Assembly Bill 557 proposes significant changes to the regulation and credentialing of real estate appraisers and appraisal management companies (AMCs) in Wisconsin. Key provisions of the bill include the repeal of the minimum age requirement of 18 years for licensure applicants, an increase in the appraisal limit for certified residential appraisers from $250,000 to $500,000 for commercial transactions, and the exemption of AMCs that are subsidiaries of federally regulated financial institutions from licensing requirements. Additionally, the bill removes the ability of licensed AMCs to dismiss independent appraisers from their panels without notice within the first 60 days of their addition.

The bill also includes various amendments to existing statutes, such as updating the terminology from "reciprocal" to "reciprocity" in several sections, and repealing obsolete provisions, including a transitional licensure clause. Other amendments clarify the requirements for certification through reciprocity agreements and ensure that certified appraisers properly display their titles and certificate numbers on appraisal reports. Overall, the bill aims to streamline the licensing process and modernize the regulatory framework for appraisers and AMCs in Wisconsin.

Statutes affected:
Bill Text: 458.01(13), 458.01, 458.06(4m)(title), 458.06, 458.06(4m)(b), 458.08(2)(a), 458.08, 458.08(4)(title), 458.08(4)(b), 458.08(5), 458.09(2)(intro.), 458.09, 458.10(1), 458.10, 458.12, 458.16(1), 458.16, 458.34(1)(b), 458.34, 458.43(1)(intro.), 458.43