Real estate appraisers; changes definition of 'evaluations.' (HB1453)

Introduced By

Del. Lee Ware (R-Powhatan)

Progress

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

Description

Real estate appraisers; evaluations. Changes the definition of "evaluation" from an analysis, opinion, or conclusion relating to the nature, quality, value, or utility of specified interests in, or aspects of, identified real property to an opinion of the market value of real property or real estate that may be utilized in connection with a real estate-related financial transaction where an appraisal by a state-certified or state-licensed appraiser is not required by the state or federal financial institution's regulatory agency engaging in, contracting for, or regulating such real estate-related financial transaction or regulating the financial institution or lender engaged in or about to engage in such real estate-related financial transaction. The bill requires that an evaluation meet the format requirements of the federal Interagency Appraisal and Evaluation Guidelines, include sufficient information in clear and understandable language to allow a person to understand the opinion of the market value of real property or real estate, and contain the statement: "This is not an appraisal performed in accordance with the Uniform Standards of Professional Appraisal Practice." Amends § 54.1-2009, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/17/2018Committee
01/17/2018Presented and ordered printed 18104245D
01/17/2018Referred to Committee on General Laws
01/19/2018Assigned GL sub: Subcommittee #2
01/23/2018Impact statement from DPB (HB1453)
01/25/2018Subcommittee recommends reporting (8-Y 0-N)
01/30/2018Reported from General Laws (22-Y 0-N) (see vote tally)
02/01/2018Read first time
02/02/2018Read second time and engrossed
02/05/2018Read third time and passed House BLOCK VOTE (98-Y 0-N)
02/05/2018VOTE: BLOCK VOTE PASSAGE (98-Y 0-N) (see vote tally)
02/06/2018Constitutional reading dispensed
02/06/2018Referred to Committee on General Laws and Technology
02/26/2018Reported from General Laws and Technology with amendments (15-Y 0-N) (see vote tally)
02/28/2018Constitutional reading dispensed (40-Y 0-N) (see vote tally)
03/01/2018Read third time
03/01/2018Reading of amendments waived
03/01/2018Committee amendments agreed to
03/01/2018Engrossed by Senate as amended
03/01/2018Passed Senate with amendments (40-Y 0-N) (see vote tally)
03/05/2018Placed on Calendar
03/05/2018Senate amendments agreed to by House (99-Y 0-N)
03/05/2018VOTE: ADOPTION (99-Y 0-N) (see vote tally)
03/07/2018Enrolled
03/07/2018Bill text as passed House and Senate (HB1453ER)
03/07/2018Impact statement from DPB (HB1453ER)
03/07/2018Signed by Speaker
03/09/2018Signed by President
03/15/2018Enrolled Bill communicated to Governor on March 15, 2018
03/15/2018G Governor's Action Deadline Midnight, April 9, 2018
03/30/2018G Approved by Governor-Chapter 644 (effective 7/1/18)
03/30/2018G Acts of Assembly Chapter text (CHAP0644)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 2 clips in all, totaling 1 minute.