CA SB1000

Allows a loan applicant to instruct their lender to provide a copy of a previously completed appraisal to a second or subsequent lender for owner-occupied residential real property in California.

Requires second or subsequent lenders to accept a previously completed appraisal for loan approval decisions and prohibits them from requiring a new appraisal as a condition of loan approval.

Prohibits second or subsequent lenders from requesting an appraiser change the client name in an appraisal report unless they order a new appraisal assignment.

Allows second or subsequent lenders to require a new appraisal if the appraisal is more than 30 days old, contains material deficiencies, the appraiser is on their exclusionary list, or delays would cause borrower harm (loss of rate lock, missed deadlines, foreclosure, or late fees).

Does not apply if the second or subsequent lender does not require the applicant to pay for a new appraisal, or if federal law provides otherwise.