HB 1730 Summary

• Amends definitions of appraiser credentials to reference the "Appraiser Qualifications Board" instead of "Appraisal Subcommittee" for state-certified residential and state-licensed appraisers

• Revises the Arkansas Appraiser Licensing and Certification Board membership requirements to reference "nationally recognized real estate appraisal organizations" rather than "Appraisal Foundation member organizations"

• Increases appraisal management company registration fees from $500 to $1,500 and establishes a $50 criminal background check fee per person owning more than 10% of the company

• Adds new requirements for appraisal management companies including compensation standards (pay appraisers within 60 days at reasonable and customary rates), prohibition on requiring National Registry fee reimbursement from appraisers, and requirement that appraisal reviewers hold proper appraiser credentials

• Declares an emergency effective upon Governor's approval to enable the Arkansas Appraiser Licensing and Certification Board to comply with Appraisal Subcommittee policy requirements for out-of-state temporary practice permits