SB 648 Summary

• Reorganizes and renumbers Missouri's real estate appraiser licensing statutes from sections 339.500-339.549 to sections 361.800-361.849 and retitles the law as the "Missouri Certified and Licensed Real Estate Appraisers and Appraisal Management Company Regulation Act"

• Transfers the Missouri Real Estate Appraisers Commission from the Division of Professional Registration to the Division of Finance, with the division of finance providing clerical and financial management services

• Establishes six classes of individual licensure (state-licensed appraiser trainee, state-licensed real estate appraiser, state-certified residential and general appraiser trainees, and state-certified residential and general real estate appraisers) and one class for appraisal management companies

• Expands commission authority to regulate appraisal management companies and adds comprehensive definitions and standards related to appraisal services, including provisions regarding boat docks and boat slips as real property

• Strengthens enforcement mechanisms with penalties for mortgage fraud, violations of appraisal standards, and unlicensed practice, with class B misdemeanor penalties and civil injunctive authority available to the commission