SB 25-035: Limitation of Actions Against Appraisers - Colorado

Revised (04/11/2025) → PA1 (02/21/2025) · 6 edits

MODERATE

The bill text was reformatted from a revised version to a pre-amended version, showing committee amendments that have not yet been adopted. No substantive policy changes were made to the bill's content, scope, or requirements.

TECHNICAL

Removed 'Revised' header and replaced with 'PREAMENDED' header indicating this is an unofficial version with unadopted committee amendments.

Removed '2nd Reading Unamended' date stamp (April 11, 2025) from the bill text.

Removed '3rd Reading Unamended' date stamp (February 25, 2025) from the summary section.

Removed 'Amended 2nd Reading' date stamp (February 24, 2025) from the summary section.

Modified sponsor list by removing 'Mullica' from the Senate sponsorship section.

Modified committee assignments by removing 'Business Affairs & Labor' from the House Committees section.

Rerevised (04/14/2025) → Revised (04/11/2025) · 3 edits

MINOR

The bill text was updated from a 'Rerevised' version to a 'Revised' version, indicating the bill has moved through the legislative process. The primary change is the removal of House sponsors Clifford and Weinberg from the sponsorship list, while adding a note that amendments were adopted on second reading in the Second House. This reflects procedural progress rather than substantive policy changes.

TECHNICAL

Removed House sponsors Clifford and Weinberg from the sponsorship list, likely due to procedural updates or changes in bill status.

Added text indicating amendments were adopted on second reading in the Second House, clarifying the bill's legislative status.

Changed the revision header from 'REREVISED' to 'REVISED' to reflect the bill's current stage in the legislative process.

Final Act (04/29/2025) → Rerevised (04/14/2025) · 4 edits

MODERATE

The bill text was reorganized and reformatted from a final act version to a rerevised version, incorporating all amendments adopted by the second house. The substantive policy content regarding the five-year statute of limitations for real estate appraisal actions remains unchanged, though the layout and presentation have been updated to reflect the legislative process timeline.

Scope change

No substantive changes to the bill's scope or applicability; changes are primarily formatting and organizational updates to reflect the legislative process.

TECHNICAL

Text reorganized from final act format to rerevised format with updated version headers and reading dates.

Removed signature lines and approval sections that were present in the final act version.

Added bill summary section explaining the statute of limitations provisions.

Updated version headers to reflect 'Rerevised' status and include all amendments adopted in the second house.

Signed Act (05/31/2025) → Final Act (04/29/2025) · 4 edits

MODERATE

This bill establishes a five-year statute of limitations for legal actions against real estate appraisers in Colorado, with specific exceptions for certain parties like consumers and mortgage originators. The changes appear to be primarily formatting and signature-related rather than substantive policy modifications, as the core legal text remains largely unchanged.

Scope change

No substantive scope change; the bill's applicability to real estate appraisal practices remains the same

TECHNICAL

Added note about bill signature status and legislative history guidance

Reformatted bill header and sponsor information with different indentation and spacing

Changed signature lines from printed names to blank signature lines for Governor and legislative officers

Adjusted formatting of section numbers and statutory text with different indentation levels

Reengrossed (02/25/2025) → Signed Act (05/31/2025) · 5 edits · May 31, 2025

MODERATE

This bill establishes a five-year statute of limitations for legal actions against real estate appraisers, starting from when the appraisal report is completed and sent to the client. The change clarifies that this time limit applies to all claims except fraud, misrepresentation, or discriminatory housing practices, which have their own separate time limits. The bill also explicitly states that this provision does not create a new private right of action for consumers.

Scope change

The bill's scope remains focused on real estate appraisal practices, but it clarifies the statute of limitations timeline and explicitly excludes fraud and discrimination claims from the five-year limit.

TIMELINE

Added a five-year statute of limitations for actions against real estate appraisers, starting from the date the appraisal report is completed and transmitted to the client.

REQUIREMENT

Added exceptions for fraud, knowing and intentional misrepresentation, and discriminatory housing practices, which must follow their own statutory time limits instead of the five-year rule.

Added a clarification that the bill does not create a new private right of action for consumers, limiting its scope to existing legal claims.

DEFINITION

Added definitions for 'date of report' and 'real estate appraisal practice' to clarify when the five-year clock starts and what services are covered.

ELIGIBILITY

Modified eligibility criteria to include mortgage originators who must repurchase loans as parties who can bring actions under the new statute of limitations.

Engrossed (02/24/2025) → Reengrossed (02/25/2025) · 3 edits · Feb 25, 2025

MINOR

The bill was reengrossed to include an additional co-sponsor (Mullica) and updated the legislative status header to reflect that all amendments have been adopted in the House of Introduction. The document also added a note indicating the bill passed third reading unamended on February 25, 2025, in the Senate.

TECHNICAL

Added co-sponsor Mullica to the Senate sponsorship list.

Updated the document header from 'ENGROSSED' to 'REENGROSSED' to reflect current legislative status.

Added a note indicating the bill passed third reading unamended on February 25, 2025, in the Senate.

Introduced (01/08/2025) → Engrossed (02/24/2025) · 5 edits · Feb 25, 2025

MODERATE

The bill was amended to clarify that the statute of limitations for claims against real estate appraisers does not apply to certain specific situations involving consumers or mortgage originators, while also clarifying that this amendment does not create a new private right of action. The changes also reorganized the structure of the statute of limitations provisions and added definitions for key terms.

Scope change

The bill's scope was modified to specify which parties are subject to the statute of limitations exceptions, particularly for consumers and mortgage originators involved in residential mortgage loans.

ELIGIBILITY

Added specific eligibility criteria for when the statute of limitations does not apply, including actions brought by consumers who were original parties to residential mortgage loans or real estate transactions.

Added eligibility for mortgage originators who must repurchase a loan due to defects in the appraisal report or appraisal service performed during mortgage origination.

DEFINITION

Added clarification that the amendment does not create a new private right of action, limiting the scope of claims that can be brought.

Updated definitions to include 'individual performing a real estate appraisal practice' alongside 'real estate appraiser' to broaden coverage.

STRUCTURE

Reorganized the statute of limitations provisions to improve clarity and readability, separating general rules from specific exceptions.

Limitation of Actions Against Appraisers

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