Consumer protection bill on appraisal management moves to Florida House floor
State Representative Matt Hudson (R-Naples) today lauded the unanimous passage of House Bill (HB) 303 (Click here to see bill) in the General Government Policy Council. The bill is a consumer protection measure that requires Florida’s appraisal management companies register with the Florida Department of Business and Professional Regulation (DBPR). The measure sets professional standards for this growing industry. Representative Hudson released the following statement:
“Signs in the economy suggest that Florida’s real estate market may be poised to spring back. This possibility heightens the need for the entities involved in making the dream of home ownership a reality to be held to the highest professional standards possible. This bill will strengthen the appraisal management business in a way that allows banks to make good loans and consumers to make sound decisions at a time when much of Florida’s economic resurgence depends on the real estate market.”
Currently, there is no regulation of appraisal management companies in Florida. Under the bill, appraisal management companies will be required to follow the Uniform Standards of Professional Appraisal Practice and will be regulated under the same rules as appraisers. Furthermore, the bill enhances consumer protections by establishing procedures, guidelines and penalties for non-compliance and requiring background checks of the company principal(s).
The bill now moves to the floor of the House.
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