SB 155 Summary

• Establishes registration and regulation of real estate appraisal management companies by the Board of Certified Real Estate Appraisers, requiring companies to apply, pay fees, and meet operational standards.

• Requires appraisal management companies to designate a controlling person who is an actively certified appraiser with no disciplinary history and to employ only certified appraisers on their panels.

• Implements federal compliance standards including Uniform Standards of Professional Appraisal Practice and prohibits prohibited practices such as influencing appraisers, conditioning fees on opinions, or altering appraisal reports without consent.

• Mandates reporting of appraiser noncompliance to the federal Appraisal Subcommittee and establishes surety bond requirements (not to exceed $50,000) and five-year record retention for appraisal management companies.

• Sets effective date of January 1, 2019, with registration enforcement delayed until March 1, 2019, and allows the Department of Commerce and Board to adopt implementing regulations.