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

NOTICE OF PROPOSED PERMANENT RULEMAKING HEARING
November 3, 2016

CHAPTER 10: TEMPORARY PRACTICE IN COLORADO

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 the Board of Real Estate Appraisers 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 statute and the provisions of the federal Financial Institutions Reform, Recovery and Enforcement Act of 1989 as amended.

SPECIFIC PURPOSE OF THIS RULEMAKING

The purpose of this rule is to modify the standards necessary for temporary real estate appraisal practice in Colorado.

Proposed New, Amended and Repealed Rules

Deleted material is showed by struck through; new material is indicated by Small Caps or underline. 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.colorado.gov/dre.

CHAPTER 10:	TEMPORARY PRACTICE IN COLORADO

10.1	Pursuant to Sections section 12-61-71112-61-701, 12-61-704(1)(a)(I), (II), and (III), 12-61-720(1)(c), C.R.S. (as amended) and in conformance with 12 U.S.C.A. Section 3351(a)Title XI, FIRREA, a Temporary Practice Permit may be issued to the holder of an active appraiser’s license or certificate from another state jurisdiction. Such Temporary Practice Permit shall must be subject to the following restrictions and requirements:
 
A.	The applicant must apply for and be issued a Temporary Practice Permit prior to his or her commencement of a real property appraisal in Colorado that is part of a federally related transaction;

B.	The applicant’s business is temporary in nature and the applicant shall must identify in writing the appraisal assignment(s) to be completed under the Temporary Practice Permit prior to being issued a Temporary Practice Permit;

C.	The Temporary Practice Permit shall will be valid only for the appraisal assignment(s) listed thereon;

D.	The applicant must be the holder of an active license or certificate in good standing under the laws of another state jurisdiction;

E.	The state jurisdiction in which the applicant holds an active license or certificate in good standing must impose licensure requirements that are in conformance with Title XI, FIRREA;

F.	The appraiser regulatory program of the state jurisdiction where the applicant holds a license or certificate in good standing must not have been disapproved by the appropriate authority under the provisions of 12 U.S.C.A. Section 3347 Title XI, FIRREA;

G.	The applicant must apply for a Temporary Practice Permit on a form provided by the Board, pay the specified fees, and meet all other Board requirements; and

H.	Pursuant to Section section 12-61-711(2), C.R.S., Temporary Practice Permits are available only to persons holding active licensure in another jurisdiction at levels substantially equivalent to those defined in Board Rules 1.13, 1.14 and 1.15. Temporary Practice Permits are not available to persons holding licensure in another jurisdiction at a trainee, apprentice, associate, intern, or other entry level similar to that defined in Board Rule1.12.

10.2	No person may be issued more than two (2) Temporary Practice Permits in any rolling twelve-month period.

10.3	A Temporary Practice Permit issued pursuant to this Chapter 10 of these Rules shall will be valid for the period of time necessary to complete the original assignment(s) listed thereon, including time for client conferences and expert witness testimony. A Temporary Practice Permit issued pursuant to this Chapter 10 of these Rules shall will not be valid for completion of additional or update assignments involving the same property or properties. Additional or update assignments involving the same property or properties are new assignments, thereby  requiring a new Temporary Practice Permit or licensure by endorsement as provided in Chapter 9 of these Rules.

A hearing on the above subject matter will be held on Thursday, November 3, 2016, 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.