SB3430 Summary

• Amends the Real Estate Appraiser Licensing Act of 2002 by modifying definitions in Section 1-10.

• Changes the definition of "appraisal" to replace "appraisal services" with "valuation services."

• Modifies "appraisal report" definition to specify it covers appraisal or appraisal review (removing reference to appraisal consulting services).

• Updates "appraiser" definition to require compliance with the Uniform Standards of Professional Appraisal Practice.

• Revises "federal financial institutions regulatory agencies" to replace "Office of Thrift Supervision" with "Consumer Financial Protection Bureau" and simplifies "federally related transaction" definition by removing references to HUD, Fannie Mae, and Freddie Mac.

• Deletes the definition of "modular course" from the Act.