Bill > HB2501

This bill amends Arizona law to clarify the definition of an "appraisal management company," which is a business that manages appraisal services, often acting as a go-between for clients and appraisers. Previously, the law stated that such a company performed "any" of the listed appraisal management services, but this bill changes it to require the company to perform "either" of two specific actions to be considered an appraisal management company. These actions include administering an appraiser panel of at least sixteen appraisers in one state or twenty-five appraisers in at least two states within a "twelve-month period," which is defined as the calendar year unless otherwise specified by rule, or otherwise acting as a third-party liaison for appraisal management services. The bill also adds a new definition for "twelve-month period" to provide clarity on how this timeframe is calculated.

Business and Industry, Government Affairs

https://apps.azleg.gov/BillStatus/BillOverview/84282