Bill > H468

This bill makes several technical corrections to Chapter 112 of the Massachusetts General Laws, specifically focusing on appraisal management companies and their licensing requirements. The bill adds a definition for the "Federal Appraisal Subcommittee," which is a part of the Federal Financial Institutions Examinations Council responsible for overseeing appraisal regulations. It modifies requirements for appraisal management company registrations, including mandating that owners and key personnel (such as controlling persons and employees in charge) must be of good moral character and undergo criminal background checks. The bill removes the term "managing principal" from several sections of the law and adds a provision requiring the board to collect and remit an annual national registry fee to the Federal Appraisal Subcommittee as required by federal regulations. Additionally, the bill clarifies that an appraisal management company cannot be registered if its ownership includes someone who has previously had an appraiser license revoked or surrendered in Massachusetts or any other state. These changes aim to improve oversight and standardize regulations for appraisal management companies in the state. The bill will take effect immediately upon its passage.

Budget and Finance, Labor and Employment

https://malegislature.gov/Bills/194/H468