summary
Introduced
07/11/2019
07/11/2019
In Committee
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
191st General Court
Bill Summary
Similar Bills
AI Summary
This bill proposes the following key provisions:
1. Establishes a Board of Real Estate Appraisers with 9 members appointed by the governor, including a licensed real estate broker, a member of the public, a banking industry member, an appraisal management company representative, and 5 licensed real estate appraisers.
2. Requires the registration and regulation of appraisal management companies (AMCs) that provide appraisal services in the state, with exceptions for certain government agencies and depository institutions.
3. Sets forth requirements for AMC registration, including designating a controlling person and employee in charge, maintaining a surety bond, and adhering to standards related to appraiser selection, appraisal review, and record-keeping.
4. Prohibits AMCs from engaging in certain activities that could improperly influence the independence and objectivity of real estate appraisers.
5. Authorizes the Board to investigate, discipline, and impose civil penalties on AMCs and their personnel for violations of the law.
6. Transitions the existing Board of Real Estate Appraisers to the new structure established by the bill.
Overall, the bill aims to establish a regulatory framework for AMCs operating in the state in order to protect the integrity of real estate appraisal services.
Sponsors (0)
No sponsors listed
Other Sponsors (1)
Senate Committee on Ways and Means (S)
Last Action
See H3904 (on 07/11/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
---|---|
State Bill Page | https://malegislature.gov/Bills/191/S2288 |
Bill | https://malegislature.gov/Bills/191/S2288.pdf |
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