AACE Act Accelerating Appraisals and Conservation Efforts Act
This bill is designed to enhance the efficiency of the Department of the Interior by reducing the bureaucratic barriers that currently exist when engaging non-Federal appraisers. It mandates that if a non-Federal appraiser is contracted, preference must be given to appraisers licensed in the state where the property is located, but allows for alternative options if local appraisers are unavailable. This change aims to improve the timeliness and responsiveness of appraisal services, ultimately benefiting federal land management and conservation efforts.
House Bill 5443, known as the Accelerating Appraisals and Conservation Efforts Act (AACE Act), seeks to streamline the processes surrounding appraisal and valuation services for real property transactions governed by the Secretary of the Interior. The bill explicitly allows covered appraisers to perform their services across states as long as they hold a valid license or certification in one state, fostering greater flexibility and efficiency in real estate transactions managed at the federal level.
General sentiment around HB 5443 appears to be supportive of its objectives to enhance efficiency, with proponents emphasizing that it will help expedite processes for real estate transactions under federal oversight. Key stakeholders, including those in the real estate and appraisal industries, may view the bill favorably as it is expected to reduce delays and improve access to appraisal services.
While the bill’s premise aims to simplify the regulatory landscape for appraisals, there is potential contention regarding the balance between federal oversight and local appraiser autonomy. Some uncertainties remain about how the bill will interact with existing state laws regarding appraisal qualifications and whether local appraisers' needs will be adequately addressed amidst broader federal regulations.