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