The Limitations of Actions Against Appraisers bill (with its amendment), SB25-035, was introduced yesterday in the Senate to the Business, Labor & Technology Committee where it was unanimously approved by the committee with a vote of 7-0. The next step is for the bill to be voted on by the whole Senate. The amendment exempts two types of suits brought against appraisers:
– suits brought by a consumer who is an original party to the residential mortgage loan or residential real estate transaction, and
– suits brought by a mortgage originator repurchasing a loan from an entity holding the mortgage security where a defect in the completed appraisal forms the basis of the action.
The RMAA board fully supports the original bill as written but does not support the amendments, as they fail to protect the majority of our membership by largely excluding residential lending work from coverage.
We encourage you to review both the amendment to the bill and the original bill, attached below. Once a date is set for the Senate vote, we will send out a communication asking you to contact your representatives with your feedback on how this bill will – or will not – protect you in your personal practice. In the meantime, the RMAA board would like to hear your thoughts! Please email president@rmaa.org with your feedback.
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