(a) This article 10 does not apply to an appraisal relating to any real-estate-related transaction or loan made or to be made by a financial institution or its affiliate if the real-estaterelated transaction or loan is excepted from appraisal regulations established by the primary federal regulator of the financial institution and the appraisal is performed by:
An officer, director, regularly salaried employee, or agent of the financial institutionor its affiliate; or
A real estate broker licensed under this article 10 with whom the institution or affiliate has contracted for performance of the appraisal.
(b) The appraisal must not be represented or deemed to be an appraisal except to the financial institution, the agencies regulating the financial institution, and any secondary markets that purchase real estate secured loans. The appraisal must contain a written notice that the preparer is not licensed or certified as an appraiser under this part 6. Nothing in this subsection (1) exempts a person licensed or certified as an appraiser under this part 6 from regulation as provided in this part 6.
Nothing in this article 10 limits the ability of any federal or state regulator of afinancial institution to require the financial institution to obtain appraisals as specified by the regulator.
Source: L. 2019: Entire title R&RE with relocations, (HB 19-1172), ch. 136, p. 685, § 1, effective October 1. L. 2020: (1)(a)(I) amended, (SB 20-047), ch. 17, p. 72, § 2, effective September 14.
Editor's note: (1) This section is similar to former § 12-61-723 as it existed prior to 2019.
(2) Section 3(2) of chapter 17 (SB 20-047), Session Laws of Colorado 2020, provides that the act changing this section applies to appraisals made on or after September 14, 2020.