Senate Bill 543 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 clarification that AMCs that are subsidiaries of federally regulated financial institutions do not need to be licensed. 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 update terminology and streamline processes. For instance, it replaces the term "reciprocal" with "reciprocity" in multiple sections, including those governing certification agreements and the requirements for applicants. Other amendments include the removal of outdated provisions and the establishment of clearer guidelines for appraiser certification and AMC operations.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 modernize the regulatory framework for appraisers and AMCs, enhancing efficiency and clarity in the licensing process.

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