CS/CS/CS/HB 491 Summary

• Creates two new licensing programs within the Department of Business and Professional Regulation: Property Insurance Appraisal Umpires (Part XVII, Chapter 468) and Property Insurance Appraisers (Part XVIII, Chapter 468), effective October 1, 2016.

• Establishes licensing requirements, examination exemptions for certain professionals (retired judges, certified mediators, engineers, contractors, architects, attorneys, and adjusters with specified experience), and fee structures (application up to $200, initial license up to $250, biennial renewal up to $500).

• Requires 25 hours of continuing education plus 5 hours of ethics every 2 years for renewal and mandates 5-year record retention for appraisal reports and supporting documentation.

• Provides ethical standards and conduct requirements including confidentiality, prohibition of contingent fees, independent judgment requirements, restrictions on communications with parties, and grounds for license denial, suspension, and revocation.

• Appropriates $605,874 in recurring funds and $59,053 in nonrecurring funds for fiscal year 2015-2016 with authorization for four full-time equivalent positions; bill takes effect July 1, 2015, with licensing provisions beginning October 1, 2016.