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AL SB339
Bill
Status
4/30/2019
Primary Sponsor
Linda Coleman-Madison
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AI Summary
SB339 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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Allows licensed real estate appraisers to perform evaluations authorized by federal financial institutions for transactions not requiring appraisals, exempting these evaluations from Alabama Real Estate Appraisers Board regulation.
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Requires evaluations to contain a statement that "This is not an appraisal" and mandates they be governed by federal law and federal regulatory agency rules rather than state board rules.
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Permits investigators employed by the Alabama Real Estate Appraisers 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
Read for the first time and referred to the Senate committee on Fiscal Responsibility and Economic Development
4/30/2019