At a Colorado Real Estate Commission (“CREC”) meeting held on October 1, 2024, the Commissioners discussed and approved an important update to the Commission Position Statements. Adding to the already existing twenty-nine (29) Commission Position Statements, CP-30 is entitled: Commission Position on Data Security and Privacy.
Those working in the real estate industry may already be aware of some of the various types of fraud, conversion, deceit, and other criminal activity which may take place in real estate transactions. Regardless of whether a broker represents buyers, sellers, landlords, or tenants, whether a broker is a transaction broker or an agent, licensees handle confidential information and Personal Identifiable Information, also known as PII. CP 30 discusses several important factors which all licensees should consider incorporating into their professional lives to mitigate the risk associated with data security and cyber-crime. By doing so, brokers can protect their consumers, but also themselves.
CP 30 is the first change to the Commission Position Statements since 2022 when all the Commission Position Statements were updated and recodified. Commission Position Statements offer powerful guidance to practitioners and the public, alike. All brokers, attorneys, and others working in the real estate industry should be aware that Commission Position Statements offer important direction on relevant laws and regulations, but the Commission Position Statements do not carry the full force and effect of law. Instead, they offer important insight into best practices in the real estate industry that all brokers should be knowledgeable about. You can read the CP 30 below.
Commission Position Statement 30
On behalf of the Colorado Real Estate Commission and the Division of Real Estate, thank you for reviewing this important broker advisory.