Public Trustee Act Foreclosure Procedures

The bill makes modifications related to foreclosure procedures in the "Colorado Public Trustee Act" to:

• Set the salary of the public trustee in counties where the county treasurer serves as the public trustee;

• Eliminate the requirement that a public trustee make certain statements to the board of county commissioners under oath;

• Repeal the requirement that a public trustee appointed by the governor be subject to the state "Procurement Code";

• Clarify the source of funds used to pay a public trustee;

• Repeal the definition of "certified copy" and references thereto;

• Define "nonmaterial misstatement";

• Clarify the date by which the public trustee or sheriff conducting a foreclosure (officer) must mail the combined notice of sale, right to cure, and right to redeem to persons on an amended mailing list;

• Clarify that a junior lienor is entitled to cure the default if the junior lienor files with the officer;

• Specify that unclaimed remaining amount for which a property is sold at a foreclosure sale that is in excess of the bid amount may be transferred to the state treasurer for disposition or held by the county treasurer pursuant to the terms of a county resolution regarding unclaimed funds;

• Add a requirement regarding redemption that specifies that if a lien is assigned, the holder's rights are valid only if the assignment of the lien is duly recorded at least 15 calendar days prior to the date of sale;

• Clarify an omitted party's rights after a foreclosure sale; and

• Specify when an omitted party's interest may be terminated.
  (Note: This summary applies to this bill as introduced.)