|
House Bill 1146 |
House Author: Kuempel et al. |
|
Effective: See below |
Senate Sponsor: Carona |
House Bill 1146 amends the Occupations Code to enact the Texas Appraisal Management Company Registration and Regulation Act for the purpose of establishing and enforcing standards relating to appraisal management services for appraisal reports on residential properties located in this state with fewer than five units. The bill sets terms for an advisory committee to advise the board and make recommendations on matters related to the regulation of appraisal management companies. The bill makes it a Class A misdemeanor for a person to act or attempt to act as an appraisal management company without being registered in accordance with the bill's provisions.
House Bill 1146 makes provisions of the act inapplicable to certain persons, departments, or units within specified financial institutions and appraisal management companies and establishes prohibited acts for appraisal management companies. The bill requires the board to establish application, renewal, and other fees for an appraisal management company to register. The bill establishes eligibility requirements and application requirements for original and renewal registrations, specifies a date of expiration for a registration that is not renewed, and requires the board to adopt rules regarding the renewal of a registration under the act. The bill sets terms for the board's denial of a registration and sets out requirements for a registered appraisal management company relating to the licensure or certification of a person performing an appraisal review for the company. The bill establishes recordkeeping requirements for a registered company or applicant for registration.
House Bill 1146 requires an appraisal management company to meet certain requirements relating to the timeliness and the amount of appraiser compensation, and authorizes an appraiser who is aggrieved relating to such compensation to file a complaint with the board under certain conditions. The bill requires an appraisal management company to refer unethical or unprofessional conduct to the board and sets out terms and procedures for removing an appraiser from the appraisal panel of an appraisal management company. The bill sets out procedural provisions relating to an internal independent or external third-party dispute resolution process. The bill establishes the disciplinary powers of the board and authorizes the board to impose an administrative penalty against a person who violates the provisions of the Texas Appraisal Management Company Registration and Regulation Act. The bill sets out provisions relating to filing a written complaint with the board.
House Bill 1146 establishes the general subpoena authority of the board and provides requirements relating to the written notification of an alleged violation and proposed penalty and provisions relating to paying the penalty or requesting a hearing on the board's determination. The bill establishes procedures relating to the temporary suspension of a person's registration and sets out terms relating to a contested case hearing involving an appraisal management company. The bill authorizes the board to institute an action in its own name against any person to enjoin a violation of the act or of a rule adopted by the board under the act and sets out requirements relating to such an injunction. A person who receives consideration for engaging in an activity for which registration is required under the act and who is not registered is liable for a civil penalty and sets out provisions relating to the amount and recovery of such a penalty. The bill takes effect September 1, 2011, except the provisions relating to disciplinary actions and procedures, administrative penalties, and other enforcement actions take effect March 1, 2012.