This bill aims to reduce the membership of the State Real Estate Appraiser Board from 11 to 7 members and establishes new guidelines for appointments. The Governor will now appoint board members based on recommendations from the Speaker of the General Assembly and the Senate President, with each able to recommend three members. The composition of the board will include two public members, one State executive department member, one State licensed real estate appraiser, one State certified real estate appraiser, and two representatives from the appraisal management company industry, ensuring a diverse representation.

Additionally, the bill prohibits discriminatory practices in property appraisals, mandating that the Department of Law and Public Safety investigate complaints of discrimination. If discrimination is found, the department will direct the board to void the appraisal and take disciplinary action against the offending appraiser or appraisal management company, which may include restitution, mandatory attendance at an anti-bias seminar, and potential suspension or revocation of licenses for repeated violations. Civil penalties of up to $5,000 for second violations and $10,000 for third and subsequent violations are also established to deter discriminatory practices in real estate appraisals.

Statutes affected:
Introduced: 45:14F-3