Relating to the regulation of real estate appraisers and appraisal management companies.
Impact
The provisions introduced by SB1735 will amend the Occupations Code, particularly by introducing an additional section that outlines the stipend program's criteria and funding mechanisms. The stipends will be funded through gifts, grants, and donations, specifically directed at improving training and support for appraisers. This move signals a proactive approach by the legislature to ensure the real estate appraisal profession remains robust and well-supported, leading to better service quality for residents of Texas.
Summary
Senate Bill 1735 seeks to enhance the regulation of real estate appraisers and appraisal management companies in Texas. A significant component of the bill is the establishment of a stipend program aimed at appraiser trainees and certified appraisers who serve as supervisory appraisers. This initiative is designed to promote the professional needs of the state, increase the availability of well-trained appraisers for residents, and foster a favorable business environment conducive to economic development.
Contention
While proponents of SB1735 argue that the bill will bolster the profession, providing the necessary resources for appraisers, some concerns may arise regarding the funding of this program solely from non-governmental sources. Critics might question the sustainability of such funding and whether it will meet the demand for quality training in the long term. Additionally, limitations on who can be employed as controlling persons in appraisal management companies, as outlined in the bill, may also raise concerns about the bureaucratic implications for businesses attempting to comply with these regulations.
Permits State Real Estate Appraiser Board to revoke, suspend, or fine appraisers or appraisal management companies who knowingly engage in discriminatory appraisals of residential property on basis of race or national origin.