(1) There is hereby created a commission of five members, appointed by the governor, which shall administer parts 2 and 5 of this article 10. This commission is known as the real estate commission and consists of three real estate brokers who have had not less than five years' experience in the real estate business in Colorado, one of whom has substantial experience in property management, and two representatives of the public at large. Members of the commission hold office for a period of three years. Upon the death, resignation, removal, or otherwise of any member of the commission, the governor shall appoint a member to fill out the unexpired term. The governor may remove any member for misconduct, neglect of duty, or incompetence.
Each member of the commission shall receive the same compensation and reimbursement of expenses as those provided for members of boards and commissions in the division of professions and occupations pursuant to section 12-20-103 (6). Payment for all such per diem compensation and expenses shall be made out of annual appropriations from the division of real estate cash fund provided for in section 12-10-215.
Members of the commission, consultants, expert witnesses, and complainants shallbe immune from suit in any civil action based upon any disciplinary proceedings or other official acts they performed in good faith.
No real estate broker's license shall be denied, suspended, or revoked except as determined by a majority vote of the members of the commission.
Source: L. 2019: Entire title R&RE with relocations, (HB 19-1172), ch. 136, p. 623, § 1, effective October 1.
Editor's note: This section is similar to former § 12-61-105 as it existed prior to 2019.