Tuesday, April 27, 2010

HB 303-Regulation of Appraisal Management Companies, Passes Florida Legislature

Mark this date: April 27, 2010. On this date, the Florida Legislature passed HB 303 - Regulation of Appraisal Management Companies. The Florida House passed the bill on Monday, the 26th. The bill was sent to the Florida Senate and referred to three committees. The Senate decided to lay their bill, S 2210, on the table, and vote on the House bill. The vote was 35 Yeas / 0 Nays.

In addition to requiring the registration and regulation of Appraisal Management Companies, if signed by the Governor, the bill will require the Florida Real Estate Appraisal Board to adopt rules to specify the means by which an appraiser's signature may be affixed to an appraisal  report and include requirements for protecting the security of an appraiser's signature.

If signed by the Governor, the effective date of the legislation is July 1, 2011.

Thanks to Rep. Matt Hudson, the sponsor of the bill, and all the cosponsors. We should also acknowledge Sen. Lee Constantine and Sen. Mike Fasano, sponsors of the bills on the Senate side of the legislature. The Florida REALTORS® demonstrated determination and perseverance in getting this bill introduced, through all the committees and on the floor for consideration. A special thanks to Trey Goldman, Legislative Counsel for the Florida REALTORS®. Region X of the Appraisal Institute, and their lobbyist, Bob Hartnett were actively involved in this effort as well. Well done!

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