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AL SB181
Bill
Status
4/2/2019
Primary Sponsor
Shay Shelnutt
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AI Summary
SB181 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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Permits licensed real estate appraisers to perform evaluations for financial institutions without being subject to Alabama Real Estate Appraisers Board regulation; evaluations must contain a statement that "This is not an appraisal."
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Exempts evaluations from board oversight and requires them to be governed by federal law and rules of federal financial institution regulatory agencies instead.
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Authorizes investigators employed by the board to be practicing licensees of the board, notwithstanding other provisions of law.
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Becomes effective immediately upon passage and approval by the Governor.
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
Pending third reading on day 11 Favorable from Fiscal Responsibility and Economic Development
4/16/2019