Substitute House Bill 213 Summary

• Establishes new Chapter 4768 of the Revised Code to regulate appraisal management companies, requiring them to obtain licenses from the superintendent of real estate and professional licensing with initial and annual renewal fees not exceeding $2,000.

• Creates the Real Estate Appraiser Board with one member representing an appraisal management company, and requires appraisal management companies to verify appraiser credentials, conduct quality control, maintain records for five years, and disclose fees separately to clients.

• Prohibits appraisal management companies from improperly influencing appraisers through coercion, contingent fees, withholding payment, or threatening removal from appraiser panels without written notice and opportunity to respond within ten business days.

• Requires appraisal management company owners and controlling persons to pass criminal background checks and meet age, education, and character requirements; allows criminal conviction consideration only if applicant demonstrates rehabilitation.

• Establishes enforcement procedures including complaint investigation, informal mediation, formal hearings, and disciplinary sanctions up to license revocation and civil penalties up to $25,000, with effective date six months after passage.