The bill amends section 2635 of the Occupational Code, specifically addressing the penalties for licensees who violate standards related to real property appraisals. It outlines various actions that can lead to penalties, including failing to exercise reasonable diligence, demonstrating incompetence, and performing appraisal services without proper licensing. Notably, the bill introduces new language that specifies the penalties for a licensee who violates certain appraisal standards, including a misdemeanor charge with a fine of up to $15,000, while removing the option for imprisonment.

Additionally, the bill clarifies the conditions under which a limited real estate appraiser must disclose to clients that their appraisal cannot be used in federally related transactions. It also revises the language regarding the conditions under which an appraisal can be developed and communicated, particularly in relation to client expectations and preconditions on appraisal outcomes. The amendments aim to enhance the integrity of the appraisal process and ensure compliance with established standards.

Statutes affected:
House Introduced Bill: 339.2635