(1) (a) There is hereby created in the division of real estate a board of real estate appraisers consisting of seven members appointed by the governor with the consent of the senate. Of the members, three shall be licensed or certified appraisers, one of whom shall have expertise in eminent domain matters; one shall be a county assessor in office; one shall be an officer or employee of a commercial bank experienced in real estate lending; one shall be an officer or employee of an appraisal management company; and one shall be a member of the public at large not engaged in any of the businesses represented by the other members of the board.
(b) Members of the board shall hold office for terms of three years. In the event of a vacancy by death, resignation, removal, or otherwise, the governor shall appoint a member to fill the unexpired term. The governor has the authority to remove any member for misconduct, neglect of duty, or incompetence.
(2) (a) The board shall exercise its powers and perform its duties and functions under the division of real estate as if transferred to the division by a type 1 transfer, as defined in the "Administrative Organization Act of 1968", article 1 of title 24.
(b) The general assembly finds, determines, and declares that the organization of the board under the division as a type 1 agency will provide the autonomy necessary to avoid potential conflicts of interest between the responsibility of the board in the regulation of real estate appraisers and the responsibility of the division in the regulation of real estate brokers and salespersons. The general assembly further finds, determines, and declares that the placement of the board as a type 1 agency under the division is consistent with the organizational structure of state government.
Each member of the board shall receive the same compensation and reimbursementof expenses as is provided for members of boards and commissions in the division of professions and occupations pursuant to section 12-20-103 (6). Payment for all per diem compensation and expenses shall be made out of annual appropriations from the division of real estate cash fund provided for in section 12-10-605.
Members of the board, consultants, and expert witnesses are immune from liability inany civil action based upon any disciplinary proceedings or other official acts they performed in good faith pursuant to this part 6.
A majority of the board constitutes a quorum for the transaction of all business, andactions of the board require a vote of a majority of the members present in favor of the action taken.
This part 6 is repealed, effective September 1, 2022. Before the repeal, this part 6 isscheduled for review in accordance with section 24-34-104.
Source: L. 2019: Entire title R&RE with relocations, (HB 19-1172), ch. 136, p. 666, § 1, effective October 1.
Editor's note: This section is similar to former § 12-61-703 as it existed prior to 2019. 12-10-604. Powers and duties of the board - rules. (1) In addition to all other powers and duties imposed upon it by law, the board has the following powers and duties:
(a) (I) To promulgate and amend, as necessary, rules pursuant to article 4 of title 24 for the implementation and administration of this part 6 and as required to comply with the federal "Real Estate Appraisal Reform Amendments", Title XI of the federal "Financial Institutions Reform, Recovery, and Enforcement Act of 1989", as amended, 12 U.S.C. secs. 3331 to 3351, and with any requirements imposed by amendments to that federal law.
The board shall not establish any requirements that are more stringent than the requirements of any applicable federal law.
Licensed ad valorem appraisers are not regulated by the federal "Real Estate Appraisal Reform Amendments", Title XI of the federal "Financial Institutions Reform, Recovery, and Enforcement Act of 1989", as amended, 12 U.S.C. secs. 3331 to 3351, but the board shall adopt rules regarding minimum qualifications and standards of practice for licensed ad valorem appraisers.
In any list or registry it maintains, the board shall identify or separately account forany appraisal management company that oversees a panel of more than fifteen certified or licensed appraisers in Colorado, or more than twenty-five in all states in which it does business, within a given year.
To charge application, examination, and license and certificate renewal fees established pursuant to section 12-10-215 from all applicants for licensure, certification, examination, and renewal under this part 6. The board shall not refund any fees received from applicants seeking licensure, certification, examination, or renewal.
Through the department and subject to appropriations made to the department, toemploy administrative law judges, appointed pursuant to part 10 of article 30 of title 24, on a full-time or part-time basis to conduct any hearings required by this part 6;
To issue, deny, or refuse to renew a license or certificate pursuant to this part 6;
To take disciplinary actions in conformity with this part 6;
To delegate to the director the administration and enforcement of this part 6 and theauthority to act on behalf of the board on occasions and in circumstances that the board directs;
(I) To develop, purchase, or contract for any examination required for the administration of this part 6, to offer each examination at least twice a year or, if demand warrants, at more frequent intervals, and to establish a passing score for each examination that reflects a minimum level of competency.
(II) If study materials are developed by a testing company or other entity, the board shall make the materials available to persons desiring to take examinations pursuant to this part 6. The board may charge fees for the materials to defray any costs associated with making the materials available.
In compliance with article 4 of title 24, to make investigations; subpoena persons anddocuments, which subpoenas may be enforced by a court of competent jurisdiction if not obeyed; hold hearings; and take evidence in all matters relating to the exercise of the board's power under this part 6;
Pursuant to section 1119 (b) of Title XI of the federal "Financial Institutions Reform,Recovery, and Enforcement Act of 1989", Pub.L. 101-73, as amended, to apply, if necessary, for a federal waiver of the requirement relating to certification or licensing of a person to perform appraisals and to make the necessary written determinations specified in that section for purposes of making the application; and
If the board has reasonable cause to believe that a person, partnership, limited liabilitycompany, or corporation is violating this part 6, to enter an order requiring the individual or appraisal management company to cease and desist the violation.
Repealed.
(2) The board shall maintain or preserve, for seven years, licensing history records of a person licensed or certified under this part 6. Complaints of record in the office of the board and board investigations, including board investigative files, are closed to public inspection. Stipulations and final agency orders are public record and are subject to sections 24-72-203 and 24-72-204.
Source: L. 2019: Entire title R&RE with relocations, (HB 19-1172), ch. 136, p. 667, § 1, effective October 1; (1)(k) repealed, (HB 19-1264), ch. 420, p. 3681, § 11, effective October 1.
Editor's note: (1) This section is similar to former § 12-61-704 as it existed prior to 2019.
(2) Before its relocation in 2019, this section was amended in HB 19-1264. Those amendments were superseded by the repeal and reenactment of this title 12, effective October 1, 2019. For those amendments to the former section in effect from June 30, 2019, to October 1, 2019, see HB 19-1264, chapter 420, Session Laws of Colorado 2019.