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AL HB304
Bill
Status
5/22/2019
Primary Sponsor
Merika Coleman-Evans
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AI Summary
HB304 Summary
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Defines "evaluation" as a valuation of real property for lending institutions permitted by federal financial institution regulatory agencies for transactions that do not require an appraisal.
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Exempts evaluations performed by licensed appraisers for financial institutions from regulation under Chapter 27A, with evaluations instead governed by federal law and federal financial institution regulatory agency rules.
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Requires evaluations to contain the statement "This is not an appraisal" and allows licensed appraisers to perform evaluations without being subject to state appraisal standards except as provided in federal guidelines.
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Permits the Alabama Real Estate Appraisers Board to employ investigators who are practicing licensees of the board, notwithstanding other state law provisions.
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Became effective immediately upon passage and approval by the Governor on May 21, 2019.
Legislative Description
Real Estate Appraisers Board, evaluations of property for financial institutions authorized by federal financial institutions regulatory agencies, excluded from regulation by the board, investigators employed by board authorized to be licensees, Secs. 34-27A-2, 34-27A-3, 34-27A-5, 34-27A-23 am'd.
Real Estate Appraisers Board
Last Action
Delivered to Governor at 2:45 p.m. on May 22, 2019.
5/22/2019