Recent Newsletters

Appraisers in Connecticut may now perform evaluations for federally regulated financial institutions when an appraisal is not required, according to new rules that were finalized by the Connecticut Department of Consumer Protection on Sept. 30. Evaluations may be prepared outside the scope of the Uniform Standards of Professional Appraisal Practice and in accordance with the Interagency Appraisal and Evaluation Guidelines.

Pennsylvania Gov. Richard Wolf on Dec. 2 signed HB 1255, legislation that establishes an appraiser-specific statute of repose that takes effect Feb. 20. Pursuant to this new law, an action to recover damages against an appraiser must be brought within five years of the date on which the appraisal was conducted. The repose period does not apply to actions brought against appraisers by individual property owners as part of a cash purchase of residential property or to actions where there is evidence of fraud or intentional misrepresentation.

The South Dakota Department of Labor and Regulation on Sept. 20 proposed new rules regarding virtual education, the Practical Applications of Real Estate Appraisal, known as PAREA, and a new Experience Training Program.

The legislatures in 36 states, the District of Columbia, Guam, the Northern Mariana Islands and the U.S. Virgin Islands are now in session. The Appraisal Institute’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.