appraisal management companies; definition
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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 defines "appraisal management company" and related terms within the context of Arizona real estate appraisal services. It establishes criteria for what constitutes an appraisal management company, including the size of its appraiser panel and its role as a liaison between clients and appraisers. The bill also clarifies definitions related to appraisals, appraisal reviews, and appraiser panels, and identifies key individuals who could be considered a "controlling person".
Key provisions
- Defines "appraisal management company" based on appraiser panel size and third-party liaison role.
- Establishes requirements for an appraisal management company’s appraiser panel (minimum number of licensed appraisers).
- Defines "appraisal management services" as a range of administrative and operational tasks related to appraisals.
- Clarifies the definition of "appraisal review" and distinguishes it from appraisal examination.
- Defines "appraiser" and "appraiser panel" for clarity.
- Identifies a "controlling person" within an appraisal management company.
- Includes a definition for "federally regulated appraisal management company".
- Defines "real property appraisal services".
Who is affected
- Appraisal Management Companies
- Real Estate Appraisers
- Mortgage Lenders
- Real Estate Clients
- Financial Institutions
Bill text
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Sponsors
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1 on record
Primary sponsor
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