The proposed bill, if enacted, would amend the definition of "appraisal management company" in Arizona Revised Statutes section 32-3661 to align it with the federal definition. Specifically, it would modify the language to clarify that an appraisal management company is an entity that either administers an appraiser panel of at least sixteen state-licensed or state-certified appraisers within a twelve-month period or serves as a third-party liaison for appraisal management services. The term "either" replaces the previous wording "any," which broadens the scope of the definition.

Additionally, the bill introduces a new definition for "twelve-month period," specifying it as the calendar year unless an alternative period is established by the deputy director through rulemaking. This change aims to provide clarity on the timeframe relevant to the administration of appraiser panels. The bill also removes outdated language, ensuring that the statute reflects current practices and terminologies in the appraisal management industry.

Statutes affected:
Introduced Version: 32-3661