DEPARTMENT OF REGULATORY AGENCIES
DIVISION OF REAL ESTATE
BOARD OF REAL ESTATE APPRAISERS
4 CCR 725-2

NOTICE OF PROPOSED PERMANENT RULEMAKING HEARING
September 3, 2015

CHAPTER 7:	CONTINUING EDUCATION REQUIREMENTS

Pursuant to and in compliance with Title 12, Article 61 and Title 24, Article 4, C.R.S. as amended, notice of proposed rulemaking is hereby given, including notice to the Attorney General of the State of Colorado and to all persons who have requested to be advised of the intention of the Colorado Board of Real Estate Appraisers (the “Board”) to promulgate rules, or to amend, repeal or repeal and re-enact the present rules of the Board.

STATEMENT OF BASIS

The statutory basis for the rules titled Rules of the Board of Real Estate Appraisers is Part 7 of Title 12, Article 61, Colorado Revised Statutes, as amended.  

STATEMENT OF PURPOSE

The purpose of this rule is to effectuate the legislative directive to promulgate necessary and appropriate rules in conformity with the statute and the provisions of the federal Financial Institutions Reform, Recovery and Enforcement Act of 1989.

SPECIFIC PURPOSE OF THIS RULEMAKING

The specific purpose of this rule is to amend or repeal existing rules with respect to the continuing education requirements for licensed and certified appraisers.
 
Proposed New, Amended and Repealed Rules

[Deleted material shown struck through, new material shown ALL CAPS. Rules, or portions of rules, which are unaffected are reproduced.  Readers are advised to obtain a copy of the complete rules of the Board at www.dora.state.co.us/real-estate/rulemaking/BOREA/index.htm]

CHAPTER 7:	continuing education requirements
	
7.2	Except as provided under Board Rule 7.1, ALL LICENSEES RENEWING AN ACTIVE OR INACTIVE LICENSE ON A THREE-YEAR CYCLE each applicant for renewal of a license shall complete at least 42 hours of real estate appraisal continuing education during the three-year period preceding expiration of the license to be renewed. ALL LICENSEES RENEWING AN ACTIVE OR INACTIVE LICENSE ON A TWO-YEAR CYCLE SHALL COMPLETE 28 HOURS OF REAL ESTATE APPRAISAL CONTINUING EDUCATION DURING THE TWO-YEAR PERIOD PRECEDING EXPIRATION OF THE LICENSE.  All licensees renewing AN a ACTIVE OR INACTIVE license at the end of a three-year OR A TWO-YEAR licensing period shall complete the National Uniform Standards of Professional Appraisal Practice Update Courses set forth in Board Rule 7.19. Continuing education requirements must be completed after the effective date of the license to be renewed and prior to the expiration of such license. Upon written request and receipt of the supporting documentation established by the Board, the Board may grant a deferral for continuing education compliance for licensees returning from active military duty. Credential holders returning from active military duty may be placed on active status for up to 90 days pending completion of all continuing education requirements established pursuant to Chapter 7.

7.5	Continuing education providers shall, at their own expense, maintain FOR A PERIOD OF FIVE (5) YEARS, and provide to the Board on request, information regarding the educational offerings including, but not limited to the following:
A.	Outline or syllabus;
B.	All texts, workbooks, handouts or other materials;
C.	Instructors and their qualifications, including selection, training and evaluation criteria;
D.	Examinations (if any);
E.	Dates and locations of offerings; and
F.	STUDENT ATTENDANCE RECORDS. Record of participation;

7.19	All licensees IN ACTIVE OR INACTIVE LICENSE STATUS shall successfully complete a 7-hour National USPAP Update Course, or its equivalent, every two calendar years. Such 7-hour National USPAP Update Course shall be in the form of a course approved by the Appraiser Qualifications Board of The Appraisal Foundation, and taught by an instructor certified by the Appraiser Qualifications Board of The Appraisal Foundation and who is also a state certified appraiser. Equivalency shall be determined through the Appraiser Qualifications Board Course Approval Program or by an alternate method established by the Appraiser Qualifications Board.

7.21	A LlicenseesS IN ACTIVE OR INACTIVE LICENSE STATUS who renewINGs a license subject to a continuing education requirement shall retain documentary evidence of compliance with these continuing education requirements for a period of not less than five (5) years after the expiration of the license being renewed.

A hearing on the above subject matter will be held on Thursday, September 3, 2015, at the Colorado Division of Real Estate, 1560 Broadway, Suite 1250-C, Denver, Colorado 80202 beginning at 9:00 a.m. 

Any interested person may participate in the rule making through submission of written data, views and arguments to the Division of Real Estate.  Persons are requested to submit data, views and arguments to the Division of Real Estate in writing no less than ten (10) days prior to the hearing date and time set forth above. However, all data, views and arguments submitted prior to or at the rulemaking hearing or prior to the closure of the rulemaking record (if different from the date and time of hearing), shall be considered.

Please be advised that the rule being considered is subject to further changes and modifications after public comment and formal hearing.