The bill amends several sections of the Revised Statutes Cumulative Supplement, 2024, specifically focusing on the Real Property Appraiser Act and the Nebraska Appraisal Management Company Registration Act. Key changes include the board's authority to investigate alleged violations of the Real Property Appraiser Act upon receiving a complaint or information indicating a violation. The bill introduces provisions for the board to enter into contingent dismissal agreements with credential holders, which are not considered disciplinary actions, and mandates that any disciplinary actions against credentialed appraisers be reported to federal authorities. Additionally, the bill clarifies the ownership restrictions for appraisal management companies, ensuring that individuals with certain disqualifying histories cannot hold significant ownership stakes.

Furthermore, the bill outlines the process for disciplinary actions against appraisal management companies, allowing the board to impose fines, suspend or revoke registrations, or enter into contingent dismissal agreements for violations. It emphasizes the importance of promoting voluntary compliance and encourages appraisal management companies to correct errors promptly. The bill also requires that any violations or disciplinary actions be reported to the Appraisal Subcommittee as mandated by federal law. Overall, the amendments aim to enhance regulatory oversight and ensure compliance within the real property appraisal industry in Nebraska.

Statutes affected:
Introduced: 76-2239, 76-3207, 76-3216
Final Reading: 76-2239, 76-3207, 76-3216
Slip Law: 76-2239, 76-3207, 76-3216