Colorado § 7-49-112 - Processing loans for insurance.
Full text of Colorado Colorado Revised Statutes § 7-49-112 — Processing loans for insurance., with citation guidance and answers to common questions.
§ 7-49-112. Processing loans for insurance.
(1) Insurance on a loan qualifying for mortgage insurance under this article shall be in effect as of the date on which the lender has made a report to the corporation which shall document:
(a) The estimated cost of the rehabilitation work to be done;
(b) In the case of a refinancing loan or acquisition loan, that such loan shall not exceed one hundred percent of the fair market value of the property to be refinanced or acquired after rehabilitation work has been completed;
(c) That the estimated useful life of the housing accommodation, after rehabilitation, in the case of a rehabilitation loan, is greater than the term of the insurable mortgage;
(d) That the housing facility after purchase or rehabilitation will not contain any substantial violation of housing, building, or sanitary codes which would make the housing so unsafe that it presents a danger to the occupants or the public health or safety.
Source: L. 75: Entire article added, p. 269, § 1, effective June 29.
Frequently Asked Questions About Colorado § 7-49-112
What does Colorado Revised Statutes § 7-49-112 cover?
Section 7-49-112 ("Processing loans for insurance.") 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 § 7-49-112?
A common citation format is "Colorado Revised Statutes § 7-49-112" (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 § 7-49-112 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.