Bill > S3534

Introduced Session

This bill reduces the membership of State Real Estate Appraiser Board and prohibits discriminatory practices in property appraisals. Under the bill, the State Real Estate Appraiser Board will be reduced from its present composition of 11 members to seven members. The form in which appointments to the board are handled will change as well, with the Governor appointing the public members, real estate appraiser members, and representatives of the appraisal management company industry only upon recommendation of the Senate President and Speaker of the General Assembly. The Senate President and Speaker of the General Assembly will each be able to recommend the appointment of three board members. The bill also prohibits discriminatory practices in property appraisals and requires the Department of Law and Public Safety to investigate and resolve complaints against a real estate appraiser or appraisal management company. The bill additionally provides that the department direct the State Real Estate Appraiser Board to take disciplinary action against any real estate appraiser or appraisal management company found by the department to have discriminated in the appraisal of real estate. The board will be directed by the department to void any appraisal found to be discriminatory and require that the violating appraiser or appraisal management company make restitution of the cost of the discriminatory appraisal. The board will also be directed to require a violating appraiser, for their first violation, to attend an anti-bias seminar and, depending on the number of violations committed, suspend the license, certificate, or registration of the appraiser or appraisal management company for a certain period of time. An appraiser or appraisal management company with multiple violations will also be subject to a civil penalty not to exceed $5,000 for a second violation occurring within five years of the first, and $10,000 for a third and subsequent violation.

AI Summary

Committee Categories

Angela Mcknight (D)*, 

Introduced in the Senate, Referred to Senate Commerce Committee (on 09/12/2024)

Official Document