| Notice Filed with SOS |
09/18/2020 |
| Rule |
ProposedRuleAttach2020-00751.pdf |
| Statutory Authority |
Part 6 of Title 12, Article 10, Colorado Revised Statutes, as amended. |
| Description of Subjects/Issues |
Chapter 1: Definitions |
| Purpose/Objective of Rule |
The specific purpose of this rule is to amend existing rules with respect to the applicable version of The Real Property Appraiser Qualification Criteria. Recent actions within the lending industry have changed the levels at which an appraisal must be performed by a state licensed or certified appraiser. Federal financial regulatory agencies have increased the de minimums threshold amount in which lending institutions may utilize evaluations that do not require compliance with Uniformed Standards of Professional Appraisal Practice (USPAP) and can be performed by individuals who are not state licensed or certified appraisers. As a result, the Appraisers Qualifications Board (AQB) adopted revisions to the scope of practice for licensed residential real property appraiser classification. |
| Submitted in response to issues raised by COLS/OLLS? |
No
|
| Is this rule adopted in response to recent legislation? |
No
|
| Hearing Date |
11/05/2020 |
| Hearing Time |
09:00 AM |
| Hearing Location |
Virtual Rulemaking Hearing - 1560 Broadway; Denver, CO 80202 |
| Contact Name |
Martha |
| Contact Title |
Rulemaking Coordinator |
| Contact Telephone |
303-894-2359 |
| Contact email |
martha.torres-recinos@state.co.us |