Statutes, codes, and regulations
Colorado Administrative Code
Department 700 - Department of Regulatory AgenciesDivision 702 - Division of InsuranceRule 3 CCR 702-3 - FINANCIAL ISSUES
Regulation Regulation 3-2-4 - PARTICIPATION LOANS
Section 3 CCR 702-3-2-4-5 - Documentation

3 Colo. Code Regs. § 702-3-2-4-5

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Current through Register Vol. 47, No. 24, December 25, 2024
Section 3 CCR 702-3-2-4-5 - Documentation

Every domestic insurance company participant in a participation loan on real property under § 10-3-216(1)(f), C.R.S., must maintain adequate documentation to evidence its interest as a participant therein. This documentation should consist, as a minimum, of originals or certified copies of the documents listed below. If the document is one that the domestic insurance company would be expected to have in its possession, such as a participation certificate, the original will be required. If the document is one which the domestic insurance company would not be expected to have in its possession, such as the Note in a case where another entity is the lead participant, a certified copy will suffice. Copies may be certified by an officer of the participant having possession of the originals of the documents.

A. Note evidencing the obligation.
B. Mortgage or Deed of Trust, properly executed and recorded.
C. Participation Certificate.
D. Recorded partial assignment (if recognized under state law).
E. Any other security taken in connection with the loan.
F. Appraisal report prepared as a basis for underwriting in the course of committing to make the loan.
G. Survey of premises (or other satisfactory evidence) identifying the property by address and legal description.
H. Participation (loan sharing) Agreement.
I. Title insurance policy or attorney's title opinion.
J. Hazard insurance policies or certificates.
K. Statement showing unpaid principal balance on mortgage, amount of periodic installments, and date to which interest is paid.

3 CCR 702-3-2-4-5

37 CR 20, October 25,2014, effective 11/15/2014
37 CR 20, October 25,2014, effective 1/1/2015
37 CR 23, December 10, 2014, effective 1/1/2015
38 CR 17, September 10, 2015, effective 10/1/2015
39 CR 05, March 10, 2016, effective 4/1/2016
39 CR 14, July 25, 2016, effective 8/15/2016
39 CR 23, December 10, 2016, effective 1/1/2017
40 CR 03, February 10, 2017, effective 3/15/2017
40 CR 05, March 10, 2017, effective 4/1/2017
40 CR 13, July 10, 2017, effective 8/1/2017
40 CR 17, September 10, 2017, effective 11/1/2017
43 CR 06, March 25, 2020, effective 4/15/2020
44 CR 03, February 10, 2021, effective 3/15/2021
44 CR 23, December 10, 2021, effective 1/1/2022
46 CR 03, February 10, 2023, effective 3/2/2023