Attached is a summary of the 2024 legislative efforts that had the potential to directly impact real estate in the State of Colorado. Unfortunately, the bill Limiting Actions against Appraisers, which initiated a 5-year statute of repose for civil action initiated against an appraiser for cases not involving fraud, was not successful. The RMAA, through the CCA, is already planning for a successful push of similar legislation in the 2025 Colorado session.
In addition to the efforts to sponsor and lobby for the liability limiting legislation for appraisers, the CCA also monitored several additional bills impacting the real estate market in Colorado. It is for this reason that the RMAA is a member of the CCA. The RMAA wants to help our members stay informed about key issues shaping the real estate landscape, such as the 5-year statute of repose for civil actions against appraisers. We also wanted to keep an eye on state-wide legislation involving ADU’s, the lifting of occupancy limits, increased volume of high-density development in transit-oriented communities, property tax regulations, etc. The RMAA, through the CCA, has a lobbyist advocating specifically for appraisers in our state. In addition, the lobbyist tracks other real-estate oriented legislation. Below is a summary of what was tracked during the most recent session.
If you want more information on any of the bills (laws if signed by the Governor), go to https://app.coloradocapitolwatch.com/bills/.
Thank you again to everyone who engaged in the process to support the Limitations on Actions. Against Appraisers Bill, HB24-1085. Your letters, emails, phone calls and engagement made a difference. In retrospect, the opposition, although well-funded and powerful, was not the reason for the bills defeat. The bill needed more examples and personal stories of litigation outside of the 5-year time-period to better justify the need for the policy. If you were involved in a civil suit 5 or more years after completing an appraisal or know of anyone who was, please reach out to the RMAA Board. We need your help and support to identify personal stories and provide examples as we prepare to take the bill back to the legislators in 2025.
View the full Recap Summary of 2024 Appraiser Legislative Session.
Recent Comments