Texas Gov. Greg Abbott on June 9 signed into law Senate Bill 1007, legislation that contains many revisions and additions to the state’s current appraiser licensing and certification law, the Appraisal Institute reported. The provisions in the bill will take effect Jan. 1, 2016.
SB 1007 includes provisions related to three high-priority issues for the Appraisal Institute:
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The bill will allow the Texas Appraiser Licensing and Certification Board to adopt rules relating to the standards for the development of an appraisal and the conveyance of an appraisal report that are “recognized as substantially equivalent to” the Uniform Standards of Professional Appraisal Practice.
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The bill clarifies that an appraiser who is certified by a jurisdiction other than Texas can perform a review of an appraisal of real property in Texas without a Texas appraiser credential if the appraiser does not offer an opinion of value as part of the review process.
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The bill grants the TALCB maximum flexibility to adopt rules to implement the Appraiser Qualifications Board’s requirements that states have processes in place to ensure that applicants for appraiser credentials do not have a background that would call into question the public trust.
Also included in the bill are provisions that: A) require members of the Texas Appraiser Licensing and Certification Board to undergo training prior to being permitted to vote or deliberate on matters before the Board; B) limit the ability of the TALCB to conduct an investigation of an appraiser or appraisal management company to no later than the fourth anniversary of the date an alleged violation occurred; and C) ensure the confidentiality of information or material prepared or compiled by the TALCB in relation to a pending complaint, investigation, or audit.
SB 1007 was fully supported by the Foundation Appraisers Coalition of Texas, which includes all eight Appraisal Institute Texas Chapters.
View a copy of SB 1007.
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