HF2991 Summary

• Allows the Commissioner of Commerce to assess investigation costs to licensed appraisers and entities under chapters 60K, 82, and 82B, based on investigator salary costs, but exempts those found to have no violation.

• Requires appraisal management companies to compensate appraisers with reasonable and customary fees based on objective third-party information or factors including property type, scope of work, time required, appraiser qualifications, experience, and work quality.

• Mandates appraisal management companies separately itemize fees paid to appraisers versus fees charged for management services, and prohibit them from preventing appraisers from disclosing their paid fees in appraisal reports.

• Requires appraisal management companies to pay independent contractor appraisers within 30 days of report submission or client transmission, unless there is breach of contract or documented errors that remain uncorrected.

• Adds definitions for "Appraisal Subcommittee," "federally regulated appraisal management company," and "National Registry," and establishes rules for calculating appraiser panel size using a 12-month period.