Amendments for SB25-035
Senate Journal, February 20
After consideration on the merits, the Committee recommends that SB25-035 be amended
as follows, and as so amended, be referred to the Committee of the Whole with favorable
recommendation and with a recommendation that it be placed on the Consent Calendar.
Amend printed bill, page 2, after line 9 insert:
"(2) (a) THE LIMITATION SET FORTH IN SUBSECTION (1) OF THIS SECTION
DOES NOT APPLY TO AN ACTION AGAINST A REAL ESTATE APPRAISER OR
INDIVIDUAL PERFORMING A REAL ESTATE APPRAISAL PRACTICE IF THE ACTION
IS BROUGHT BY:
(I) A CONSUMER WHO IS AN ORIGINAL PARTY TO THE RESIDENTIAL
MORTGAGE LOAN OR RESIDENTIAL REAL ESTATE TRANSACTION FOR WHICH THE
REAL ESTATE APPRAISER OR INDIVIDUAL PERFORMING A REAL ESTATE
APPRAISAL PRACTICE COMPLETED AN APPRAISAL REPORT OR PERFORMED AN
APPRAISAL SERVICE THAT FORMS THE BASIS OF THE ACTION; OR
(II) A MORTGAGE ORIGINATOR WHO MUST REPURCHASE A LOAN FROM
AN ENTITY HOLDING THE LOAN OR THE MORTGAGE SECURITY, AND A DEFECT IN
THE COMPLETED APPRAISAL REPORT OR THE APPRAISAL SERVICE PERFORMED AS
PART OF THE MORTGAGE ORIGINATION PROCESS FORMS THE BASIS OF THE
ACTION.
(b) SUBSECTION (2)(a)(I) OF THIS SECTION DOES NOT CREATE A NEW
PRIVATE RIGHT OF ACTION.".
Renumber succeeding subsections accordingly.