Senate Bill 533 Summary

• Requires appraisers providing independent services to include an invoice with each assignment disclosing compensation to the appraiser.

• Prohibits appraisers from accepting contingent compensation based on predetermined values, favorable value direction, stipulated results, or subsequent events.

• Requires Appraisal Management Companies (AMCs) to disclose to clients the fees paid for appraisal management services and fees paid to appraisers for completion of assignments.

• Prohibits AMCs from preventing appraisers on their panels from recording or including an invoice describing the fee paid by the AMC within appraisal communications submitted to the AMC.

• Effective date: November 1, 2017.