An Act updating real estate appraiser record retention requirements
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill aims to update the requirements for how long real estate appraisers in Massachusetts must keep records of their work. Currently, the law doesn't clearly specify the retention period, leading to potential issues with accessing appraisal data for investigations or audits. The bill seeks to establish a standardized retention schedule to ensure transparency and accountability in the appraisal industry. It will ensure that appraisal records are maintained for a defined period, supporting fair and accurate property valuations.
Key provisions
- Establishes a minimum record retention period for real estate appraisers.
- Specifies the types of appraisal records that must be retained.
- Addresses potential challenges in accessing appraisal records.
- Clarifies the responsibilities of appraisers regarding record keeping.
- Defines the timeframe for record retention.
Who is affected
- Real estate appraisers
- Real estate professionals
- Consumers purchasing or selling property
- Massachusetts real estate industry
- State regulatory agencies
Notable changes
- Creates a specific legal requirement for record retention.
- Addresses ambiguity in existing regulations regarding appraisal record management.
Bill text
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Sponsors
Official sponsors from legislative records.
3 on record
Primary sponsor
Daniel J. Hunt
Cosponsors
Daniel J. Hunt
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