HB 421 Summary

• Removes obsolete language from Section 54-4107 regarding disciplinary proceedings for real estate appraisers, specifically deleting reference to "uniform standards of professional appraisal practices" definition.

• Clarifies in Section 54-4113 that all fees collected by the board must be deposited in the state treasury occupational licenses account and made immediately available for administering the appraisal chapter.

• Requires in Section 54-4126 that natural persons owning more than 10% of an appraisal management company (AMC) and designated controlling persons must comply with all minimum federal requirements, in addition to existing good moral character standards.

• Maintains existing requirements that AMC owners and controlling persons submit to background investigations including fingerprint-based criminal history checks conducted by the board.