HB 546 Summary

• Modifies the definition of "real estate appraisal" to align with uniform standards of professional appraisal practice rather than the prior definition focusing on nature, quality, value, or utility of interests in real estate.

• Creates a new licensing regime for appraisal management companies (Chapter 4768) requiring licenses, establishing fees (initial and renewal), requiring criminal background checks for owners and controlling persons, and mandating specific operational standards.

• Establishes requirements for appraisal management companies including verification of appraiser licenses, quality control systems, disclosure of fees to clients, and prohibition against influencing appraisers through compensation, coercion, or predetermined valuations.

• Expands the Real Estate Appraiser Board composition to include one representative who is an owner or controlling person of a licensed appraisal management company.

• Creates enforcement mechanisms including complaint investigation procedures, hearing examiner proceedings, and disciplinary actions (reprimand, fines up to $25,000, suspension, or revocation) for violations by appraisal management companies and unlicensed practitioners.