§ 2-363. Public trustee documents  


Latest version.
  • (a) Bulk public trustee documents. Attorneys, title companies, mortgage lenders, investors, data miners and other persons and entities with a substantial interest in accessing and using large segments of the public trustee documents available through the city's computer systems have made extensive use of these systems for the purpose of gathering and utilizing the information for various profitable purposes and sometimes for the purpose of generating new electronic data based on this information and making this new data available for sale or other profitable uses. The clerk is authorized to set, adopt and collect fees for electronic records services for bulk public trustee documents. Permits or authorizations, in accordance with the requirements and criteria adopted by the clerk and subject to technical requirements, shall refer to and incorporate the terms and conditions set forth in subsections 2-365(b) and (c).

    (b) Electronic releases of deeds of trust. Releases of deeds of trusts involve a specific set of public trustee documents and a process specified in section C.R.S. § 38-39-102 ("releases"). Certain private entities offer a specialized service to title companies, mortgage lenders, and other financial services providers for conducting releases electronically ("release servicers"). Subject to the release servicers:

    (1) Acceding to and complying with any permit required and rules adopted by the clerk;

    (2) Complying with, and requiring their customers to comply with, the requirements of C.R.S. § 38-39-102;

    (3) Using the release forms specified by the clerk;

    (4) Paying on a daily basis the prescribed statutory fees for releases and providing such accountings and payment reports as the clerk deems appropriate; and

    (5) Providing ready access and passwords to the internet sites where the release servicers initiate and process the electronic releases, the clerk may elect to participate in the release services provided by the release servicers. Permits or authorizations, in accordance with the requirements and criteria adopted by the clerk and subject to technical requirements, shall refer to and incorporate the terms and conditions set forth in subsection 2-365(b). All filings of executed release forms with the clerk and recorder shall be in conformance with the requirements of subsection 2-364(b) pertaining to e-recordings.

    (c) Electronic conversion of paper public trustee documents. In order to more effectively and efficiently process public trustee documents submitted for foreclosure, the clerk is authorized to set, adopt and collect fees to cover the reasonable costs of scanning and electronically converting paper public trustee documents to the electronic system and software used by the clerk for public trustee foreclosures.

(Ord. No. 258-12, § 1, 5-14-12)