Colorado public trustees

## Contents

* 1 Appointment
* 2 Government roles
* 3 Position overview
* 4 External links
* 5 Footnotes

Public trustees are appointed positions in the state of Colorado according to the state's constitution.

## Appointment[edit]

The governor appoints a public trustee for each county for a four year term. The appointee must have a four-year college degree and five years' administrative or business experience, at the least.

If the prospective appointee does not have this, ten years' administrative or business experience will suffice. Any public trustee can be removed from office by the governor if there is good cause to do so. The person must execute a $25,000 surety bond promising that he or she will perform the duties of the office.

In a county other than first and second class counties, the county treasurer will be the public trustee. One difference is that they will then execute a surety bond of $10,000 instead of $25,000.

The public trustee's office must be kept open for business during ordinary business hours everyday, except Saturdays, Sundays, and legal holidays.

The board of county commissioners issues the funds to pay for all of the public trustee's office supplies, including books, forms, and stationery that are necessary for carrying out duties.[1]

## Government roles[edit]

Colorado public trustees release of a deed of trust, at the sum of $15, perform foreclosures, deal with bankruptcies, and contract deeds.[1]

## Position overview[edit]

The public trustees of each county receive fees for services they perform, at fixed sums.

When executing a release of a deed of trust, the public trustee charges the sum of fifteen dollars.

When performing a foreclosure, the public trustee may charge the following sums, cumulatively:

* For opening and administering a foreclosure under the powers conferred upon them by a deed of trust where the original principal amount of the debt secured by such deed of trust does not exceed four hundred eighty thousand dollars, a fee of one hundred fifty dollars and, where such amount exceeds four hundred eighty thousand dollars, a fee of one thirty-second of one percent of such original principal amount or the outstanding principal balance, whichever is less, but in no case less than one hundred fifty dollars
* For accepting the filing of a notice of intent to redeem, the sum of fifty dollars per notice
* For processing and executing a certificate of redemption, the sum of thirty dollars
* For executing a confirmation deed, the sum of thirty dollars
* For processing withdrawals, the sum of thirty-five dollars
* For processing an administrative withdrawal, the sum of fifty dollars
* For recommencing the foreclosure after reinstatement where a sale was held in violation of the automatic stay provisions of the federal bankruptcy code of 1978, title 11 of the United States Code, as amended, the sum of fifty dollars
* For recommencing the foreclosure after bankruptcy where publication was not completed, the sum of seventy-five dollars
* For performing the actions when a holder of evidence of debt elects to foreclose, the sum of one hundred dollars
* The sum of all amounts paid by the public trustee to third parties in connection with processing a foreclosure, including but not limited to all recording, filing, publication, and electronic transmission fees;
* For processing a rescission of sale, the sum of one hundred dollars
* For rescheduling a sale after a rescission of sale, the additional sum of fifty dollars.

When performing any duty of the public trustee dealing with surviving remedies and title to property belonging to a corporate or nonprofit firm after its dissolution as well as for dealing with the death of a trustee, the public trustee may charge a sum of twenty-five dollars. For this, the public trustee may charge a greater amount after it is approved by a court of competent jurisdiction.

When the public trustee performs duties dealing with contracts for deeds and the written notice for escrow of tax money, the public trustee may charge an additional annual fee of seventy-five dollars. This fee can be paid in advance, for each taxable year, or portion, at the time an escrow account is established.[1]

## External links[edit]

* Colorado Public Trustee Association website

## Footnotes[edit]

1. ↑ 1.0 1.1 1.2 Colorado Constitution, accessed December 10, 2013

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