§ 6-1-717 — Influencing a real estate appraisal - deceptive trade practice

Colorado § 6-1-717

• Jurisdiction: Colorado
• Title 06: Consumer
• Art.: Colorado Consumer Protection Act

Text

(1) A
person engages in a deceptive trade practice when, in the course of such person's
business, vocation, or occupation, the person:

(a) Knowingly submits a false or misleading appraisal in connection with a
dwelling offered as security for repayment of a mortgage loan; or

(b) Directly or indirectly compensates, coerces, or intimidates an appraiser,
or attempts, directly or indirectly, to compensate, coerce, or intimidate an
appraiser, for the purpose of influencing the independent judgment of the appraiser
with respect to the value of a dwelling offered as security for repayment of a
mortgage loan.

(2) The prohibition referred to in subsection (1) of this section shall not be
construed as prohibiting a person from requesting an appraiser to:

(a) Consider additional, appropriate property information;

(b) Provide further detail, substantiation, or explanation for the appraiser's
value conclusion; or

(c) Correct errors in the appraisal report.

Legislative History

Source: L. 2007: Entire section added, p. 1727, � 4, effective June 1.