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A state Senate committee Friday approved a bill calling for the creation of an oversight board to discipline mortgage brokers, removing the power from the director of the state’s Division of Real Estate, The Denver Post reports.
House Bill 1141 passed the Senate Appropriations Committee 6-0. Sen. Ted Harvey, R-Highlands Ranch, abstained from voting under Rule 17 (c), which requires any senator having a personal interest in a pending bill to not vote on it. Harvey is a mortgage broker with American Home Funding.
The bill initially focused on the licensing of mortgage brokers, but an amendment was added to create the board, stripping the director of the Division of Real Estate of the power to investigate and discipline mortgage brokers.