Connecticut 2014 Regular Session

Connecticut House Bill HB05501 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	General Assembly Raised Bill No. 5501
2	2	February Session, 2014 LCO No. 2175
3	3	02175_______INS
4	4	Referred to Committee on INSURANCE AND REAL ESTATE
5	5	Introduced by:
6	6	(INS)
7	7
8	8	General Assembly
9	9
10	10	Raised Bill No. 5501
11	11
12	12	February Session, 2014
13	13
14	14	LCO No. 2175
15	15
16	16	02175_______INS
17	17
18	18	Referred to Committee on INSURANCE AND REAL ESTATE
19	19
20	20	Introduced by:
21	21
22	22	(INS)
23	23
24	24	AN ACT AUTHORIZING A LIMITED SCOPE REAL ESTATE ESTIMATED VALUATION.
25	25
26	26	Be it enacted by the Senate and House of Representatives in General Assembly convened:
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28	28	Section 1. Subsection (a) of section 20-501 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2014):
29	29
30	30	(a) No person shall act as a real estate appraiser or provisional appraiser or engage in the real estate appraisal business without the appropriate certification, license, limited license or provisional license issued by the commission, unless exempted by the provisions of sections 20-500 to 20-528, inclusive. A certified appraiser may perform a limited scope real estate estimated valuation in accordance with regulations adopted by the commissioner under subsection (b) of section 20-504, as amended by this act.
31	31
32	32	Sec. 2. Section 20-504 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2014):
33	33
34	34	(a) The Commissioner of Consumer Protection, with advice and assistance from the commission, may adopt such reasonable regulations, in accordance with chapter 54, as the commissioner deems necessary to carry out the provisions of sections 20-500 to 20-528, inclusive. Such regulations shall, at a minimum, address real estate appraiser qualifications, continuing education, discipline, real estate appraiser certification, licensing, limited licensing and provisional licensing applications and renewals and shall require any real estate appraiser to comply with generally accepted standards of professional appraisal practice as described in the Uniform Standards of Professional Appraisal Practice issued by the Appraisal Standards Board of the Appraisal Foundation pursuant to Title XI of FIRREA. The regulations shall further require (1) any real estate appraiser who wishes to enter in or upon any premises not the subject of appraisal for purposes of estimating the value of comparable real estate to (A) obtain the permission of the owner or occupier of the premises, and (B) identify himself or herself as an appraiser, and (2) that a limited appraiser shall in any written statement, including contracts, stationary and business cards, state that such limited appraiser shall not perform an appraisal in connection with a federally related transaction, as defined in FIRREA.
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36	36	(b) The commissioner, with advice and assistance from the commission, shall adopt regulations, in accordance with chapter 54, to establish a limited scope real estate estimated valuation that may be performed by certified appraisers. Such regulations shall include, but are not limited to, the form and scope of such valuation, standards for the performance of such valuation and fees that may be charged for such valuation.
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38	38
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41	41	This act shall take effect as follows and shall amend the following sections:
42	42	Section 1 October 1, 2014 20-501(a)
43	43	Sec. 2 October 1, 2014 20-504
44	44
45	45	This act shall take effect as follows and shall amend the following sections:
46	46
47	47	Section 1
48	48
49	49	October 1, 2014
50	50
51	51	20-501(a)
52	52
53	53	Sec. 2
54	54
55	55	October 1, 2014
56	56
57	57	20-504
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59	59	Statement of Purpose:
60	60
61	61	To establish a limited scope appraisal that may be performed by certified real estate appraisers.
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63	63	[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]