CO SB046

Amends the definition of "appraisal management company" (AMC) in Colorado Revised Statutes 12-61-702 to align with federal law.

Changes the function of AMCs from "recruit, select, and train" appraisers to "retain" appraisers when overseeing appraiser panels for mortgage loans and securitizations.

Makes the same definitional change to section 12-10-602, effective only if House Bill 19-1172 becomes law, with an October 1, 2019 effective date.

Takes effect upon passage for the primary amendment, with a conditional effective date of October 1, 2019 for the secondary amendment.

Declared necessary for the immediate preservation of public peace, health, and safety.