SENATE . . . . . . . . . . . . . . No. 2476
The Commonwealth of Massachusetts
_______________
In the One Hundred and Ninety-Third General Court
(2023-2024)
_______________
SENATE, October 19, 2023.
The committee on Consumer Protection and Professional Licensure to whom was
referred the petition (accompanied by bill, Senate, No. 147) of Cynthia Stone Creem, Josh S.
Cutler and Daniel M. Donahue for legislation to provide consumers with equal protection for all
real estate appraisals, reports the accompanying bill (Senate, No. 2476).
For the committee,
John J. Cronin 1 of 2
FILED ON: 10/16/2023
SENATE . . . . . . . . . . . . . . No. 2476
The Commonwealth of Massachusetts
_______________
In the One Hundred and Ninety-Third General Court
(2023-2024)
_______________
An Act providing consumers with equal protection for all real estate appraisals.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority
of the same, as follows:
1 SECTION 1. Section 173 of chapter 112 of the General Laws, as appearing in the 2020
2Official Edition, is hereby amended by inserting after the definition of “Certified appraisal or
3certifies appraisal report”, the following new definition:-
4 “Evaluation”, means an estimate of the value of real property, made in accordance with
5the interagency Appraisal and Evaluation Guidelines provided to an entity regulated by a federal
6financial institution’s regulatory agency, for use in a real estate-related financial transaction for
7which an appraisal is not required by federal law.
8 SECTION 2. Subdivision A of Section 174 of Chapter 112 of the General Laws, as so
9appearing, is hereby amended by striking out the second sentence and inserting in place thereof
10the following sentence:- Except to the extent permitted under subdivisions B and C, a person
11who has not obtained a real estate appraisal license or certification under this chapter shall not
12prepare, for a fee or other consideration, an appraisal or appraisal report relating to real estate or
13real property in the Commonwealth. 2 of 2
14 SECTION 3. Said Section 174 of said Chapter 112, as so appearing, is hereby further
15amended by striking out subdivision C, and inserting in place thereof the following new
16subdivision:-
17 C. The provisions of sections 173 to 199, inclusive, shall not apply to a person engaged
18by a financial institution to perform an evaluation of real property. When providing an
19evaluation, a licensed or certified real estate appraiser is not required to comply with the Uniform
20Standards of Professional Appraisal Practice. An evaluation by a Massachusetts licensed or
21certified real estate appraiser under this subdivision must contain a disclosure that the evaluation
22is not an appraisal and may not comply with the Uniform Standards of Professional Appraisal
23Practice.