A Bill for an Act
Page 1, Line 101Concerning establishing a limitation of actions against an
Page 1, Line 102individual performing a real estate appraisal practice.
Bill Summary
(Note: This summary applies to this bill as introduced and does not reflect any amendments that may be subsequently adopted. If this bill passes third reading in the house of introduction, a bill summary that applies to the reengrossed version of this bill will be available at http://leg.colorado.gov.)
Under current law, the statute of limitations to bring certain claims against a real estate appraiser does not start until the party filing the claim has discovered, or should have discovered, an alleged defect in the appraisal.
The bill requires a claimant to bring an action against a real estate appraiser or individual performing a real estate appraisal practice within 5 years after the date the appraisal report is completed and transmitted to a client. The 5-year statute of limitations does not apply to an action for fraud, for misrepresentation, or for a discriminatory housing practice brought against a real estate appraiser or individual performing a real estate appraisal practice.
Page 2, Line 1Be it enacted by the General Assembly of the State of Colorado:
Page 2, Line 2SECTION 1. In Colorado Revised Statutes, add 13-80-105.5 as follows:
Page 2, Line 313-80-105.5. Limitation of actions against a real estate
Page 2, Line 4appraiser - definitions. (1) Notwithstanding any statutory
Page 2, Line 5provision to the contrary, an action against a real estate
Page 2, Line 6appraiser or individual performing a real estate appraisal
Page 2, Line 7practice must be brought within five years after the date of report.
Page 2, Line 8(2) Notwithstanding any statutory provision to the
Page 2, Line 9contrary, an action for fraud or knowing and intentional
Page 2, Line 10misrepresentation brought against a real estate appraiser or an
Page 2, Line 11individual performing a real estate appraisal practice must be brought within the time provided in section 13-80-101.
Page 2, Line 12(3) Notwithstanding any statutory provision to the
Page 2, Line 13contrary, an action for a discriminatory housing practice
Page 2, Line 14brought against a real estate appraiser or an individual
Page 2, Line 15performing a real estate appraisal practice must be brought
Page 2, Line 16within the time provided in part 5 of article 34 of title 24 or in applicable federal law.
Page 2, Line 17(4) As used in this section, unless the context otherwise requires:
Page 2, Line 18(a) "Date of report" means the date when an appraisal report is completed and transmitted to the client.
Page 3, Line 1(b) "Real estate appraisal practice" means real estate
Page 3, Line 2valuation services performed by an individual acting as an
Page 3, Line 3appraiser, including, but not limited to, appraisal and appraisal review.
Page 3, Line 4SECTION 2. Act subject to petition - effective date. This act
Page 3, Line 5takes effect at 12:01 a.m. on the day following the expiration of the
Page 3, Line 6ninety-day period after final adjournment of the general assembly; except
Page 3, Line 7that, if a referendum petition is filed pursuant to section 1 (3) of article V
Page 3, Line 8of the state constitution against this act or an item, section, or part of this
Page 3, Line 9act within such period, then the act, item, section, or part will not take
Page 3, Line 10effect unless approved by the people at the general election to be held in
Page 3, Line 11November 2026 and, in such case, will take effect on the date of the official declaration of the vote thereon by the governor.