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