77726B6E83433A2B87258274006D103D Hearing Summary

Representatives Hooton and Arndt introduced Senate Bill 18-210. The bill modifies the definition of "appraisal management company" to comport with recent federal language changes.  It requires the Board of Real Estate Appraisers in the Department of Regulatory Agencies to maintain a list of appraisal management companies that have an appraiser panel larger than specified federal thresholds.  The board must also require that an appraisal management company establish processes and controls to ensure compliance with certain federal regulations, including the Truth in Lending Act.  Finally, the board must collect an annual registry fee from appraisal management companies that operate as subsidiaries of federally regulated financial institutions, and transmit the fee to the Federal Financial Institutions Examinations Council.

The bill sponsors responded to questions from the committee.

Committee discussion on the bill continued.

Marcia Waters, Department of Regulatory Agencies, Division of Real Estate, responded to questions from the committee.

Melanie Layten, Colorado Bankers Association, testified in support of the bill.

Karen Kalavitty, representing herself, testified regarding her concerns with real estate appraisals.

The bill sponsors gave concluding remarks regarding the bill.

Members of the committee commented on the bill.