SB18-210

SB18-210 - Amend Regulation Of Appraisal Management Companies

Passed/Signed into Law
Concerning the regulation of real estate appraisal management companies, and, in connection therewith, aligning state law with current federal law and regulations.

Section 1 of the bill amends the definition of 'appraisal management company' to contain all of the elements specified in recent amendments to Title XI of the federal 'Financial Institutions Reform, Recovery, and Enforcement Act of 1989' (FIRREA) and regulations adopted in furtherance of FIRREA. Section 1 also adds a definition of 'appraiser panel' to include appraisers working as independent contractors.

Section 2 requires the state board of real estate appraisers to maintain a separate list of appraisal management companies (AMCs) that have an appraiser panel larger than the federal jurisdictional threshold of 15 appraisers in Colorado or 25 appraisers in all states in which the company operates.

Section 3 directs the board to require that an AMC establish processes and controls to ensure compliance with the federal 'Truth in Lending Act' and applicable federal regulations.

Section 4 directs the board to:

 

  • Collect an annual registry fee from appraisal management companies that operate as subsidiaries of federally regulated financial institutions; and
  • Transmit that fee to the federal financial institutions examinations council.
    (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

     

Latest update: May 29, 2018
05/29/2018 - Governor Signed
05/16/2018 - Sent to the Governor
05/16/2018 - Signed by the Speaker of the House
05/15/2018 - Signed by the President of the Senate
05/07/2018 - House Third Reading Passed - No Amendments
05/04/2018 - House Second Reading Special Order - Passed - No Amendments
05/04/2018 - House Committee on Appropriations Refer Unamended to House Committee of the Whole
04/30/2018 - House Committee on Finance Refer Unamended to Appropriations
04/19/2018 - House Committee on Business Affairs and Labor Refer Unamended to Finance
04/17/2018 - Introduced In House - Assigned to Business Affairs and Labor
04/12/2018 - Senate Third Reading Passed - No Amendments
04/11/2018 - Senate Second Reading Special Order - Passed - No Amendments
04/10/2018 - Senate Committee on Appropriations Refer Unamended - Consent Calendar to Senate Committee of the Whole
03/29/2018 - Senate Committee on Finance Refer Unamended to Appropriations
03/28/2018 - Senate Committee on Business, Labor, & Technology Refer Unamended to Finance
03/19/2018 - Introduced In Senate - Assigned to Business, Labor, & Technology