State SealARIZONA HOUSE OF REPRESENTATIVES

 

SB 1333: real estate appraisal

PRIME SPONSOR: Senator Mesnard, LD 17

BILL STATUS: Commerce

                               

 

Overview

☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal NoteModifies the duties of the superintendent of the Department of Financial Institutions (Superintendent).

History

The Financial Institutions Reform, Recovery, and Enforcement Act authorized the Appraisal Foundation as the source of appraisal stands and qualifications.  The Appraisal Standards Board, under the Appraisal Foundation, is responsible for writing, amending, and interpreting the Uniform Standards of Professional Appraisal Practice (USPAP). USPAP is the generally recognized ethical and performance standards for the appraisal profession and contains the standards for all types of appraisal services.

Provisions

1.       Redefines standards of professional appraisal practice as the uniform standards of professional appraisal practice promulgated by the Appraisal Standards Board of the Appraisal Foundation, rather than as adopted by the Superintendent. (Sec. 1)

2.       Modifies the duties of the Superintendent, which include:

a.       Adopt standards for appraisal practice which must be at a minimum equivalent to the standards of professional appraisal practice; and

b.       Investigate and assess potential law violations and discipline, suspend, terminate or deny registration renewals of appraisal companies that violate laws;

i.         Report such violations of appraisal-related laws and disciplinary and enforcement actions to the Appraisal Subcommittee. (Sec. 2)

3.       Modifies the definition of appraisal management company. (Sec. 6)

4.       Permits the Superintendent to deny an appraisal management company registration application if the applicant has been convicted of a felony. (Sec. 7)

5.       Clarifies that the requirements relating to appraisal management company ownership may be waived only at the discretion of the Superintendent. (Sec. 10)

6.       Removes the 60 days exception regarding the removal of an appraiser from the appraiser panel without notification. (Sec. 11)

7.       Makes technical and conforming changes. (Sec 1, 2, 3, 4, 5, 6, 8, 9)

 

 

 

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Fifty-fourth Legislature                               SB 1333

First Regular Session                    Version 1: Commerce

 

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