CO SB047

Expands the definition of internal analyses exempt from real estate appraisal regulations to include agents of financial institutions, in addition to officers, directors, and regularly salaried employees.

Applies the exemption to analyses by financial institution agents concerning real estate owned or held as collateral by the institution, provided the analysis is for internal use only and not represented as an appraisal outside the institution and its regulators.

Requires agents who are not licensed or certified appraisers to include a written notice in any analysis stating they are not licensed or certified under Colorado's appraisal laws.

Extends the de minimis exemption to appraisals relating to real-estate-related transactions or loans excepted by federal regulators when performed by agents of the financial institution or affiliate.

Takes effect August 5, 2020, or following voter approval if a referendum petition is filed, and applies to appraisals made on or after the effective date.