Bill > SB774

This bill makes several significant changes to the regulation of real estate and appraisal professionals in California, focusing on extending and modifying existing laws. The bill extends the sunset date for the Department of Real Estate and the Bureau of Real Estate Appraisers from January 1, 2026 to January 1, 2030, ensuring continued oversight of these professions. It introduces new provisions for the Recovery Account, which helps compensate consumers who have suffered financial losses due to fraud or misconduct by licensed real estate appraisers. The bill establishes detailed procedures for filing claims, including specific documentation requirements, and sets limits on recovery amounts (up to $50,000 per transaction and $250,000 per licensee). Additionally, the legislation requires the bureau to conduct a comprehensive study on the feasibility of mandatory licensing for real estate appraisers in California, examining current practices, potential regulatory approaches, and consumer protection implications. The bill also includes provisions to protect military service members and their spouses in obtaining real estate licenses, requires the department to collect more detailed data on military licensure, and makes various technical and administrative updates to existing law. Notably, the bill includes provisions that make filing false documents a misdemeanor and allows for automatic license suspension in cases of proven fraud.

Budget and Finance, Business and Industry

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260SB774