This bill aims to reduce the membership of the State Real Estate Appraiser Board from 11 to 7 members and to implement measures that prohibit discriminatory practices in property appraisals. The new structure will require the Governor to appoint board members based on recommendations from the Senate President and the Speaker of the General Assembly, with specific requirements for the composition of the board, including public members, licensed and certified real estate appraisers, and representatives from the appraisal management company industry.

Additionally, the bill establishes a framework for addressing complaints of discrimination in appraisals, mandating the Department of Law and Public Safety to investigate such complaints. If discrimination is found, the department will direct the board to void the discriminatory appraisal and take disciplinary actions 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 are also introduced for multiple infractions, with fines escalating for subsequent violations.

Statutes affected:
Introduced: 45:14F-3