TITLE: Relating to the examination of appraisal services for an appraisal management company.

SUMMARY: Relating to the examination of appraisal services for an appraisal management company.

FULL TEXT:
AN ACT relating to the examination of appraisal services for an appraisal management company. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Section 1104.153, Occupations Code, is amended to read as follows: Sec. 1104.153. APPRAISAL SERVICES EXAMINATION [REVIEW].(a) A person who examines the work of appraisers performing appraisal services [performs an appraisal review] for an appraisal management company as required by Section 1104.155 must be knowledgeable of appraisal practice and the Uniform Standards of Professional Appraisal Practice [: [(1) licensed as an appraiser under Chapter 1103, unless exempt by board rule; and [(2) qualified to perform the appraisal being reviewed].(b) An appraisal management company registered under this chapter shall keep a record of the qualifications of a person conducting an examination described by Subsection (a). SECTION 2. Section 1104.155, Occupations Code, is amended to read as follows: Sec. 1104.155. PROFESSIONAL STANDARDS. An appraisal management company registered under this chapter shall on a periodic basis examine [perform an appraisal review of] the work of appraisers performing appraisal services for the company to ensure that the services comply with: (1) the edition of the Uniform Standards of Professional Appraisal Practice in effect at the time of the appraisal; or (2) other standards prescribed by board rule. SECTION 3. This Act takes effect immediately if it receives a vote of two-thirds of all the members elected to each house, as provided by Section 39, Article III, Texas Constitution.