SF2474 Summary

• Appropriates $18,206,000 for fiscal year 2020 and $18,209,000 for fiscal year 2021 to the Department of Commerce for administrative services, enforcement, and insurance regulation activities.

• Modifies real estate appraiser regulations to align with Appraiser Qualifications Board standards, including education, examination, and experience requirements for trainee, licensed, certified residential, and certified general appraiser classifications.

• Establishes compensation for Real Estate Appraisal Advisory Board members and adds a trainee real property appraiser license classification with defined scope of practice under supervisory appraisers.

• Requires appraiser disclosure of conflict of interest situations, lack of experience, previous appraisals of the same property, and other material facts that could affect appraisal reliability or impartiality.

• Repeals outdated provisions related to foundation appraisal organizations and specific examination requirements, with all changes effective January 1, 2020.