This bill amends section 2635 of the Occupational Code, specifically addressing the penalties for licensees who violate standards related to real property appraisals. Key provisions include the introduction of new language that clarifies the responsibilities of licensees, such as the requirement for limited real estate appraisers to disclose to clients that their appraisals cannot be used in federally related transactions. Additionally, the bill specifies that licensees who develop and communicate appraisals under certain conditions, such as setting preconditions on the outcome or implying that payment is contingent on achieving a desired appraised value, are subject to penalties.

The bill also modifies the penalties for violations, establishing that individuals who violate specific provisions are guilty of a misdemeanor, punishable by a fine of up to $15,000. The previous language regarding imprisonment has been removed, and the timeframe for filing complaints related to violations has been deleted. Overall, the amendments aim to enhance the accountability of real estate appraisers and ensure compliance with established appraisal standards.

Statutes affected:
House Introduced Bill: 339.2635