23 States Considering Valuation Legislation

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The Appraisal Institute reported April 17 that 37 bills affecting the valuation profession are pending in 23 states. According to the Appraisal Institute, the proposed legislation includes:

Arizona SB 1197 which makes various changes to the state’s appraiser licensing law and appraisal management company oversight and registration law.

California SB 70 which allows a state-licensed or state-certified appraiser to deviate from the Uniform Standards of Professional Appraisal Practice in certain circumstances.

Connecticut SB 780 which allows real estate brokers and salespersons to estimate for a fee or other valuable consideration a probable property sale price or lease price.

Florida SB 716/HB 927 which makes changes to the state’s AMC law and would allow appraisers to perform evaluations in compliance with the Interagency Appraisal and Evaluation Guidelines and allow the Florida Real Estate Appraiser Board to consider the adoption of standards of valuation practice other than USPAP for use in non-federally related transactions.

Hawaii HB 50/SB 390 which enacts a comprehensive AMC oversight and registration law.

Illinois HB 722 which prohibits AMCs from passing along to appraisers any costs, fees or other expenses.

Illinois HB 723 which requires the fee paid to an appraiser be shown separately from the fee paid to an AMC in any residential real estate closing document that lists real estate appraisal fees.

Indiana SB 76 which requires AMCs to compensate appraisers within 30 days of their submitting an appraisal to an AMC.

Kansas SB 2414 which allows appraisers to utilize the Appraisal Institute’s Standards of Valuation Practice and Valuers’ Code of Professional Ethics when performing an appraisal for any purpose other than a real estate-related financial transaction, and would allow appraisers to perform evaluations.

Kentucky HB 443 which reorganizes the state’s appraiser licensing and certification agency.

Massachusetts SB 104 which enacts mandatory appraiser licensing.

Minnesota HF 593/SF 366 which clarifies that allegations that do not result in disciplinary action against an appraiser are not made public, and that a background check is only required for an initial appraiser application. It also provides for the sequestering of information related to disciplinary actions more than five years old and imposes a six-year statute of limitation on civil actions against real estate appraisers.

North Carolina HB 431/SB 576 which clarifies that state-licensed and state-certified appraisers may perform evaluations.

Nebraska LB 17 updates the state’s AMC law to bring it into compliance with federal minimum requirements and the state’s supervisor and trainee requirements so they’re consistent with the Appraiser Qualifications Board.

New Hampshire SB 53 updates the state’s existing AMC law to bring it into compliance with federal minimum requirements.

New Jersey AB 1973 enacts a comprehensive AMC oversight and registration program.

Oklahoma SB 533/HB 1505 requires appraisers to include an invoice in the appraisal report.

Oregon HB 2189 establishes an appraiser-specific statute of limitations.

Pennsylvania HB 863 establishes the parameters around which a real estate broker or salesperson may perform a broker price opinion or comparative market analysis.

Rhode Island SB 543/HB 5620 establishes a comprehensive AMC oversight and registration program in accordance with federal minimum requirements.

South Carolina S279 enacts a comprehensive AMC oversight and registration program in compliance with federal requirements.

Tennessee SB 279/HB 376 enacts a statute of limitations applicable to civil claims against real estate appraisers.

Texas SB 1516/HB 3261 makes various changes to the state’s existing AMC oversight and registration law.

Vermont HB 506 repeals both the requirement for criminal background checks for appraisers and the state’s existing AMC oversight and registration program, vesting that authority instead to the Vermont Real Estate Appraiser Board.

[View source.]

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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