Senate Bill 337 Summary

• Prohibits appraisal management companies (AMCs) from removing appraisers from their panel or refusing assignments unless the AMC provides written notification stating the reason and allows the appraiser to respond.

• Allows appraisers to file complaints with the real estate appraiser licensure and certification board to challenge AMC removal or refusal decisions based on alleged illegal conduct or violations of appraisal standards.

• Makes AMCs subject to disciplinary sanctions if the board determines the appraiser did not commit the alleged violation of law or applicable appraisal standards.

• Requires AMCs to disclose to requesting parties and appraisal report users the AMC's costs and fees, the appraiser's costs and fees, and the total fee charged before receiving payment.

• Prohibits AMCs or persons requesting appraisal services from preventing appraisers from disclosing their fees in appraisal reports.