This bill makes amendments to the Real Estate Appraiser Certification Act and the Real Estate Appraisal Management Company Registration Act. It adds new definitions for "state-licensed real estate appraiser" and "certified appraisal report" and requires that any appraisal must be performed by a licensed or certified appraiser unless exempted by federal law. The bill also changes the composition of the Rhode Island real estate appraisers board, increasing the number of members and specifying the qualifications for each member.

The bill also establishes requirements for licensed trainee appraisers, nonresident certified or licensed appraisers, and continuing education for state-certified or licensed appraisers. It includes provisions regarding appraisal management companies, including registration requirements and grounds for denial, suspension, or revocation of registration. The bill also updates definitions and includes provisions for the adjudication of disputes between appraisal management companies and appraisers. Overall, the bill aims to update and improve regulations for real estate appraisers and appraisal management companies in accordance with federal laws and recommendations.

Statutes affected:
850  SUB A: 5-20.9-10
850: 5-20.9-10