Virginia Real Estate Appraiser Board; appraisal management companies, compensation of appraisers. (SB1575)

Introduced By

Sen. Frank Wagner (R-Virginia Beach)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Virginia Real Estate Appraiser Board; appraisal management companies; compensation of appraisers. Requires an appraisal management company to compensate appraisers at a rate that is customary and reasonable for appraisal services performed in the market area of the property being appraised. The bill provides that compliance with the fee requirement is presumed if an appraisal management company compensates appraisers in an amount that is reasonably related to recent rates paid for comparable appraisal services by entities other than appraisal management companies in the geographic market of the property being appraised. The bill also provides that an appraisal management company may use objective third-party information, such as government agency fee schedules, academic studies, and independent private sector surveys, as evidence to determine appraiser compensation. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/20/2017Presented and ordered printed 17103556D
01/20/2017Referred to Committee on General Laws and Technology
01/25/2017Impact statement from DPB (SB1575)
02/03/2017Passed by indefinitely in General Laws and Technology with letter (14-Y 0-N) (see vote tally)