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DORA - DIVISION OF REAL ESTATE

COLORADO REAL ESTATE COMMISSION

NOTICE OF EMERGENCY RULEMAKING TO BE HELD ON JANUARY 8, 2008

Pursuant to and in compliance with Title 12, Article 61 and Title 24, Article 4, C.R.S. as amended, notice of emergency rulemaking is hereby given, including notice to the Attorney General of the State of Colorado and to all persons who have requested to be advised of the intention of the Colorado Real Estate Commission (the "Commission") to adopt a form.

The forms included with this rulemaking notice are proposed new forms.

Emergency Rule

Short Sale Addendum and Seller Authorization forms

Section 1. Statement of Basis and Authority

Section 2. Scope and Purpose

Section 3. Applicability

Section 4. Effective Date

Section 5. Short Sale Addendum and Seller Authorization forms

The statutory basis for the Commission to adopt standard forms for use by its licensees is §12-61-803(4), C.R.S.

The Colorado Real Estate Commission adopts the following emergency rule entitled, Short Sale Addendum, according to authority as found in §12-61-803(4), C.R.S.

The Colorado Real Estate Commission finds that immediate adoption of this rule is imperatively necessary to due to the substantial number of transactions involving a "short sale", that is, a transaction where an existing lien holder agrees to accept an amount less than the sum claimed to be owed to release its lien against the property being sold and for the preservation of public health, safety or welfare and that compliance with the rulemaking requirements of § 24-4-103, C.R.S., applicable to non-emergency rules, would be contrary to the public interest.

Section 12-61-803(4), C.R.S authorizes the Colorado Real Estate Commission to adopt standard forms for use by its licensees.

The purpose of this form is to ensure a contract is made conditional on an agreement between both seller and lien holder on the terms and conditions of an approval for a short sale and that certain disclosures are made to both seller and buyer involved in a short sale transaction.

Without the immediate adoption of this emergency rule, the public’s interest is not served. Wherefore, the Colorado Real Estate Commission, pursuant to § 24-4-103(6), C.R.S. has an obvious and stated need to adopt this rule.

This emergency rule governs real estate brokers who are subject to the requirements of Part 1 and 8 of Title 12, Article 61 of the Colorado Revised Statutes.

This emergency rule is effective January 8, 2008.

The Short Sale Addendum and Seller Authorization forms included with this rulemaking notice are proposed new forms. Their use by licensees is optional, not mandatory.

Please be advised that all rules being considered are subject to further changes and modifications.