HB 22-1261

House Bill 22-1261 extends the Colorado Board of Real Estate Appraisers' operations for nine more years until September 1, 2031. It also updates rules and requirements for appraisers to align with federal standards, allowing them to perform evaluations instead of full appraisals for certain financial institutions under specific conditions. The bill reduces fines for violations and simplifies the process for sending notifications to appraisers. Since it has been signed into law, these changes are now in effect and will impact real estate appraisers and appraisal management companies operating in Colorado.

Official Summary

The act implements most of the recommendations of the department of regulatory agencies, as contained in the department's sunset review of the board of real estate appraisers (board), as follows: Continues the board for 9 years, until September 1, 2031; Requires the board to adopt rules to authorize an exemption from compliance with the uniform standards of professional appraisal practice that would allow an appraiser to perform an evaluation instead of a full appraisal for a federally regulated financial institution and authorizes an appraiser to conduct an evaluation in accordance with the board's rules; Amends statute to comport with federal law, including updating the number of appraisers with which a licensed appraisal management company does business, updating the qualifications for licensure to require the minimum appraisal experience required by the Appraiser Qualifications Board of the Appraisal Foundation or its successor organization, clarifying that the federal regulating authorities that regulate a financial institution are exempted from state registration or licensure, and aligning the hours of continuing education required for reactivation of an inactive license with the number of hours required by the Appraiser Qualifications Board; Repeals the requirement that the board send letters of admonition by certified mail; and Clarifies that fines are assessed on a per-violation basis and reduces the maximum penalty from $2,000 to $1,000, which maximum penalty applies to any violation.(Note: This summary applies to this bill as enacted.)

Votes