CO HB1085

Establishes a 5-year statute of limitations for actions against real estate appraisers or individuals performing real estate appraisal practice, measured from the date the appraisal report is completed and transmitted to the client.

Fraud actions against real estate appraisers remain subject to the time limits in Section 13-80-101 rather than the 5-year limitation.

Defines "date of report" as the date when an appraisal report is completed and transmitted to the client.

Defines "real estate appraisal practice" as real estate valuation services performed by an individual acting as an appraiser, including appraisal and appraisal review services.

Takes effect 90 days after the general assembly adjourns, unless a referendum petition is filed, in which case it requires voter approval at the November 2024 general election.