Multiple Valuation Issues Under Consideration in State Legislatures
While most state legislatures have concluded their work for the year, 18 are still in session and considering measures affecting Appraisal Institute Professionals and the valuation profession. In all, AI’s Washington office has monitored more than 100 state legislative proposals this year and continues to work with its chapters, regions and state coalitions to help shape public policy. Of note:
- Massachusetts is still looking at a package of valuation-related bills, including S 147, which would make licensing mandatory in the state; H 276, which says a civil lawsuit against an appraiser can only be filed by the client and named intended users; and H 336, which would update real estate appraiser record retention requirements.
- North Carolina continues its review of HB 48, a measure that would disapprove the state’s Appraisal Board rules incorporating AI PAREA that were adopted last year.
- New Jersey is considering several valuation-related bills. AB 1519 and SB 777 are companion measures that would impose new penalties against real estate appraisers who are found to have engaged in discriminatory conduct. They also would require materials related to appraisal bias be distributed to property owners and prospective purchasers. AB 4647 and SB 3318 would direct the New Jersey Appraisal Board to accept AI PAREA. SB 3317 and AB 4648 would impose mandatory continuing education requirements related to fair housing and appraisal bias.