Tennessee Senate Bill SB1621

Tennessee 2023-2024 Regular Session

• Introduced: 1/4/24
• Engrossed: 2/5/24
• Enrolled: 2/6/24
• Passed: 2/21/24
• Chaptered: 3/19/24

Caption

AN ACT to amend Tennessee Code Annotated, Title 4, Chapter 29 and Title 62, Chapter 39, relative to the real estate appraiser commission.

Impact

If enacted, SB1621 would streamline the regulatory processes related to real estate appraisal within Tennessee. By revising the existing code, the bill intends to enhance the oversight of appraisers and ensure that they are held to standards that reflect current market practices and ethical considerations. This could significantly affect how appraisers are licensed, monitored, and held accountable in the state, potentially leading to higher standards of professionalism and consumer protection in real estate transactions.

Summary

Senate Bill 1621 aims to amend sections of the Tennessee Code Annotated concerning the real estate appraiser commission. The bill specifically focuses on the administrative structure and regulatory framework that governs real estate appraisers in the state. This amendment involves the removal of certain existing provisions and the establishment of a real estate appraiser commission as defined in another section of the Tennessee Code. Essentially, the bill seeks to refine and clarify the operational parameters of appraisers and the regulatory body overseeing their activities.

Sentiment

The sentiment surrounding SB1621 appears to be generally positive, with an emphasis on improving the effectiveness of real estate appraisals and the regulatory processes associated with them. Supporters of the bill argue that it represents a necessary modernization of state regulations that can benefit both appraisers and the public they serve. However, some concerns may exist about the sufficiency of the provisions included in the bill, particularly regarding the operational independence of the commission and how it will implement oversight effectively.

Contention

One point of contention may arise from the extent of authority granted to the new real estate appraiser commission. Critics could argue that the bill may shift power excessively towards this newly structured body, impacting existing appraisers and their operations. The effectiveness and clarity of the new regulatory framework will be critical in ensuring that it serves its intended purpose without adversely affecting appraisers' ability to operate freely and effectively within the marketplace.