Bill > LB139

This bill modifies the Real Property Appraiser Act and the Nebraska Appraisal Management Company Registration Act to introduce a new administrative tool called a "contingent dismissal agreement" for handling violations. Under the proposed changes, the board overseeing real property appraisers and appraisal management companies can now enter into contingent dismissal agreements with credential holders or companies as an alternative to traditional disciplinary actions. These agreements include remedial measures and are not considered disciplinary actions if successfully completed. The bill also clarifies the board's investigative procedures, allowing it to contract for technical assistance when investigating potential violations and requiring reporting of certain actions to federal authorities under the Financial Institutions Reform, Recovery, and Enforcement Act. Additionally, the bill maintains existing provisions regarding ownership restrictions for appraisal management companies, such as limitations on ownership by individuals with revoked credentials or those with criminal histories, and provides a framework for the board to impose reasonable sanctions that promote voluntary compliance and encourage prompt error correction.

Business and Industry

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=59518