CPTA Legislative Committee Meeting

Noon, October 13, 2004 @ Fort Collins Marriott

 Committee Members Present:  

 Others Present:

 Discussed a housekeeping bill, which will include (1) Correction of the fee calculation to $480,000.00; (2) Change the requirement that continuances be read aloud to allow for posting of continuances as well as sale notices; (3) Increase or remove the amount for the opening deposit; (4) Increase the time for publication on a restarted sale from 10 days to 20 days; and (6) Give the Public Trustees the authority to void or cancel a sale after a certain amount of time if the attorney fails to file a Withdrawal.  Consensus was to pursue this bill.

Debbie and Tina will look into getting a Reviser’s Bill to better clarify the effects of HB 1300 on “Acknowledgements” in PT statutes.

Sandy Hume emphasized that the bill title be Foreclosure.  Jack Arrowsmith suggested setting up a committee to set up guidelines for Public Trustees, Bob Sagel concurred.  Jack would like to study foreclosure fees throughout the State.  Jim (Delta) suggested that we gather information from all Public Trustees on the amount of money turned over to their Counties.

There was discussion on the Salary Fund and the differences in the amount held and methods used to account for them.  Bob Sagel again stated that guidelines would be good for the Association. 

Jack Arrowsmith stated his Attorney felt that public trustee fees of different counties could fluctuate according to the size of the County, similar to the Treasurers’ fees set up.  Mary Wenke and Sandy Hume both expressed concern that this method would create problems.  The committee voted to pursue legislation to have a reduced fee for electronically filed releases.  (NOTE:  The following morning, the CPTA Executive Board voted to table this idea until next session in order to allow for more data to be gathered on the new electronic processes.)

Sandy Hume made a motion to split the surplus monies to the County Governments and School Districts on a proportionate basis.  This would apply to appointed Public Trustees only.  The motion failed by voice vote.

Larry Gilliland requested the removal of the $300 opening deposit as it is not enough to cover cost in his County and he wants to ask for a larger deposit.  Sandy Hume suggested a method of draw down of fees by foreclosing attorneys and increasing the opening deposit to $500.

There was discussion concerning the authority to cancel a foreclosure after a certain amount of time.  One year was suggested as a deadline.  Bob Sagel suggested 45 days after the six month foreclosure period.  The questions arose of how the fees would be paid and it was suggested to use the term may – the Public Trustee may close the file.

Larry had suggested legislation to allow Time Share Companies to indemnify the Public Trustees for releases.  Is this specific to Summit County?  Because Larry was to bring information to the committee and he was not present, it was decided to table this issue until the next legislative meeting when Larry could be present.  The motion was made by Jack and seconded by Tina to table this issue.

Regarding the issue of lengthening the cure period and doing away with owner redemption, Sandy suggested working with the real estate committee to discuss this further.  Debbie suggested we come up with a draft to introduce it to the Bar Association.    Sandy agreed and made a motion to do so, Jack seconded.  Jim Covington suggested we take the proposal to the Public Trustee Association members.  The motion made by Sandy was to reduce the owners’ redemption period by a like amount so that the allowance for the cure remains the same. 

The next legislative meeting was scheduled for November 18, 2004 at Jefferson County at 11:00 a.m.  RSVP to Mary Schaefer     

Respectfully submitted by Karen Sheaffer, Appointed Secretary for this meeting