SB 1750 Summary

• Establishes licensure requirements for property insurance appraisers and appraisal umpires, effective July 1, 2012, administered by the Department of Financial Services.

• Sets application and biennial renewal fees at $50 for property insurance appraisers and appraisal umpires, with fingerprinting required at time of application.

• Requires applicants to meet one of nine professional qualifications, including being a licensed engineer, architect, contractor, attorney, CPA, or completing 40 hours of approved coursework in construction, building codes, and appraisal procedures.

• Establishes appraisal procedures for residential and commercial property insurance disputes, requiring each party to select a licensed appraiser who cannot agree on value; unresolved differences submitted to a licensed umpire for binding determination.

• Specifies ethical standards for appraisers and umpires regarding confidentiality, fees (cannot be contingent on outcomes), record retention (5 years minimum), and prohibits certain conflicts of interest and misleading advertising.