MO HB1988

Repeals separate appraisal management company regulation act (sections 339.1100-339.1240) and consolidates all appraisal and appraisal management company regulations into one comprehensive act (sections 339.500-339.549).

Expands individual appraiser licensure categories from three classes to six classes, adding trainee licenses at both state-licensed and state-certified (residential and general) levels.

Establishes licensure requirements for appraisal management companies, including surety bond ($20,000), disclosure of controlling persons, background investigations, and compliance manager designation.

Prohibits appraisal management companies from influencing appraiser valuations through coercion, predetermined fees, withholding payment, or threatening to remove appraisers from panels without written notice and opportunity to respond.

Requires appraisal management companies to verify appraiser credentials, conduct periodic appraisal quality reviews for USPAP compliance, maintain detailed service records, pay appraisers within 30 days, and disclose registration numbers on engagement letters.