Colorado, Maryland and Delaware Among States Addressing Valuation Legislation

Only eight state legislatures are still in session, but the year has seen a bevy of activity related to valuation — the Appraisal Institute has tracked nearly 80 bills. State regulatory agencies have also been busy proposing new rules, mostly related to synchronous and live-stream distance education. AI’s Washington office continues to work with its chapters, regions and state coalitions to help shape public policy affecting AI professionals and the valuation profession.

• Colorado Gov. Jared Polis on June 2 signed HB 1216, legislation that allows appraisers to perform evaluations.
• Louisiana Gov. John Bel Edwards on June 17 signed SB 367, a law that reestablished the licensed residential credential and requires the Louisiana Real Estate Appraisers Board to accept the Practical Applications of Real Estate Appraisal, known as PAREA.
• Maryland enacted HB 1097 (without the governor’s signature) to create a task force on property appraisal and valuation equity that will research the undervaluation of and any valuation errors with minority-owned properties.
• New Jersey is considering multiple bills (S 777; A 1518; A 1519; A 4647; and A 4648) that address valuation bias and PAREA.
• The New York Assembly is considering A 9264, legislation that would add any discrimination by an appraiser on the basis of a protected characteristic to the state’s list of violations of its Human Rights Law.
• Delaware and Maryland legislators are moving forward with drafts of regulations that would require appraisers to complete a specified number of hours of continuing education on valuation bias and fair housing during each licensing cycle. Similar legislation likely will be introduced in Pennsylvania next year.