As we originally reported in our September 2018 Otten Johnson Alert, the London Interbank Offered Rate (“LIBOR”), once the primary benchmark used for floating rate commercial loans, is nearing its end. As of December 31, 2021 lenders stopped using LIBOR as a benchmark rate for new loans and one week and two month USD LIBOR rates were discontinued. All remaining USD LIBOR rates will be discontinued on June 30, 2023.
Continue Reading The LIBOR Act: A federal legislative solution for legacy contracts as LIBOR ends
Denver Bans Source-of-Income Discrimination in Real Estate Transactions Beginning January 1
Denver’s ban on source-of-income discrimination took effect on January 1, 2019.
The ordinance, which the Denver City Council approved back in August, prohibits a wide range of conduct in real estate transactions “based upon … source of income.” Protected sources of income under the ordinance include government housing assistance, Social Security payments, veterans’ benefits, student loans, legal settlements, and court-ordered child support and alimony payments. The income source must be both “lawful” and “verifiable” to be eligible for protection. The new law applies to landlords, real estate agents, property managers, and mortgage lenders. Property owners who rent a single unit are specifically exempt.
Continue Reading Denver Bans Source-of-Income Discrimination in Real Estate Transactions Beginning January 1
House Passes Bill to Clarify HVCRE Rule
Last week the U.S. House of Representatives passed a bill that seeks to delineate what causes a commercial real estate loan to be classified as a “high volatility commercial real estate loan,” or, as it’s more commonly referred to, as a “HVCRE loan.” Since the rule regarding HVCRE loans was promulgated, there’s been much debate and confusion around that fundamental question. A synopsis of HVCRE loans and the implications of HVCRE classification can be found here.
Continue Reading House Passes Bill to Clarify HVCRE Rule
“First of its Kind” Colorado Charter School Funding Bill Headed to Governor for Signature
Last week, the Colorado Senate passed a bipartisan bill—House Bill 1375—requiring school districts to either develop a plan by the 2019-2010 academic year to equitably share mill levy override funds with charter schools of their districts or to distribute 95% of the per pupil amount of the revenue to those charter schools. The bill further requires charter schools to post certain tax documents on their websites and to limit their financial waivers.
Continue Reading “First of its Kind” Colorado Charter School Funding Bill Headed to Governor for Signature
A Colorado Construction Defect Reform Bill Finally Reaches Governor’s Desk
In our April Client Alert, we reported on a possible breakthrough in construction defect reform legislation, which had passed the House and was moving to the Senate. The Colorado Senate has now unanimously approved House Bill 1279, and sent it to Governor Hickenlooper, who is expected to sign the bill. HB 1279 was