Synopsis As Introduced Amends the Real Estate Appraiser Licensing Act of 2002. Provides for the licensure of appraisal companies under the Act. Provides that the Department of Financial and Professional Regulation shall adopt by rule standards for the licensure of appraisal companies and charge a licensing fee not to exceed $50. Provides conditions for licensure as a real estate appraiser or appraisal company for corporations and partnerships. Prohibits the licensure of limited liability companies. Provides conditional exemptions from the Act to certain persons and entities. Provides criminal penalties for engaging in certain activities without a license as a real estate appraiser or appraisal company. Prohibits certain means of influencing an appraisal. Provides requirements for appraisers concerning the maintenance of a place of business within the State. Specifies that the Board has the power to investigate the actions of a licensee or applicant. Defines "appraisal company", "appraisal management company", "managing appraiser", "turnaround time", and "due date"; requires due dates to be calculated on Central Standard (rather than Daylight Savings) Time. Makes other changes.
Deletes everything after the enacting clause and reinserts the bill as introduced, with the following changes: changes the definition of "appraiser"; makes changes in certain exemption provisions; provides that a licensed appraisal company is not required to maintain a definite office or place of business in the State if it meets certain specified conditions; removes exemption for a corporation, partnership, sole proprietorship, subsidiary, unit or other business entity that meets certain conditions; makes changes to provisions concerning the standards of practice; makes changes to provisions concerning unlawful influence; increases the total number of Board members to 11 and provides that one appointed member shall be a representative of an appraisal management company; and removes provision that the Board shall adopt an official letterhead.
House Floor Amendment No. 3 Provides that 6 members of the Real Estate Appraisal Administration and Disciplinary Board shall constitute a quorum and that a quorum is required to exercise all of the rights and perform all of the duties of the Board.