Real estate appraisal management companies; includes feed paid to appraiser in appraisal reports. (HB210)

Introduced By

Del. Jackson Miller (R-Manassas)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Regulation of real estate appraisal management companies.  Adds definitions of "appraisal services and "appraiser" and provides exemptions from licensure for certain entities. The bill also (i) authorizes the Board, beginning July 1, 2014, to issue a license to a person or entity to do business as an appraisal management company in the Commonwealth provided such person or entity meets certain requirements set out in the bill; (ii) requires the Board to require an appraisal management company as a condition of licensure to execute a performance agreement and provide collateral to the Board in form of cash, letter of credit, or bond in an amount sufficient as reasonably determined by the Board to secure the payment of the obligations of the licensee for its transactions in the Commonwealth for a period not less than 12 months; (iii) provides that the fees charged by an appraisal management company and fees paid to appraisers shall be separately reflected on the good faith estimate provided by the lender and on the settlement statement; (iv) increases the civil penalty from not more than $2,500 to $10,000 for willful violations by a real estate appraisal management company; and (v) requires the disclosure on the settlement statement of any fees paid to a real estate appraisal management company. The bill requires the Real Estate Appraiser Board to adopt emergency regulations to implement the provisions of the bill. Read the Bill »


Bill Has Passed


01/09/2012Prefiled and ordered printed; offered 01/11/12 12102594D
01/09/2012Referred to Committee on General Laws
01/13/2012Assigned GL sub: #1 Housing
01/17/2012Impact statement from DPB (HB210)
02/08/2012Subcommittee recommends reporting with amendment(s) (7-Y 0-N)
02/09/2012Reported from General Laws with substitute (21-Y 0-N) (see vote tally)
02/09/2012Committee substitute printed 12105248D-H1
02/12/2012Read first time
02/13/2012Read second time
02/13/2012Passed by temporarily
02/13/2012Committee substitute agreed to 12105248D-H1
02/13/2012Engrossed by House - committee substitute HB210H1
02/14/2012Read third time and passed House BLOCK VOTE (100-Y 0-N)
02/14/2012VOTE: BLOCK VOTE PASSAGE (100-Y 0-N) (see vote tally)
02/15/2012Constitutional reading dispensed
02/15/2012Referred to Committee on General Laws and Technology
02/20/2012Impact statement from DPB (HB210H1)
02/27/2012Committee substitute printed 12105639D-S1
02/27/2012Reported from General Laws and Technology with substitute (15-Y 0-N) (see vote tally)
02/29/2012Impact statement from DPB (HB210S1)
02/29/2012Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/29/2012Read third time
02/29/2012Reading of substitute waived
02/29/2012Committee substitute agreed to 12105639D-S1
02/29/2012Engrossed by Senate - committee substitute HB210S1
02/29/2012Passed Senate with substitute (39-Y 0-N) (see vote tally)
02/29/2012Placed on Calendar
02/29/2012Passed by temporarily
02/29/2012Senate substitute agreed to by House 12105639D-S1 (83-Y 0-N)
02/29/2012VOTE: ADOPTION (83-Y 0-N) (see vote tally)
03/05/2012Bill text as passed House and Senate (HB210ER)
03/05/2012Impact statement from DPB (HB210ER)
03/05/2012Signed by Speaker
03/07/2012Signed by President
03/30/2012G Approved by Governor-Chapter 405 (effective - see bill)
03/30/2012G Acts of Assembly Chapter text (CHAP0405)