Portal for Appraisal Licensing Act of 2023
The bill highlights provisions for user fees to support building and maintaining the portal, ensuring that these fees are revenue neutral. This method emphasizes the responsibility of individuals and AMCs in covering the costs associated with this new technology. Additionally, the legislation requires that background checks be a fundamental part of the credentialing process, thereby enhancing the integrity and security of the appraisal profession. It is important to note that the bill maintains states' rights to govern licensing procedures, ensuring that local regulations can still operate alongside the new federal portal.
House Bill 2771, known as the Portal for Appraisal Licensing Act of 2023, aims to amend the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 by establishing a centralized cloud-based portal for appraiser credentialing and appraisal management company (AMC) registration information. This initiative is designed to streamline the process of license and certification applications, as well as renewals for appraisers and AMCs, providing a single access point for state agencies to retrieve and manage related data efficiently. The establishment of this portal is expected to modernize the registration process, enhancing the operational capabilities of state credentialing agencies.
One notable point of contention revolves around the balance between federal and state authority regarding the regulation of appraisal and management companies. While proponents of HB 2771 see the portal as a necessary tool for efficiency and oversight, some stakeholders may express concerns about federal overreach and the potential impacts on state independence in regulating their appraisal processes. Another point of discussion involves the financial implications of setting up the portal and whether the proposed user fees will be manageable for appraisers and AMCs, particularly smaller organizations.