HB5140 Summary

• Amends the Real Estate Appraiser Licensing Act of 2002 and Appraisal Management Company Registration Act to allow the Secretary of Financial and Professional Regulation to require use of a third-party, multi-state licensing system for applicant submissions and licensing.

• Defines "multi-state licensing system" as a web-based platform allowing applicants to submit applications or renewal applications online to the Department.

• Permits the multi-state licensing system to share regulatory information, maintain records in compliance with state law, and charge applicants an administration fee paid directly to the system.

• Authorizes the Secretary to designate a multi-state licensing system to perform criminal history record checks for appraiser applicants.

• Takes effect immediately upon becoming law.