HB 515 Summary

• Establishes new licensing and regulatory framework for appraisal management companies under Chapter 4768 of the Revised Code, administered by the Division of Real Estate and Professional Licensing.

• Requires appraisal management companies to obtain licenses, with owners and controlling persons subject to criminal background checks, education requirements, and good character standards.

• Prohibits appraisers and appraisal management companies from influencing appraisals through coercion, predetermined valuations, withholding payment, or removing appraisers without written notice and opportunity to respond.

• Establishes enforcement mechanisms including complaint investigation, disciplinary actions (reprimand, fines up to $25,000, suspension, or revocation), and civil penalties up to $1,000 per violation for unlicensed appraisal management company activities.

• Modifies criminal records check requirements in section 109.572 to include appraisal management company applicants and amends appraiser regulations to reference the new appraisal management company requirements.