SB10-077 Summary

• Establishes the "Colorado Appraisal Management Company Act" requiring appraisal management companies to register with the Division of Real Estate, addressing a gap in federal law requiring mortgage lenders to use regulated entities for property valuations.

• Requires registration applicants to submit contact information, owner/controlling person details, fingerprints for criminal history checks, and certification of systems for verifying appraiser qualifications and monitoring compliance.

• Prohibits conduct including failing to disclose compensation to clients, employing appraisers with revoked licenses, altering completed appraisals, removing appraisers from panels without notice, failing to pay appraisers within 60 days, and improperly influencing appraisal development.

• Establishes disciplinary powers including administrative fines up to $2,500 per violation, letter of admonition, censure, probation, suspension, and revocation of registration, plus criminal penalties of up to $500-$5,000 for unlicensed operation.

• Makes conforming amendments to existing appraiser licensing statutes (Sections 2-22) to reference the new appraisal management company regulation framework.