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2018 SESSION

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SB 979 Appraisal management companies; clarifies definition, state-licensed appraisers.

Introduced by: A. Benton "Ben" Chafin | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Professions and occupations; appraisal management companies. Amends the definition of appraisal management company and adds definitions for appraisal management services and appraiser panel. The bill also requires applicants for an appraisal management company license to certify to the Virginia Real Estate Appraiser Board that any person or entity that owns any part of the appraisal management company has never had a license to act as an appraiser refused, denied, canceled, surrendered in lieu of revocation, or revoked by the Commonwealth or any other state. Current law only requires such applicants to provide such certification regarding any person or entity that owns 10 percent or more of the appraisal management company. This bill is identical to HB 1506.

SUMMARY AS PASSED SENATE:

Professions and occupations; appraisal management companies. Amends the definition of appraisal management company and adds definitions for appraisal management services and appraiser panel. The bill also requires applicants for an appraisal management company license to certify to the Virginia Real Estate Appraiser Board that any person or entity that owns any part of the appraisal management company has never had a license to act as an appraiser refused, denied, canceled, surrendered in lieu of revocation, or revoked by the Commonwealth or any other state. Current law only requires such applicants to provide such certification regarding any person or entity that owns 10 percent or more of the appraisal management company.

SUMMARY AS INTRODUCED:

Professions and occupations; appraisal management companies. Amends the definition of appraisal management company and adds definitions for appraisal management services and appraiser panel. The bill also requires applicants for a license to provide the Virginia Real Estate Appraiser Board with information regarding ownership of any part of the appraisal management company has never had a license to act as an appraiser surrendered in lieu of revocation or revoked by the Virginia or any other state. Under current law, applicants must provide information only if they own more than 10 percent of an appraisal management company that has had a disciplinary action.