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House Bill 2533 |
House Author: Darby |
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Effective: 6-15-21 |
Senate Sponsor: Nichols |
House Bill 2533 amends the Occupations Code to exempt certain persons from provisions governing real estate appraisers, including a person employed or engaged by a federally regulated financial institution who performs a real property evaluation for use by the institution in certain transactions and a person employed or engaged by a non‑bank financial institution who provides specified services concerning the value of a real property interest for use by the institution. The bill establishes that a certified or licensed appraiser is not required to comply with established professional standards to provide such services and provides for notice on certain appraisal documents when the applicable appraisal is not performed in accordance with the Uniform Standards of Professional Appraisal Practice. The bill also exempts the procurement or use of an automated valuation model from provisions governing real estate appraisers.