Colorado 2025 Regular Session

Colorado Senate Bill SB035 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1	1		First Regular Session
2	2		Seventy-fifth General Assembly
3	3		STATE OF COLORADO
4		-	~~REREVISED~~
5		-	This Version Includes All Amendments
6		-	~~Adopted~~ in the Second House
	4	+	REVISED
	5	+	This Version Includes All Amendments Adopted
	6	+	on Second Reading in the Second House
7	7		LLS NO. 25-0368.01 Anna Petrini x5497
8	8		SENATE BILL 25-035
9	9		Senate Committees House Committees
10	10		Business, Labor, & Technology Business Affairs & Labor
11	11		A BILL FOR AN ACT
12	12		C
13	13		ONCERNING ESTABLISHING A LIMITA TION OF ACTIONS AGAINST AN101
14	14		INDIVIDUAL PERFORMING A REAL ESTATE APPRAISAL PRACTICE .102
15	15		Bill Summary
16	16		(Note: This summary applies to this bill as introduced and does
17	17		not reflect any amendments that may be subsequently adopted. If this bill
18	18		passes third reading in the house of introduction, a bill summary that
19	19		applies to the reengrossed version of this bill will be available at
20	20		http://leg.colorado.gov
21	21		.)
22	22		Under current law, the statute of limitations to bring certain claims
23	23		against a real estate appraiser does not start until the party filing the claim
24	24		has discovered, or should have discovered, an alleged defect in the
25	25		appraisal.
26	26		The bill requires a claimant to bring an action against a real estate
27	27		appraiser or individual performing a real estate appraisal practice within
28	28		HOUSE
29		-	3rd Reading Unamended
30		-	April 14, 2025
31		-	HOUSE
32	29		2nd Reading Unamended
33	30		April 11, 2025
34	31		SENATE
35	32		3rd Reading Unamended
36	33		February 25, 2025
37	34		SENATE
38	35		Amended 2nd Reading
39	36		February 24, 2025
40	37		SENATE SPONSORSHIP
41	38		Frizell and Michaelson Jenet, Amabile, Mullica
42	39		HOUSE SPONSORSHIP
43		-	Clifford and Weinberg, ~~Bradley, Gonzalez R., Keltie~~
	40	+	Clifford and Weinberg,
44	41		Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.
45	42		Capital letters or bold & italic numbers indicate new material to be added to existing law.
46	43		Dashes through the words or numbers indicate deletions from existing law. 5 years after the date the appraisal report is completed and transmitted to
47	44		a client. The 5-year statute of limitations does not apply to an action for
48	45		fraud, for misrepresentation, or for a discriminatory housing practice
49	46		brought against a real estate appraiser or individual performing a real
50	47		estate appraisal practice.
51	48		Be it enacted by the General Assembly of the State of Colorado:1
52	49		SECTION 1. In Colorado Revised Statutes, add 13-80-105.5 as2
53	50		follows:3
54	51		13-80-105.5. Limitation of actions against a real estate4
55	52		appraiser - definitions. (1) N
56	53		OTWITHSTANDING ANY STATUTORY5
57	54		PROVISION TO THE CONTRARY , AN ACTION AGAINST A REAL ESTATE6
58	55		APPRAISER OR INDIVIDUAL PERFORMING A REAL ESTATE APPRAISAL7
59	56		PRACTICE MUST BE BROUGHT WITHIN FIVE YEARS AFTER THE DATE OF8
