HB 722

Abstract

Amends the Appraisal Management Company Registration Act. Provides that an appraisal management company shall not require an appraiser to pay the specified appraisal management company national registry fee assessed by the Appraisal Subcommittee of the Federal Financial Institutions Examination Council for a person that is certified as an appraiser in this State and is on the appraiser panel of the appraisal management company; require an appraiser to pay any fee directly or indirectly to an appraisal management company or to reimburse an appraisal management company for any costs, fees, or other expenses incurred solely by the appraisal management company as a prerequisite to an appraiser being added to an appraiser panel or as a prerequisite to an appraiser receiving an order for an appraisal from an appraisal management company; or deduct any amount from the reasonable and customary fee paid to an appraiser for any costs, fees, or other expenses incurred solely by the appraisal management company.