Recap Summary of 2024 Legislative Session

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.

Recap Summary of 2024 Appraiser Legislative Session

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Update on HB24-1085

HB24-1085 went before the Senate Judiciary Committee on March 18th. The Judiciary Committee consists of 5 members, 3 Democrats and 2 Republicans. After another long hearing, it was clear the three Democrats on the committee were not convinced the policy was needed simply because there were very few examples of appraisers facing frivolous lawsuits outside of the five year timeframe. By the time the final vote was cast, the bill had been lost along party lines, 3-2.

Leaving the hearing the CCA (which includes the RMAA) and their lobbyist were disappointed by the result, specifically with the Democrats that could not understand the value of this protection for appraisal small businesses. It was clear that the opposition, although well funded and powerful, was not the reason for the bills defeat. It is known now that the CCA needed more examples and personal stories of litigation outside of the 5 year time period to better justify the need for the policy. Although, the group made it very clear that the disclosure forms and E&O insurance rates were a large part of the problem, the need for more personal stories was evident.

It has only been a few days since the bill was lost, but the CCA and their lobbyist are working on next steps for the 2025 legislative session and the future success of another bill. This includes outreach to appraisers who have faced litigation and outreach to the over 2,000 appraisers who are not involved in any of the seven member organizations. The need for more widespread involvement can only benefit next years policy. With this year being an election year, this November, and a new crop of legislators, the CCA is better prepared to create a legislator education campaign on this issue and its importance. The CCA is hopeful for success as they approach their second attempt to passing this needed policy.

We appreciate your support during this first attempt and look forward to working together for a successful outcome in the next legislative session.

You can read the full bill summary here: HB24-1085 Summary

HB24-1085 Introduced in the Senate

We are one step closer to getting our appraiser bill passed! HB24-1085 has been successfully introduced to the Senate and as been assigned to the Senate Judiciary Committee. One of our bill sponsors is on the committee, so we are hopeful of a smooth passage. We will need your help once the hearing date approaches by contacting the four committee members to show your support of the bill. Stay tuned for details!