| 1 | 1 | | SENATE . . . . . . . . . . . . . . No. 2550 |
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| 2 | 2 | | The Commonwealth of Massachusetts |
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| 3 | 3 | | _______________ |
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| 4 | 4 | | In the One Hundred and Ninety-Third General Court |
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| 5 | 5 | | (2023-2024) |
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| 6 | 6 | | _______________ |
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| 7 | 7 | | SENATE, January 16, 2024. |
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| 8 | 8 | | The committee on Senate Ways and Means to whom was referred the Senate Bill |
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| 9 | 9 | | providing consumers with equal protection for all real estate appraisals (Senate, No. 2476), - |
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| 10 | 10 | | reports, recommending that the same ought to pass with an amendment substituting a new draft |
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| 11 | 11 | | with the same title (Senate, No. 2550). |
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| 12 | 12 | | For the committee, |
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| 13 | 13 | | Michael J. Rodrigues 1 of 2 |
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| 14 | 14 | | FILED ON: 1/12/2024 |
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| 15 | 15 | | SENATE . . . . . . . . . . . . . . No. 2550 |
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| 16 | 16 | | The Commonwealth of Massachusetts |
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| 17 | 17 | | _______________ |
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| 18 | 18 | | In the One Hundred and Ninety-Third General Court |
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| 19 | 19 | | (2023-2024) |
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| 20 | 20 | | _______________ |
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| 21 | 21 | | An Act providing consumers with equal protection for all real estate appraisals. |
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| 22 | 22 | | Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority |
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| 23 | 23 | | of the same, as follows: |
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| 24 | 24 | | 1 SECTION 1. Section 173 of chapter 112 of the General Laws, as appearing in the 2022 |
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| 25 | 25 | | 2Official Edition, is hereby amended by inserting after the definition of “Certified appraisal or |
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| 26 | 26 | | 3certified appraisal report” the following definition:- |
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| 27 | 27 | | 4 “Evaluation”, an estimate of the value of real property, made in accordance with the |
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| 28 | 28 | | 5Interagency Appraisal and Evaluation Guidelines, for use in a real estate-related financial |
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| 29 | 29 | | 6transaction for which an appraisal is not required by federal law. |
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| 30 | 30 | | 7 SECTION 2. Subsection A of section 174 of said chapter 112, as so appearing, is hereby |
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| 31 | 31 | | 8amended by striking out the second sentence and inserting in place thereof the following |
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| 32 | 32 | | 9sentence:- |
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| 33 | 33 | | 10 Except to the extent permitted under subsections B and C, a person who has not obtained |
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| 34 | 34 | | 11a real estate appraisal license or certification under this chapter shall not prepare, for a fee or |
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| 35 | 35 | | 12other consideration, an appraisal or appraisal report relating to real estate or real property in the |
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| 36 | 36 | | 13commonwealth. 2 of 2 |
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| 37 | 37 | | 14 SECTION 3. Said section 174 of said chapter 112, as so appearing, is hereby further |
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| 38 | 38 | | 15amended by striking out subsection C and inserting in place thereof the following subsection:- |
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| 39 | 39 | | 16 C. Sections 173 to 195, inclusive, shall not apply to a person engaged by a financial |
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| 40 | 40 | | 17institution to perform an evaluation. When providing an evaluation, a licensed or certified real |
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| 41 | 41 | | 18estate appraiser is not required to comply with the Uniform Standards of Professional Appraisal |
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| 42 | 42 | | 19Practice. An evaluation by a real estate appraiser who is licensed or certified in the |
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| 43 | 43 | | 20commonwealth under this subsection shall contain a disclosure that the evaluation is not an |
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| 44 | 44 | | 21appraisal and is not required to comply with the Uniform Standards of Professional Appraisal |
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| 45 | 45 | | 22Practice. |
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