Colorado § 24-32-3324 Escrow and bonding requirements - rules

Colorado Statutes

§ 24-32-3324 — Escrow and bonding requirements - rules

Colorado·Title 24 Government·Art. Department of Local Affairs

(1)Any person required to register with the division pursuant to section 24-32-3323 must comply with any escrow requirements as established by the board through rulemaking.

(2)(a) A seller must provide a letter of credit or certificate of deposit issued by a licensed financial institution or surety bond issued by an authorized insurer in an amount and in accordance with the process established by the board by rule.

(b)A financial institution or authorized insurer is required to make payment to the division when the division makes a claim against the letter of credit, certificate of deposit, or surety bond:

(I)If a court of competent jurisdiction has rendered a final judgment in favor of the division based on a finding that the registered seller failed to:

(A)Deliver the man

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(1) Any person
required to register with the division pursuant to section 24-32-3323 must comply
with any escrow requirements as established by the board through rulemaking.

(2) (a) A seller must provide a letter of credit or certificate of deposit issued
by a licensed financial institution or surety bond issued by an authorized insurer in
an amount and in accordance with the process established by the board by rule.

(b) A financial institution or authorized insurer is required to make payment
to the division when the division makes a claim against the letter of credit,
certificate of deposit, or surety bond:

(I) If a court of competent jurisdiction has rendered a final judgment in favor
of the division based on a finding that the registered seller failed to:

(A) Deliver the manufactured home or tiny home or refund payments made
toward the purchase of the manufactured home or of the tiny home as required by
this part 33 or board rules; or

(B) Provide a reasonable per diem living expense in violation of the
contractual provisions required by section 24-32-3325; or

(II) If the registered seller ceases business operations or files for bankruptcy.

(c) The division may suspend or revoke the registration of any seller that fails
to provide a letter of credit, certificate of deposit, or surety bond as required by this
subsection (2) or that otherwise fails to pay any judgment by a court of competent
jurisdiction in favor of the division.

Colorado § 24-32-3324 (Escrow and bonding requirements - rules) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 2003: Entire part added, p. 547, � 2, effective March 5. L. 2021: Entire section amended, (HB 21-1019), ch. 122, p. 482, � 25, effective September 7. L. 2022: (2) amended, (HB 22-1242), ch. 172, p. 1132, � 19, effective August 10.