HB 21-1293 Summary

• Modifies Colorado Revised Statutes 11-105-401 to change the threshold for property appraisals by state banks acquiring property to satisfy indebtedness.

• Replaces the previous $250,000 threshold with "a value consistent with federal requirements and established pursuant to rules of the state banking board" for exempting properties from credentialed appraiser requirements.

• Allows banks to use qualified independent appraisers or other persons approved by the banking board, with written certification that fair market value has not declined potentially substituting for subsequent appraisals.

• Takes effect 12:01 a.m. on the day following the expiration of the 90-day period after final adjournment of the general assembly, subject to potential referendum petition and voter approval in November 2022.

• Applies to conduct occurring on or after the effective date of the act.