Colorado 2025 Regular Session

Colorado Senate Bill SB025 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	First Regular Session
2	2	Seventy-fifth General Assembly
3	3	STATE OF COLORADO
4	4	INTRODUCED
5	5
6	6
7	7	LLS NO. 25-0482.01 Renee Leone x2695
8	8	SENATE BILL 25-025
9	9	Senate Committees House Committees
10	10	Finance
11	11	A BILL FOR AN ACT
12	12	C
13	13	ONCERNING REMOVING LIMITATI ONS ON WHERE A MORTGAGOR CAN101
14	14	FILE A MORTGAGE ON A VEHICLE TO ALLOW THE MORTGAGOR102
15	15	TO FILE IN ANY COUNTY IN THE STATE .103
16	16	Bill Summary
17	17	(Note: This summary applies to this bill as introduced and does
18	18	not reflect any amendments that may be subsequently adopted. If this bill
19	19	passes third reading in the house of introduction, a bill summary that
20	20	applies to the reengrossed version of this bill will be available at
21	21	http://leg.colorado.gov
22	22	.)
23	23	The bill removes the requirement that a first or junior mortgage
24	24	holder has to file a mortgage on a motor or off-highway vehicle in the
25	25	county in which the mortgagor resides or the vehicle is located to have the
26	26	existence of the mortgage and the fact of its filing noted in the vehicle's
27	27	certificate of title, and instead allows the mortgage holder to file the
28	28	SENATE SPONSORSHIP
29	29	Liston and Roberts,
30	30	HOUSE SPONSORSHIP
31	31	Rydin,
32	32	Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.
33	33	Capital letters or bold & italic numbers indicate new material to be added to existing law.
34	34	Dashes through the words or numbers indicate deletions from existing law. mortgage in any county in the state.
35	35	Be it enacted by the General Assembly of the State of Colorado:1
36	36	SECTION 1. In Colorado Revised Statutes, 42-6-121, amend (1)2
37	37	as follows:3
38	38	42-6-121. Filing of mortgage - rules. (1) The holder of a chattel4
39	39	mortgage on a motor or off-highway vehicle, desiring to secure the rights5
40	40	provided for in this part 1 and to have the existence of the mortgage and6
41	41	the fact of the filing of the mortgage noted in the filing of the certificate7
42	42	of title to the encumbered vehicle, must present the signed original or8
43	43	signed duplicate of the mortgage or copy of the mortgage and the9
44	44	certificate of title or application for certificate of title to the vehicle10
45	45	encumbered to the authorized agent of the director in the county or city11
46	46	and county in which the mortgagor of the vehicle resides or where the12
47	47	vehicle is located ANY COUNTY IN THE STATE. The holder may file either13
48	48	with paper documents or electronically. The mortgage or refinancing of14
49	49	a loan secured by a mortgage must state the name and address of the15
50	50	debtor; the name and address of the mortgagee or name of the16
51	51	mortgagee's assignee; the make, vehicle identification number, and year17
52	52	of manufacture of the mortgaged vehicle; and the date and amount of the18
53	53	loan secured by the mortgage. An owner of a motor or off-highway19
54	54	vehicle applying for a certificate of title under section 42-6-115,20
55	55	42-6-116, or 42-6-119 is deemed to have filed under this section on21
56	56	behalf of the mortgage or lienholder.22
57	57	SECTION 2. In Colorado Revised Statutes, 42-6-129, amend (2)23
58	58	as follows:24
59	59	42-6-129. Second or other junior mortgages. (2) The junior25
60	60	SB25-025-2- mortgagee or the holder of the mortgage shall MUST file the mortgage as1
61	61	required by section 42-6-121 with the authorized agent of the county2
62	62	where the mortgagor of the motor or off-highway vehicle resides or3
63	63	where the vehicle is located WITH THE AUTHORIZED AGENT OF THE4
64	64	DIRECTOR IN ANY COUNTY IN THE STATE with a written request to have the5
65	65	existence of the mortgage noted or filed on the certificate of title records6
66	66	of the authorized agent pertaining to the vehicle covered by the junior7
67	67	mortgage. Upon the filing of the mortgage, the authorized agent shall note8
68	68	in the record of the vehicle the day and hour when the mortgage was9
69	69	received by the agent, shall make and deliver a receipt for the mortgage10
70	70	to the person filing the mortgage, and shall file the mortgage as required11
71	71	under section 42-6-122. If there is more than one mortgage or lien on the12
72	72	motor or off-highway vehicle, the department's authorized agent may13
73	73	electronically transmit the mortgage or lien to the first mortgage14
