House Bill No. introduced by S. Fitzpatrick aims to revise licensing laws related to real estate appraisals in Montana. The bill clarifies who is authorized to provide opinions or estimates of market value for real property transactions and includes new definitions pertinent to appraisal practices. Key amendments are made to Sections 37-54-102 and 37-54-201 of the Montana Code Annotated (MCA), which now include specific definitions for terms such as "evaluation," "financial institution," and "real estate-related financial transaction." The bill also stipulates that licensed or certified real estate appraisers may provide evaluations without adhering to certain compliance requirements, provided they include a disclaimer indicating that the evaluation is not subject to the Uniform Standards of Professional Appraisal Practice.

Additionally, the bill appropriates $1,000 from the general fund to the Department of Labor and Industry for the fiscal year beginning July 1, 2025, to facilitate the implementation of these changes. The effective date for the provisions outlined in the bill is also set for July 1, 2025. Overall, this legislation seeks to enhance clarity and regulation within the real estate appraisal field while ensuring that non-licensed individuals can still provide market value estimates under specific conditions.

Statutes affected:
LC Text: 37-54-201
HB0872_1(1): 37-54-201
HB0872_1(2): 37-54-201
HB0872_1(3): 37-54-201
HB0872_1(4): 37-54-201
HB0872_1(5): 37-54-201
HB0872_1(6): 37-54-201
HB0872_1: 37-54-201
HB0872_2(1): 37-54-102, 37-54-201
HB0872_2(10): 37-54-201
HB0872_2(11): 37-54-201
HB0872_2(2): 37-54-102, 37-54-201
HB0872_2(3): 37-54-102, 37-54-201
HB0872_2(4): 37-54-102, 37-54-201
HB0872_2(5): 37-54-201
HB0872_2(6): 37-54-201
HB0872_2(7): 37-54-201
HB0872_2(8): 37-54-201
HB0872_2(9): 37-54-201
HB0872_2: 37-54-102, 37-54-201