The proposed bill aims to simplify the process for filing mortgages on motor and off-highway vehicles in Colorado. Currently, mortgage holders are required to file in the county where the vehicle owner resides or where the vehicle is located. This bill would allow mortgage holders to file in any county within the state, providing greater flexibility and efficiency in the filing process.
However, it's important to note that as of February 4, 2025, the Senate Committee on Finance postponed the bill indefinitely, meaning it will not advance further in the legislative process at this time.
Summary
The bill removes the requirement that a first or junior mortgage
holder has to file a mortgage on a motor or off-highway vehicle in the county in which the mortgagor resides or the vehicle is located to have the existence of the mortgage and the fact of its filing noted in the vehicle's certificate of title, and instead allows the mortgage holder to file the mortgage in any county in the state.
