Monday, May 17, 2010

Governor Crist Signs - HB 303 - Regulation of Appraisal Management Companies

It was a busy week in Washington, D.C. NAR Appraisal Committee Leadership met with 2010 President Elect, Ron Phipps and Senior NAR Staff to discuss appraisal issues. We also met with Professional Standards Committee leadership on a number of issues. There were trips to Capitol Hill to meet with our US Representatives and Senators.

The most anticipated event, however, was playing out right here in the Sunshine State. Despite the fact HB 303 - Real Estate Appraisers/Appraisal Management Companies passed both the Florida House and Senate unanimously, the AMC crew was lobbying the Governor's Office to veto the bill. The Florida Realtors sent a Call to Action to their members late on Wednesday, the 12th. By 8:00 A.M the next morning, over 800 members had responded and contacted the Governor, urging him to sign the bill. The Appraisal Institute initiated their own Call to Action on Thursday the 13th.

All day Friday, the 14th, there were frantic emails and phone calls among Florida Realtors legislative staff, the Governor's office and contract lobbyists for the Florida Realtors. The focus was on convincing the Governor to sign the bill. Shortly after 5:30 on Friday, we heard the Governor signed the bill!

There's still quite a bit of work to do. The bill is effective July 1, 2011. Now the Florida Real Estate Appraisal Board has a little over one year to adopt the rules needed to implement the law.

Updates on the Appraisal related events from the NAR Meetings and Washington, D.C. a little bit later.


Kathleen Bryce said...

Is it true this law will give AMC's two seats on the Appraisal Board? If so wouldn't that tip the scales in favor of more big business?

Anonymous said...

Yes, according to 475.613, FS FREAB, the FREAB shall consist of NINE members.. Two memebers of the board must represent the appraisal management industry.