60	57		REPORT.9
61	58		(2) (a) T
62	59		HE LIMITATION SET FORTH IN SUBSECTION (1) OF THIS
63	60		10
64	61		SECTION DOES NOT APPLY TO AN ACTION AGAINST A REAL ESTATE11
65	62		APPRAISER OR INDIVIDUAL PERFORMING A REAL ESTATE APPRAISAL12
66	63		PRACTICE IF THE ACTION IS BROUGHT BY:13
67	64		(I) A
68	65		CONSUMER WHO IS AN ORIGINAL PARTY TO THE RESIDENTIAL
69	66		14
70	67		MORTGAGE LOAN OR RESIDENTIAL REAL ESTATE TRANSACTION FOR WHICH15
71	68		THE REAL ESTATE APPRAISER OR INDIVIDUAL PERFORMING A REAL ESTATE16
72	69		APPRAISAL PRACTICE COMPLETED AN APPRAISAL REPORT OR PERFORMED17
73	70		AN APPRAISAL SERVICE THAT FORMS THE BASIS OF THE ACTION ; OR18
74	71		(II) A
75	72		MORTGAGE ORIGINATOR WHO MUST REPURCHASE A LOAN
76	73		19
77	74		FROM AN ENTITY HOLDING THE LOAN OR THE MORTGAGE SECURITY , AND20
78	75		A DEFECT IN THE COMPLETED APPRAISAL REPORT OR THE APPRAISAL21
79	76		SERVICE PERFORMED AS PART OF THE MORTGAGE ORIGINATION PROCESS22
80	77		FORMS THE BASIS OF THE ACTION.23
81	78		035-2- (b) SUBSECTION (2)(a)(I) OF THIS SECTION DOES NOT CREATE A1
82	79		NEW PRIVATE RIGHT OF ACTION.2
83	80		(3) NOTWITHSTANDING ANY STATUTORY PROVISION TO THE3
84	81		CONTRARY, AN ACTION FOR FRAUD OR KNOWING AND INTENTIONAL4
85	82		MISREPRESENTATION BROUGHT AGAINST A REAL ESTATE APPRAISER OR AN5
86	83		INDIVIDUAL PERFORMING A REAL ESTATE APPRAISAL PRACTICE MUST BE6
87	84		BROUGHT WITHIN THE TIME PROVIDED IN SECTION 13-80-101.7
88	85		(4) NOTWITHSTANDING ANY STATUTORY PROVISION TO THE8
89	86		CONTRARY, AN ACTION FOR A DISCRIMINATORY HOUSING PRACTICE9
90	87		BROUGHT AGAINST A REAL ESTATE APPRAISER OR AN INDIVIDUAL10
91	88		PERFORMING A REAL ESTATE APPRAISAL PRACTICE MUST BE BROUGHT11
92	89		WITHIN THE TIME PROVIDED IN PART 5 OF ARTICLE 34 OF TITLE 24 OR IN12
93	90		APPLICABLE FEDERAL LAW.13
94	91		(5) AS USED IN THIS SECTION, UNLESS THE CONTEXT OTHERWISE14
95	92		REQUIRES:15
96	93		(a) "D
97	94		ATE OF REPORT" MEANS THE DATE WHEN AN APPRAISAL16
98	95		REPORT IS COMPLETED AND TRANSMITTED TO THE CLIENT .17
99	96		(b) "R
100	97		EAL ESTATE APPRAISAL PRACTICE " MEANS REAL ESTATE18
101	98		VALUATION SERVICES PERFORMED BY AN INDIVIDUAL ACTING AS AN19
102	99		APPRAISER, INCLUDING, BUT NOT LIMITED TO, APPRAISAL AND APPRAISAL20
103	100		REVIEW.21
104	101		SECTION 2. Act subject to petition - effective date. This act22
105	102		takes effect at 12:01 a.m. on the day following the expiration of the23
106	103		ninety-day period after final adjournment of the general assembly; except24
107	104		that, if a referendum petition is filed pursuant to section 1 (3) of article V25
108	105		of the state constitution against this act or an item, section, or part of this26
109	106		act within such period, then the act, item, section, or part will not take27
110	107		035
111	108		-3- effect unless approved by the people at the general election to be held in1
112	109		November 2026 and, in such case, will take effect on the date of the2
113	110		official declaration of the vote thereon by the governor.3
114	111		035
115	112		-4-