BILL SUMMARY for HB09-1183
SENATE COMMITTEE ON JUDICIARY
|Refer Senate Bill 09-1183 to the Committee on Appr
01:38 PM -- House Bill 09-1183
Senator Hodge, bill sponsor, explained the provisions of House Bill 09-1183. She stated that the bill increases the penalty for real estate appraisers who conduct an appraisal in a fraudulent manner.
01:39 PM -- Tom Raynes, representing the Office of the Attorney General, spoke in support of the bill. Mr. Raynes noted that this bill was narrowed in the House to only include offenses that are the most severe. He stated that offenses that already are criminal under existing law are not included in this bill, but instead remain within the purview of regulatory oversight in the Department of Regulatory Agencies (DORA). Mr. Raynes explained that often times mortgage fraud cases involve an appraiser and it is necessary to increase the severity of this crime. Senator King asked about the prevalence of cases that have been brought against real estate appraisers.
01:44 PM -- Zachary Urban, representing the Division of Real Estate in DORA, spoke in support of the bill. He noted that his office is seeing increasing incidences of mortgage fraud. He discussed the current penalties for real estate appraisers. He echoed the sentiments of Mr. Raynes that if a mortgage fraud occurs it often is because of an appraiser.
| 01:49:18 PM
|Refer Senate Bill 09-1183 to the Committee on Appropriations. The motion passed on a 7-0 roll call vote.
Final YES: 7 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: PASS