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:
- A consumer who is an original party to the residential mortgage loan or residential real estate transaction, or
- 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.