| 1 | 1 | | By: Darby (Senate Sponsor - Parker) H.B. No. 1518 |
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| 2 | 2 | | (In the Senate - Received from the House April 24, 2023; |
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| 3 | 3 | | April 25, 2023, read first time and referred to Committee on |
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| 4 | 4 | | Business & Commerce; May 19, 2023, reported favorably by the |
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| 5 | 5 | | following vote: Yeas 10, Nays 0; May 19, 2023, sent to printer.) |
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| 6 | 6 | | Click here to see the committee vote |
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| 7 | 7 | | |
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| 8 | 8 | | |
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| 9 | 9 | | A BILL TO BE ENTITLED |
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| 10 | 10 | | AN ACT |
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| 11 | 11 | | relating to the examination of appraisal services for an appraisal |
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| 12 | 12 | | management company. |
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| 13 | 13 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 14 | 14 | | SECTION 1. Section 1104.153, Occupations Code, is amended |
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| 15 | 15 | | to read as follows: |
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| 16 | 16 | | Sec. 1104.153. APPRAISAL SERVICES EXAMINATION [REVIEW]. |
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| 17 | 17 | | (a) A person who examines the work of appraisers performing |
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| 18 | 18 | | appraisal services [performs an appraisal review] for an appraisal |
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| 19 | 19 | | management company as required by Section 1104.155 must be |
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| 20 | 20 | | knowledgeable of appraisal practice and the Uniform Standards of |
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| 21 | 21 | | Professional Appraisal Practice[: |
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| 22 | 22 | | [(1) licensed as an appraiser under Chapter 1103, |
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| 23 | 23 | | unless exempt by board rule; and |
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| 24 | 24 | | [(2) qualified to perform the appraisal being |
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| 25 | 25 | | reviewed]. |
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| 26 | 26 | | (b) An appraisal management company registered under this |
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| 27 | 27 | | chapter shall keep a record of the qualifications of a person |
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| 28 | 28 | | conducting an examination described by Subsection (a). |
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| 29 | 29 | | SECTION 2. Section 1104.155, Occupations Code, is amended |
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| 30 | 30 | | to read as follows: |
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| 31 | 31 | | Sec. 1104.155. PROFESSIONAL STANDARDS. An appraisal |
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| 32 | 32 | | management company registered under this chapter shall on a |
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| 33 | 33 | | periodic basis examine [perform an appraisal review of] the work of |
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| 34 | 34 | | appraisers performing appraisal services for the company to ensure |
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| 35 | 35 | | that the services comply with: |
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| 36 | 36 | | (1) the edition of the Uniform Standards of |
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| 37 | 37 | | Professional Appraisal Practice in effect at the time of the |
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| 38 | 38 | | appraisal; or |
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| 39 | 39 | | (2) other standards prescribed by board rule. |
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| 40 | 40 | | SECTION 3. This Act takes effect immediately if it receives |
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| 41 | 41 | | a vote of two-thirds of all the members elected to each house, as |
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| 42 | 42 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 43 | 43 | | Act does not receive the vote necessary for immediate effect, this |
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| 44 | 44 | | Act takes effect September 1, 2023. |
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| 45 | 45 | | * * * * * |
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