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, and it eliminates obsolete language related to transitional licensure.

The bill also amends various sections of the statutes to clarify and update the language regarding reciprocity agreements for appraiser certification and licensure. Notably, it replaces the term "reciprocal" with "reciprocity" in multiple instances, ensuring consistency in terminology. Other amendments include the removal of outdated provisions and the establishment of clearer guidelines for appraiser certification and AMC operations. Overall, the bill aims to streamline the regulatory framework for appraisers and AMCs, enhancing efficiency while maintaining necessary oversight.

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