IN SB0418

Requires appraisal management companies to register with the real estate appraiser licensure and certification board, with registration fees capped at $500 and certificates expiring after two years

Prohibits appraisal management companies from employing or contracting with individuals whose real estate appraiser license has been refused, denied, canceled, revoked, or surrendered, unless the individual has since obtained a valid license with full disclosure

Mandates that individuals conducting appraisal reviews for appraisal management companies hold a valid appraiser license or certificate

Requires appraisal management companies to maintain records of each service request for at least six years, including customer information, property details, appraiser identity, fees, and copies of completed appraisals

Establishes a Class A infraction for performing appraisal management services without registration, and authorizes civil penalties up to $10,000 for contracting with appraisers who do not meet required standards