SB296 Summary

• Raises the appraisal threshold for licensed real property appraisers from $250,000 to $400,000 for complex 1 to 4 residential units to meet market demand.

• Changes appraiser license renewal from annual to biennial (every 2 years) while maintaining the requirement that licensees submit annual renewal forms and proof of continuing education.

• Changes appraisal management company initial registration validity from 2 years to 1 year, with subsequent renewals occurring annually instead of biennially.

• Requires appraisal management companies to certify annually to the Council (instead of biennially) regarding appraiser qualifications, appraisal quality reviews, service records, and appraiser selection training.