Bill > HB1081

This bill amends two sections of Oklahoma law related to real estate appraisers and appraisal management companies (AMCs). First, it modifies the code of ethics for appraisers by adding a new requirement that when providing residential appraisal services, an invoice showing the appraiser's compensation must be included as the first page in all assignments. The bill also updates the numbering of existing ethical guidelines. Second, the bill requires AMCs to have a system for disclosing appraisal management service fees and appraiser fees to clients. Importantly, the bill mandates that AMCs must now accept and cannot prohibit appraisers from including an invoice attachment to the appraisal that shows the fee paid to the appraiser. The bill specifically makes it a violation for an AMC or its employees to demand the removal of such an invoice or to remove the invoice themselves, with potential penalties under existing law. These changes aim to increase transparency in fee structures and protect appraisers' ability to document their compensation. The bill is set to become effective on November 1, 2025.

Business and Industry

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb1081&Session=2600