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SB18-210

Amend Regulation Of Appraisal Management Companies

Concerning the regulation of real estate appraisal management companies, and, in connection therewith, aligning state law with current federal law and regulations.
Session:
2018 Regular Session
Subjects:
Business & Economic Development
Housing

Section 1 of the bill amends the definition of 'appraisal management company' to contain all of the elements specified in recent amendments to Title XI of the federal 'Financial Institutions Reform, Recovery, and Enforcement Act of 1989' (FIRREA) and regulations adopted in furtherance of FIRREA. Section 1 also adds a definition of 'appraiser panel' to include appraisers working as independent contractors.

Section 2 requires the state board of real estate appraisers to maintain a separate list of appraisal management companies (AMCs) that have an appraiser panel larger than the federal jurisdictional threshold of 15 appraisers in Colorado or 25 appraisers in all states in which the company operates.

Section 3 directs the board to require that an AMC establish processes and controls to ensure compliance with the federal 'Truth in Lending Act' and applicable federal regulations.

Section 4 directs the board to:

  • Collect an annual registry fee from appraisal management companies that operate as subsidiaries of federally regulated financial institutions; and
  • Transmit that fee to the federal financial institutions examinations council.
    (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

Status

Introduced
Passed

Bill Text

  • All Versions (6 )
    Date Bill Type Documents
    05/16/2018 Final Act PDF
    05/07/2018 Rerevised PDF
    05/04/2018 Revised PDF
    04/12/2018 Reengrossed PDF
    04/11/2018 Engrossed PDF
    03/19/2018 Introduced PDF

Sponsors

Sponsor Type Legislators
Prime Sponsor

Sen. J. Tate
Rep. J. Arndt, Rep. E. Hooton

Sponsor

Co-sponsor

Sen. B. Martinez Humenik