SB 1333 Summary

• Amends Arizona's real estate appraisal licensing and regulation statutes to align state standards with the uniform standards of professional appraisal practice promulgated by the appraisal foundation rather than requiring the superintendent to independently adopt standards.

• Repeals section 32-3610 and makes technical corrections to clarify the superintendent's role in adopting appraisal standards, certification criteria, and licensing requirements that meet or exceed appraiser qualifications board minimums.

• Modifies appraisal management company registration provisions to include superintendent authority to deny registration for felony convictions and clarifies exemptions for financial institutions, employee-based appraisers, and relocation management companies.

• Updates confidentiality provisions for appraisal reports and reviews to reference the uniform standards of professional appraisal practice and allows initial 60-day grace period before appraisers can be removed from appraiser panels without written notification of reasons.

• Adjusts registration renewal periods so initial registrations are valid for one year and renewal registrations are valid for two years.