HB 470 Summary

• Requires appraisal management companies to register with the Mississippi Real Estate Appraiser Licensing and Certification Board before conducting business, with registration valid for one year and renewable upon meeting continuing requirements.

• Establishes minimum registration requirements including company name, business address, contact information, identification of owners holding 10% or more, designation of a controlling person, and certification of systems to verify appraiser licensing and review appraisal work quality.

• Prohibits registered companies from influencing appraisal development or reporting through coercion, withholding payment, threatening to remove appraisers, conditioning payments on valuation opinions, or providing predetermined values; allows removal of appraisers from panels only after written notice and opportunity to respond.

• Requires appraisal management companies to pay independent appraisers within 60 days of receiving completed work and prohibits removing appraisers from panels within the first 30 days of being added; provides appraisers the right to board review if removed for alleged misconduct.

• Applies exemptions to entities that exclusively employ appraisers as employees, individual appraisers subcontracting work, co-signing appraisers, and companies contracting for fewer than 10 appraisals annually; establishes civil penalties up to $25,000 for company violations.