74	74	MORTGAGEE or lienholder and notify the first mortgage MORTGAGEE or15
75	75	lienholder of any additional mortgages or liens.16
76	76	SECTION 3. In Colorado Revised Statutes, 42-6-116, amend (1)17
77	77	as follows:18
78	78	42-6-116. Applications for filing of certificates of title - rules.19
79	79	(1) If a person who desires or who is entitled to a filing of a certificate20
80	80	of title to a motor or off-highway vehicle is required to apply to the21
81	81	director or the authorized agent, the applicant shall MUST apply upon a22
82	82	form provided by the director in which appears a description of the motor23
83	83	or off-highway vehicle, including the make and model, the manufacturer's24
84	84	number, and a description of any other distinguishing mark, number, or25
85	85	symbol placed on the vehicle by the vehicle manufacturer for26
86	86	identification purposes, as may be required by the director by rule adopted27
87	87	SB25-025
88	88	-3- in accordance with article 4 of title 24. C.R.S. The application must show1
89	89	the name and correct address of the owner determined pursuant to section2
90	90	42-6-139; a class A, class B, class C, class D, or class F vehicle owner's3
91	91	personal identification number as provided on a state-issued driver's4
92	92	license or assigned by the department; and the applicant's source of title5
93	93	and must include a description of all known mortgages and liens upon the6
94	94	motor or off-highway vehicle, the holder of the lien, the amount originally7
95	95	secured, and the name of the county and state if the owner holds a8
96	96	certificate of title or the state if the owner does not hold a certificate of9
97	97	title where the mortgage, lien, or financing statement is recorded. or filed.10
98	98	The application must be verified by a statement signed by the applicant11
99	99	and must contain or be accompanied by a written declaration that it is12
100	100	made under the penalties of perjury in the second degree, as defined in13
101	101	section 18-8-503. C.R.S.14
102	102	SECTION 4. In Colorado Revised Statutes, 42-6-127, amend (1)15
103	103	as follows:16
104	104	42-6-127. Duration of lien of mortgage - extensions - rules.17
105	105	(1) The lien of a mortgage or refinancing of a mortgage filed in the18
106	106	manner prescribed in section 42-6-121 or 42-6-129 shall remain REMAINS19
107	107	valid and enforceable for a period of ten years after the filing of the20
108	108	certificate in the office of the director's authorized agent or until the21
109	109	discharge of the mortgage on the vehicle, if the discharge occurs sooner,22
110	110	except in the case of trailer coaches; truck tractors; multipurpose trailers,23
111	111	if known when filed; and motor homes that are subject to the provisions24
112	112	of subsection (3) of this section. During the ten-year period or any25
113	113	extension of such period, the lien of the mortgage may be extended for26
114	114	successive three-year periods upon the holder of the mortgage presenting27
115	115	SB25-025
116	116	-4- to the director's authorized agent of the county where the mortgage is1
117	117	filed or in the county where the owner resides IN ANY COUNTY a2
118	118	certification of extension of chattel mortgage, subscribed by the holder of3
119	119	the mortgage and acknowledged by the holder before an officer4
120	120	authorized to acknowledge deeds to real property, in which shall appear5
121	121	WHICH MUST INCLUDE a description of the mortgage on the vehicle, to6
122	122	what extent it has been discharged or remains unperformed, and such7
123	123	other information respecting the mortgage as may be required by8
124	124	appropriate rule of the director to enable the director's authorized agent9
125	125	to properly record the extension.10
126	126	SECTION 5. Act subject to petition - effective date. This act11
127	127	takes effect at 12:01 a.m. on the day following the expiration of the12
128	128	ninety-day period after final adjournment of the general assembly; except13
129	129	that, if a referendum petition is filed pursuant to section 1 (3) of article V14
130	130	of the state constitution against this act or an item, section, or part of this15
131	131	act within such period, then the act, item, section, or part will not take16
132	132	effect unless approved by the people at the general election to be held in17
133	133	November 2026 and, in such case, will take effect on the date of the18
134	134	official declaration of the vote thereon by the governor.19
135	135	SB25-025
136	136	-5-