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SB25-035 Summary

SB25-035: Limitations of Actions Against Appraisers

 

Prime Sponsors: Senator Lisa Frizell, Senator Dafna Michaelson Jenet, Representative Chad Clifford, Representative Ron Weinberg

Introduced: January 8, 2025

Signed: May 31, 2025

Effective Date: August 6, 2025


Summary:

After a similar bill was lost during the 2024 Colorado General Assembly legislative session, SB25-035 became law in 2025.  All legal actions have an amount of time within which a legal cause of action must be brought.  Commonly, this is referred to as a statute of limitations.  SB25-035 establishes that an action against a real estate appraiser must be brought within five years after the date of the appraisal report. However, the limitation does not apply if the action is brought by:

  1. A consumer who is an original party to the residential mortgage loan or residential real estate transaction, or
  2. A mortgage loan originator who must repurchase a loan

Next, any action for fraud or knowing and intentional misrepresentation brought against an appraiser must be brought within 3 years, pursuant to section 13-80-101, C.R.S.

Finally, any action for a discriminatory housing practice brought against an appraiser must be brought within 1 year, as set forth in section 24-34-504, C.R.S.


 

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