servicing” means receiving any scheduled periodic payments from a borrower pursuant to the terms of a residential mortgage loan, including amounts for escrow accounts, and making the payments to the owner of the loan or other third parties of principal and interest and such other payments with respect to the amounts received from the borrower as may be required pursuant to the terms of the residential mortgage servicing loan documents or servicing contract. In the case of a reverse mortgage, servicing includes making payments to the borrower.

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Cite this article: FindLaw.com - Colorado Revised Statutes Title 5. Consumer Credit Code § 5-21-103. Definitions - last updated January 01, 2025 | https://codes.findlaw.com/co/title-5-consumer-credit-code/co-rev-st-sect-5-21-103/

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