Colorado § 38-40-103.5 - Notice upon transfer of servicing rights - prior servicer's offer to borrower survives transfer - definitions.
Full text of Colorado Colorado Revised Statutes § 38-40-103.5 — Notice upon transfer of servicing rights - prior servicer's offer to borrower survives transfer - definitions., with citation guidance and answers to common questions.
§ 38-40-103.5. Notice upon transfer of servicing rights - prior servicer's offer to borrower survives transfer - definitions.
(1) As used in this section:
(a) "Borrower" means a person liable under an evidence of debt constituting a residential mortgage loan.
(b) "Evidence of debt" has the meaning set forth in section 38-38-100.3 (8).
(c) "Holder" means the holder of an evidence of debt constituting a residential mortgage loan.
(d) "Residential mortgage loan" has the meaning set forth in section 12-10-702 (21).
(e) (I) "Servicer" means a person who collects, receives, or has the right to collect or receive payments on behalf of a holder, including payments of principal, interest, escrow amounts, and other amounts due on obligations due and owing to the holder.
(II) "Servicer" includes:
(A) The person or entity to whom payments are to be sent, as listed on the most recent billing statement or payment coupon provided to the borrower; or
(B) A subsidiary, affiliate, or assignee of a servicer, however designated, including a person designated as a subservicer.
(2) A servicer to whom servicing rights for a residential mortgage loan have been sold or transferred by the holder or by a predecessor servicer is subject to, and shall honor, the borrower's acceptance, prior to the sale or transfer of servicing rights, of any offer previously made by the holder or predecessor servicer in connection with a modification of a residential mortgage loan.
(3) At the time of the transfer or sale of servicing rights for a residential mortgage loan, the transferor or seller shall inform the buyer or transferee of the servicing rights whether a loan modification is pending.
(4) A contract for the transfer or sale of servicing rights for a residential mortgage loan must obligate the successor servicer to:
(a) Accept and continue processing any pending loan modification requests; and
(b) Honor any trial and permanent loan modification agreements entered into by the prior servicer.
Source: L. 2013: Entire section added, (HB 13-1017), ch. 36, p. 103, § 1, effective March 15. L. 2019: (1)(d) amended, (HB 19-1172), ch. 136, p. 1725, § 240, effective October 1.
Source: official Colorado text · Last verified 2026-08-27
Frequently Asked Questions About Colorado § 38-40-103.5
What does Colorado Revised Statutes § 38-40-103.5 cover?
Section 38-40-103.5 ("Notice upon transfer of servicing rights - prior servicer's offer to borrower survives transfer - 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 § 38-40-103.5?
A common citation format is "Colorado Revised Statutes § 38-40-103.5" (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 § 38-40-103.5 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.