Colorado § 12-10-623 - Scope of article - regulated financial institutions - de minimis exemption.
Full text of Colorado Colorado Revised Statutes § 12-10-623 — Scope of article - regulated financial institutions - de minimis exemption., with citation guidance and answers to common questions.
§ 12-10-623. Scope of article - regulated financial institutions - de minimis exemption.
(1) (a) This article 10 does not apply to an appraisal relating to any real-estate-related transaction or loan made or to be made by a financial institution or its affiliate if the real-estate-related transaction or loan is excepted from appraisal regulations established by the primary federal regulator of the financial institution and the appraisal is performed by:
(I) An officer, director, regularly salaried employee, or agent of the financial institution or its affiliate; or
(II) A real estate broker licensed under this article 10 with whom the institution or affiliate has contracted for performance of the appraisal.
(b) The appraisal must not be represented or deemed to be an appraisal except to the financial institution, the agencies regulating the financial institution, and any secondary markets that purchase real estate secured loans. The appraisal must contain a written notice that the preparer is not licensed or certified as an appraiser under this part 6. Nothing in this subsection (1) exempts a person licensed or certified as an appraiser under this part 6 from regulation as provided in this part 6.
(2) Nothing in this article 10 limits the ability of any federal or state regulator of a financial institution to require the financial institution to obtain appraisals as specified by the regulator.
Source: L. 2019: Entire title R&RE with relocations, (HB 19-1172), ch. 136, p. 685, § 1, effective October 1. L. 2020: (1)(a)(I) amended, (SB 20-047), ch. 17, p. 72, § 2, effective September 14.
Editor's note: This section is similar to former § 12-61-723 as it existed prior to 2019.
PART 7
MORTGAGE LOAN ORIGINATORS
Source: official Colorado text · Last verified 2026-08-27
Frequently Asked Questions About Colorado § 12-10-623
What does Colorado Revised Statutes § 12-10-623 cover?
Section 12-10-623 ("Scope of article - regulated financial institutions - de minimis exemption.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 12-10-623?
A common citation format is "Colorado Revised Statutes § 12-10-623" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 12-10-623 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.