HB 1337 Summary

• Requires appraisal management companies to register with the Mississippi Real Estate Appraiser Licensing and Certification Board before conducting business, with registration valid for two years.

• Establishes ownership and employee restrictions, prohibiting companies from being owned by individuals with refused, denied, cancelled, or revoked appraiser licenses, and requiring background investigations for owners holding 10% or more of the company.

• Mandates appraisal management companies implement systems to verify appraiser credentials, ensure USPAP compliance, maintain appraisal independence, pay appraisers within 60 days, and retain records for five years.

• Prohibits alterations to completed appraisal reports without written appraiser consent and prevents influencing appraisers through coercion, payment withholding, or conditioning assignments on valuation opinions.

• Provides due process protections for appraisers removed from panels by requiring written notice of reasons and opportunity to respond, with board review limited to determining if misconduct or violations actually occurred.