Texas Senate Bill SB624

Texas 2019 - 86th Regular

Caption

Relating to the continuation and functions of the Texas Real Estate Commission and the Texas Appraiser Licensing and Certification Board; changing fees.

Impact

The bill introduces provisions allowing the Board to order refunds to consumers in place of administrative penalties in certain circumstances, suggesting a shift towards more consumer-oriented enforcement measures. Additionally, it reinforces ethical standards for board members by prohibiting individuals with conflicts of interest from serving on the board or as general counsel. This aims to enhance public trust in the board’s activities and decisions, providing clearer guidelines around eligibility and responsibilities.

Summary

SB624 amends various sections of the Occupations Code, focusing on the governance and operational procedures of the Texas Appraiser Licensing and Certification Board and the Texas Real Estate Commission. The primary aim of the bill is to enhance consumer protection in real estate transactions by establishing new regulations around penalties, qualifications for board members, and the functions of appraisal management companies. Through these amendments, SB624 seeks to streamline processes while ensuring that entities being regulated adhere to standards that protect consumers' interests.

Sentiment

The sentiment surrounding SB624 appears to be largely positive, particularly among consumer advocacy groups who welcome the increased focus on consumer protection. Industry stakeholders, however, might have mixed feelings given the heightened regulatory scrutiny on appraisal management companies and the implications for those operating within the real estate sector. The board's ability to impose administrative measures could be viewed as a necessary step, yet some industry representatives may express concern about the practicality and impact of these changes.

Contention

Notable points of contention raised during the discussions include the impact of increased regulations on small appraisal firms and the potential challenges faced by the board in enforcing new provisions effectively. Opponents may argue that while consumer protection is essential, overly stringent regulations could stifle competition and limit the availability of services, thus harming the very consumers the regulations aim to protect.