DEPARTMENT OF REGULATORY AGENCIES
DIVISION OF REAL ESTATE
CONSERVATION EASEMENTS
4 CCR 725-4

NOTICE OF PROPOSED PERMANENT RULEMAKING HEARING
November 2, 2015

RULE Chapter 1.  DEFINITIONS  
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 Department of Regulatory Agencies and the Division of Real Estate to promulgate rules, or to amend, repeal or repeal and re-enact the present rules related to conservation easements.

STATEMENT OF BASIS
The statutory basis for the rules titled Conservation Easements is Chapter 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 Colorado Revised Statute.

SPECIFIC PURPOSE OF THIS RULEMAKING
The specific purpose of this rule is to define key terms pertaining to the conservation easement program pursuant to sections 12-61-724, 12-61-725, 12-61-726 and 12-61-727, C.R.S.
Proposed New, Amended and Repealed Rules
[Deleted material showed 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 Division at http://www.sos.state.co.us]

Chapter 1: Definitions
1.1	Assignment of a Tax Credit Certificate: Occurs when the tax credit 
certificate application pursuant to section 12-61-727, C.R.S. is deemed complete and the requested dollar amount from the application is encumbered and credited from the tax credit cap.

1.2	Authorized Representative: The landowner’s designee who is designated 
in writing by the landowner on the applications prescribed by the Division AS DESCRIBED IN RULES 4.1(D) AND 4.4(C). An authorized representative may conduct the following activities on the landowner’s behalf, including, but not limited to: answering questions concerning the application, conducting settlement discussions, and preparing and submitting a written appeal.

1.3	Co-Hold: Two or more nonprofit or government entities are named 
grantees of the conservation easement and both entities hold the easement for the purposes of implementing rule 2.6. 

1.4	Commission: The Conservation Easement Oversight Commission created 
by section 12-61-725, C.R.S.

1.5	Conservation Easements: Conservation easements that have a charitable 
donation component. This includes full donations and bargain sale conservation easements.
1.6	Days: Calendar days for the purposes of implementing section 12-61-727,    C.R.S. 
1.7	Deemed Complete: The application pursuant to section 12-61-727, C.R.S. is date stamped by the Division and includes, at a minimum, the final appraisal, the recorded conservation easement deed, baseline document report and prescribed nonrefundable fee. 
1.8	Director: The Director of the Division of Real Estate within the Department of Regulatory Agencies. HAS THE SAME MEANING AS SET FORTH IN SECTION 12-61-727(1)(E), C.R.S.
1.9	Division: The Division of Real Estate within the Department of Regulatory Agencies.
1.10	Examination: The review conducted by the Division and preparation of a report to be presented to the Director and Commission for the purposes of implementing section 12-61-727, C.R.S.
1.11	Final Determination: The final decision by the Director and/or the Commission to approve or deny a tax credit certificate application pursuant to section 12-61-727, C.R.S. 
1.12	Issuance of a Tax Credit Certificate: Occurs after the Director and the Commission have made the final determination to approve the application pursuant to section 12-61-727, C.R.S. The tax credit certificate for the assigned amount is mailed to the landowner.
1.13	Petitioner: Any person who has been granted leave to intervene by either the Director or Commission for the purposes of implementing the provisions of Chapter 5 of these rules.
1.14	Safe and Secure Manner: Reasonable measures are taken to minimize the risk of loss, damage, or theft.
1.15	Settlement: For the purposes of implementing section 12-61-727, C.R.S., an official agreement intended to compromise on any deficiencies identified in the application and any supporting documentation, including the dollar amount of the tax credit certificate to be issued by the Division.
1.16	Tax Credit Cap: The total dollar amount of tax credits available for a given year as defined in section 39-22-522, C.R.S.
1.17	CONSERVATION EASEMENT HOLDER: AN ORGANIZATION THAT IS CERTIFIED BY THE DIVISION UNDER SECTION 12-61-724, C.R.S.
1.18	PHASED CONSERVATION EASEMENT: A CONSERVATION EASEMENT THAT IS OR WILL BE PART OF A SERIES OF TRANSACTIONS BY THE SAME LANDOWNER.

A hearing on the above subject matter will be held on Monday, November 2, 2015, at the Colorado Division of Real Estate, 1560 Broadway, Suite 1250-C, Denver, Colorado 80202 beginning at 10:00 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.