This bill proposes to amend the definition of "appraisal management company" in Arizona Revised Statutes section 32-3661. Under the current law, an appraisal management company is defined as a business entity that performs appraisal management services and administers an appraiser panel of at least sixteen state-licensed or state-certified appraisers in one state or at least twenty-five in two states. The bill modifies this definition by adding the requirement that this administration occurs "within a twelve-month period," which is further defined in the bill as the calendar year unless an alternative period is prescribed by the Deputy Director of the Financial Institutions Division of DIFI.

Additionally, the bill makes technical and conforming changes to the existing statute, including the deletion of the word "any" from the definition and the insertion of the new term "twelve-month period." The overall effect of these changes is to clarify the definition of appraisal management companies and ensure that the timeframe for administering appraiser panels is explicitly stated. The bill is set to become effective on the general effective date if passed.

Statutes affected:
Introduced Version: 32-3661
House Engrossed Version: 32-3661