HB 5221 Summary

• Requires appraisal management companies performing more than 10 appraisals annually in Connecticut to register with the Department of Consumer Protection, effective October 1, 2010.

• Registration application must include company information, ownership details, appraiser fee schedules, and a $250 fee, with annual renewal at $150; companies must display registration number in advertisements.

• Companies must verify appraisers hold valid licenses, maintain detailed appraisal records, conduct periodic quality reviews using USPAP standards, and develop appraiser fee schedules using statistically valid market surveys.

• Prohibits companies and their employees from influencing appraisal development through payment withholding, business threats, predetermined valuations, or other coercive practices; requires payment to appraisers within 60 days.

• Commissioner of Consumer Protection may deny, refuse to renew, suspend, or revoke registration and impose penalties up to $25,000 for violations or false statements.