Colorado § 11-38-102 - Definitions.
Full text of Colorado Colorado Revised Statutes § 11-38-102 — Definitions., with citation guidance and answers to common questions.
§ 11-38-102. Definitions.
As used in this article 38, unless the context otherwise requires:
(1) "Borrower" means the person receiving cash advances pursuant to the terms of and obligated for repayment of a reverse mortgage. "Person" includes plural as well as singular.
(1.3) "Force majeure" means fire, explosion, action of the elements, unusually severe weather, act of God, act of war, or any other cause that is beyond the control of the borrower and that could not have been prevented by the borrower while exercising reasonable diligence.
(2) "Independent counseling" means counseling by a person unaffiliated with the lender, including but not limited to a housing counseling agency approved by the United States department of housing and urban development.
(3) "Lender" means a bank, savings and loan association, or credit union organized under the laws of the United States or the state of Colorado or a person who regularly makes loans or advances secured by interests in residential real property.
(4) "Reverse mortgage" means a written instrument evidencing or creating a nonrecourse loan secured by real property which:
(a) Provides cash advances, whether in the form of a lump sum, periodic payments, a line of credit, or other similar methods, or a combination thereof, to a borrower based on the equity in the borrower's owner-occupied principal residence, which periodic payments may be derived from an annuity purchased with such cash advances;
(b) Requires no partial or other payment of principal or interest until the entire loan becomes due and payable; and
(c) Is made by any lender as defined in subsection (3) of this section.
Source: L. 92: Entire article added, p. 939, § 1, effective April 23. L. 2023: IP amended and (1.3) added, (HB 23-1266), ch. 440, p. 2580, § 1, effective June 7.
Frequently Asked Questions About Colorado § 11-38-102
What does Colorado Revised Statutes § 11-38-102 cover?
Section 11-38-102 ("Definitions.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 11-38-102?
A common citation format is "Colorado Revised Statutes § 11-38-102" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 11-38-102 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.