Government Affairs Corner
2008 Colorado General Assembly considers REALTOR® issues
By Nick Bokone
Government Affairs Director for the Greater
Metro Denver REALTOR® Associations
The 2008 Colorado General Assembly convened this year on Jan. 9 with no shortage of issues to keep legislators busy during their annual four-month session.
High priority issues such as health care, education reform, transportation funding and social services will garner many of the headlines this year, and the Colorado Association of REALTORS® will watch all of these very closely for any possible impact on the real estate industry.
The legislature will be considering a number of issues with a direct impact on REALTORS®. Among them:
The sunset review process of Colorado Real Estate Commission and Division of Real Estate – Every ten years, each division in Colorado state government goes through a review process to determine whether the division is still valid and what (if any) changes should be made. This year its real estate’s turn, and legislation to reauthorize the division will be considered. One part of the legislation that is problematic is that if passed, the state would no longer seek an errors and omissions plan for all licensees to use, but would still require the insurance. CAR is working to change this portion of the legislation.
Real estate transfer taxes – The state looks for ways to increase Colorado’s affordable housing opportunities and to find new funding sources for affordable housing assistance. This year, the General Assembly may consider a proposal to fund the Colorado Housing Investment Fund by raising the current document fee from one cent to four cents on residential properties and from one cent to two cents on commercial properties. While affordable housing is a worthy cause to fund, there are large concerns about adding (or increasing) taxes and fees to real estate transactions.
Escrow interest – In an idea similar to a bill that was defeated last year, the state would require that all interest earned from funds in escrow (except for earnest money up to some amount) be sent to the state to fund affordable housing. This proposal is still very unclear, and CAR is watching it diligently.
Point of sale energy efficiency upgrades – Similar to the municipal issue in Denver, the general assembly may consider a proposal to require point of sale inspections and retrofits of efficient appliances before a real estate transaction can take place. Also similar to Denver, the REALTOR® position will likely support voluntary programs and consumer education rather than mandates.
n Other issues – In addition to these issues, many other topics impacting the real estate industry may be considered. Such things as adverse possession, well water transfer forms, expanding the senior homestead exemption, 1031 exchange regulation, and landlord/tenant relations will be discussed.
You can stay in the know as the session progresses by visiting the Colorado Association of REALTORS® website, www.coloradorealtors.com, at the site for shared government affairs information in the greater metro Denver area,www.gmdra.com; or AAR’s website at www.AuroraRealtors.org.
Attend REALTOR® Day at the Capitol
One of the most effective ways to ensure that we have a strong and unified voice in the Colorado General Assembly is to attend CAR’s REALTOR® Day at the Capitol Feb. 19, 11:30 a.m. It’s a great way to listen to and interact with your state legislators on our issues firsthand. The day begins with lunch and a legislative update, then continues with group meetings with state decision makers such as the Governor, the Speaker of the House and the Senate President (all tentative). The day concludes with time available for you to explore the Capitol building and schedule time with your individual state legislators.
Register online at www.coloradorealtors.com
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