DEPARTMENT OF REGULATORY AGENCIES
DIVISION OF REAL ESTATE
BOARD OF REAL ESTATE APPRAISERS
4CCR 725-2

EMERGENCY RULE

Chapter 10:  TEMPORARY PRACTICE IN COLORADO

Pursuant to and in compliance with Title 12, Article 61 and Title 24, Article 4, C.R.S. as amended, notice of emergency rulemaking is hereby given, including notice to the Attorney General of the State of Colorado and to all persons who have requested to be advised of the intention of the Colorado Board of Real Estate Appraisers (the “Board”) to promulgate rules, or to amend, repeal or repeal and re-enact the present rules of the Board.

Section 1.	Statement of Basis and Authority
Section 2. 	Scope and Purpose
Section 3.	Applicability
Section 4. 	Chapter 10 Temporary practice in Colorado
Section 5. 	Effective Date

Section 1. 	Statement of Basis and Authority

The statutory basis for the rules titled Rules of the Board of Real Estate Appraisers is Part 7 of Title 12, Article 61, Colorado Revised Statutes, as amended.  

Section 2.	Scope and Purpose

The Colorado Board of Real Estate Appraisers finds that immediate adoption of this emergency rule is imperatively necessary to comply with state law (§12-61-701, C.R.S., et seq.  the real estate appraiser practice act) and for the preservation of public health, safety or welfare and that compliance with the rulemaking requirements of § 24-4-103, C.R.S., applicable to non-emergency rules, would be contrary to the public interest.

As a result of the passage of SB14-117, the real estate appraiser practice act statutes have been renumbered.  Existing rules now contain inaccurate statute references, which may cause confusion within the industry and result in noncompliance with rules and regulations.  As a result, it is imperative that the Board of Real Estate Appraisers revise the existing rules to correctly identify the applicable statutes.  The changes in the law go into effect on July 1, 2014.  

The purpose of this emergency rule is to ensure compliance with Section 12-61-701, C.R.S., et. seq. The purpose of this emergency rule is also to effectuate the legislative directive to promulgate necessary and appropriate rules for the implementation of part 7 of Title 12, Article 61.

The specific purpose of the emergency rules is to amend the existing rules of the obsolete statute references.

Without the immediate adoption of the emergency rules, the public’s interest is not served.  Wherefore, the Board of Real Estate Appraisers, pursuant to § 24-4-103(6), C.R.S. has an obvious and stated need to adopt these emergency rules.

Section 3.	Applicability

The emergency rules govern real estate appraisers who are subject to the requirements of Part 7 of Title 12, Article 61 of the Colorado Revised Statutes.

Section 4.	Chapter 10:	TEMPORARY PRACTICE IN COLORADO
10.1	Pursuant to Sections 12-61-701, 12-61-704(1)(a)(I), (II), and (III), 12-61-715720(1)(c), C.R.S. (as amended) and in conformance with 12 U.S.C.A. Section 3351(a), FIRREA, a Temporary Practice Permit may be issued to the holder of an active appraiser’s license from another state. Such Temporary Practice Permit shall be subject to the following restrictions and requirements:
A.	The applicant must apply for and be issued a Temporary Practice Permit prior to his or her commencement of a real property appraisal in Colorado that is part of a federally related transaction; 
B.	The applicant’s business is temporary in nature and the applicant shall identify in writing the appraisal assignment(s) to be completed under the Temporary Practice Permit prior to being issued a Temporary Practice Permit;
C.	The Temporary Practice Permit shall be valid only for the appraisal assignment(s) listed thereon;
D.	The applicant must be the holder of an active license in good standing under the laws of another state;
E.	The state in which the applicant holds an active license in good standing must impose licensure requirements that are in conformance with FIRREA;
F.	The appraiser regulatory program of the state where the applicant holds a license in good standing must not have been disapproved by the appropriate authority under the provisions of 12 U.S.C.A. Section 3347, FIRREA;
G.	The applicant must apply for a Temporary Practice Permit on a form provided by the Board, pay the specified fees, and meet all other Board requirements; and
H.	Pursuant to Section 12-61-708711(1.2)(2), C.R.S., Temporary Practice Permits are available only to persons holding active licensure in another jurisdiction at levels substantially equivalent to those defined in Board Rules 1.13, 1.14 and 1.15. Temporary Practice Permits are not available to persons holding licensure in another jurisdiction at a trainee, apprentice, associate, intern or other entry level similar to that defined in Board Rule 1.12.

Section 5.	Effective Date

This emergency rule is effective July 1, 2014.