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House Bill 1235


House Bill 1235

ARCHIVE (2010)

Latest Information

 

DIGEST OF HB1235 (Updated March 1, 2010 4:00 pm - DI 84)


Regulation of appraisal management companies. Requires appraisal management companies to register with the real estate appraiser licensure and certification board (board). Provides that the registration fee may not exceed $500. Prohibits a person from owing an interest in an appraisal management company if the person has had the person's license or certificate to act as a real estate appraiser in any state revoked and not reinstated. Provides that an appraisal management company may only hire an independent contractor to perform an appraisal who holds a real estate appraiser license or certificate or a real estate broker license and is in good standing. Requires an individual who conducts appraisal reviews for an appraisal management company to be a licensed or certified appraiser or a licensed real estate broker. Requires an appraisal management company to maintain certain records. Provides that an appraisal management company is responsible for ensuring that an appraisal meets certain standards. Allows the board to impose a civil penalty for a violation of the appraisal management company provisions. Makes it a Class A infraction for a person to perform appraisal management services without a certificate or registration.
Current Status:
 Law Enacted
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