Connecticut Senate Bill SB01007

Connecticut 2019 Regular Session

• Introduced: 3/6/19
• Refer: 3/6/19
• Report Pass: 3/21/19
• Refer: 4/1/19
• Report Pass: 4/8/19

Caption

An Act Concerning Minor And Technical Changes To Department Of Consumer Protection Statutes.

Impact

The enactment of SB01007 would modify existing regulations pertaining to the operation of appraisal management companies. This would involve tightening ownership standards, ensuring that individuals with revoked licenses or certifications are precluded from owning stakes in these companies. The bill also introduces provisions that require appraisal management firms to notify appraisers regarding their removal from panels, thereby providing transparency in operational practices. Additionally, the revisions aim to exempt certain charitable organizations from specific solicitation laws, thus easing the compliance burden on smaller entities and enabling them to focus on their missions rather than administrative hurdles.

Summary

SB01007 addresses various minor and technical changes to the Department of Consumer Protection statutes, focusing on the regulation of appraisal management companies and provisions for charitable organizations. The bill aims to enhance the clarity and effectiveness of existing laws in order to streamline processes regarding consumer protection and services. This includes redefining terms related to appraisal management and establishing clearer criteria for licensing and operations within these sectors. By ensuring the integrity of the appraisal process, the bill seeks to bolster consumer confidence in real estate transactions as well as the broader market.

Sentiment

The sentiment surrounding the bill appears to be predominantly positive, particularly among legislators focused on consumer protection and regulatory efficiency. Many advocates for SB01007 argue that these technical changes are critical for maintaining high standards in the appraisal industry and protecting consumers from fraud or malpractice. Some concerns may arise regarding the exempted charities, with critics arguing that easing regulations could lead to a lack of oversight; however, overall discussions have leaned toward viewing the bill as a necessary update to reflect the current landscape.

Contention

Notable points of contention primarily revolve around the potential impacts of exempting certain charitable organizations from solicitation laws. While proponents argue that this would encourage donations and simplify operations for smaller charities, opponents express concerns about possible abuses of the exemption process. Additionally, while the tightening of ownership restrictions in appraisal management companies is generally supported, there exists a debate on how strictly these rules should be enforced in order to balance regulatory oversight with the need for businesses to operate flexibly.