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