The bill amends the Oklahoma Appraisal Management Company Regulation Act by updating definitions and clarifying ownership requirements for appraisal management companies (AMCs). Key changes include the modification of the definition of "appraisal management company" to specify the number of appraisers required for oversight and the inclusion of new language regarding the ownership of AMCs. Specifically, it prohibits ownership by individuals or entities with a history of credential issues related to appraising, emphasizing the need for good moral character and background checks for AMC owners.

Additionally, the bill outlines the reporting requirements for federally-regulated AMCs operating in Oklahoma, mandating that they provide necessary information to the Real Estate Appraiser Board, which in turn must report to the Appraisal Subcommittee of the Federal Financial Examinations Council. The bill also specifies that the AMC National Registry fee collected by the Board will be transmitted to the Appraisal Subcommittee. The effective date for these changes is set for November 1, 2026.