The State of Colorado legislature is once again discussing the Regulation of Qualified Intermediaries; HB 1237. If enacted, this bill will more clearly define who can be a qualified intermediary in a 1031 Exchange transaction and what process is required to become qualified.
As it stands now, banks have been excluded from the regulations but there are some amendments still expected to be made. The bill is being lobbied both for and against in the Business Affairs and Labor Committee and has brought a lot of emotion to the head. If passed, this new bill will:
- Require registration of persons or entities that facilitate like-kind exchanges
- Specify the procedures to become a Qualified Intermediary in such a transaction
- Assigns the Director of the division in the state legislature rule-making and regulatory authority
- Establishes registration standards, record keeping requirements and complaint investigation & disciplinary procedures
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