Bill Summary for Bill Number HB12-1110

Date: 03/07/2012

Final
BILL SUMMARY for HB12-1110

HOUSE COMMITTEE ON FINANCE

Votes: View-->	Action Taken:
Moved Amendment L.007 (Attachment D). The motion p Refer House Bill 12-1110, as amended, to the Commi	Pass Without Objection PASS

02:26 PM -- House Bill 12-1110 - Concerning the Regulation of Appraisal Management Companies

Representative Williams A., prime sponsor, distributed a packet of letters in support of the legislation to the committee (Attachment C). She continued by explaining that House Bill 12-1110 redefines the legal meaning of appraisal management companies (AMC) and establishes a licensure program for AMCs in the Division of Real Estate Division in the Department of Regulatory Agencies (DORA). She noted that an AMC license may be given to an individual or any third party entity that, in connection with an appraisal for a mortgage transaction, oversees a network or panel of certified appraisers. Representative Williams noted that the composition of the Board of Real Estate Appraisers is modified to include a representative of an AMC.

The following persons testified:

02:37 PM -- Ms. Marcia Waters, Colorado Department of Regulatory Agencies, Division of Real Estate, responded to committee questions about the division's role in licensing real estate appraisers. Ms. Waters closed by discussing the staffing changes triggered by House Bill 12-1110 that affect the rule-making authority of the division.

02:49 PM -- Ms. Jo Stinett, representing the Colorado Coalition of Appraisers, and the Colorado Association of Real Estate Appraisers, testified in support of the bill. Ms. Stinett discussed the changes in state and federal laws that appraisers have had to adapt to and how these changes affected mortgage banking transactions.

02:53 PM -- Ms. Lisa Desmarais, representing herself as a certified residential appraiser and member of the Appraisal Institute, testified in support of the legislation.

03:03 PM -- Mr. George Heredia, representing the Real Estate Valuation Advocacy Association, testified in support of the bill. Mr. Heredia discussed the guidelines that some lenders use in the appraisal process for mortgage lending purposes.

03:28 PM -- Mr. Ted Leighty, representing the Colorado Association of Realtors, testified in support of the legislation.

03:35 PM -- Ms. Jenifer Waller, representing the Colorado Bankers' Association, testified in favor of the bill. She responded to questions from the committee.

03:40 PM -- Ms. Marcia Waters, Colorado Department of Regulatory Agencies, Division of Real Estate, was called back to respond to committee questions.


BILL:	HB12-1110
TIME:	03:46:07 PM
MOVED:	Labuda
MOTION:	Moved Amendment L.007 (Attachment D). The motion passed without objection.
SECONDED:	Hullinghorst
		VOTE
	Acree
	Beezley
	Conti
	Holbert
	Hullinghorst
	Kagan
	Kefalas
	Labuda
	McCann
	Pabon
	Swalm
	Swerdfeger
	DelGrosso

YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection


BILL:	HB12-1110
TIME:	03:49:17 PM
MOVED:	Kagan
MOTION:	Refer House Bill 12-1110, as amended, to the Committee on Appropriations. The motion passed on a vote of 8-4, with 1 member excused.
SECONDED:	Hullinghorst
		VOTE
	Acree	No
	Beezley	No
	Conti	Yes
	Holbert	No
	Hullinghorst	Yes
	Kagan	Yes
	Kefalas	Excused
	Labuda	Yes
	McCann	Yes
	Pabon	Yes
	Swalm	No
	Swerdfeger	Yes
	DelGrosso	Yes

Final YES: 8 NO: 4 EXC: 1 ABS: 0 FINAL ACTION: PASS