Senate Bill 1197 Summary

• Transfers authority for regulating real estate appraisers from the state board of appraisal to the superintendent of financial institutions within the department of financial institutions.

• Adds "department" definition and updates terminology throughout the appraisal licensing statute to reflect the superintendent as the primary regulatory authority instead of a board.

• Establishes appraisal management company registration requirements, including proof of surety bonds ($20,000-$50,000), verification systems for appraiser credentials, quality review processes, and detailed record maintenance.

• Clarifies continuing education requirements, professional conduct standards, and disciplinary procedures for registered trainee appraisers, state-licensed appraisers, and state-certified appraisers.

• Appropriates $675,000 to the department of financial institutions for fiscal year 2017-2018 to support the new appraisal regulatory responsibilities, with the former board structure terminating January 1, 2025.