By: Darby (Senate Sponsor - Parker) H.B. No. 1518
         (In the Senate - Received from the House April 24, 2023;
  April 25, 2023, read first time and referred to Committee on
  Business & Commerce; May 19, 2023, reported favorably by the
  following vote:  Yeas 10, Nays 0; May 19, 2023, sent to printer.)
Click here to see the committee vote
 
 
A BILL TO BE ENTITLED
 
AN ACT
 
  relating to the examination of appraisal services for an appraisal
  management company.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 1104.153, Occupations Code, is amended
  to read as follows:
         Sec. 1104.153.  APPRAISAL SERVICES EXAMINATION [REVIEW].  
  (a)  A person who examines the work of appraisers performing
  appraisal services [performs an appraisal review] for an appraisal
  management company as required by Section 1104.155 must be
  knowledgeable of appraisal practice and the Uniform Standards of
  Professional Appraisal Practice[:
               [(1)  licensed as an appraiser under Chapter 1103,
  unless exempt by board rule; and
               [(2)  qualified to perform the appraisal being
  reviewed].
         (b)  An appraisal management company registered under this
  chapter shall keep a record of the qualifications of a person
  conducting an examination described by Subsection (a).
         SECTION 2.  Section 1104.155, Occupations Code, is amended
  to read as follows:
         Sec. 1104.155.  PROFESSIONAL STANDARDS. An appraisal
  management company registered under this chapter shall on a
  periodic basis examine [perform an appraisal review of] the work of
  appraisers performing appraisal services for the company to ensure
  that the services comply with:
               (1)  the edition of the Uniform Standards of
  Professional Appraisal Practice in effect at the time of the
  appraisal; or
               (2)  other standards prescribed by board rule.
         SECTION 3.  This Act takes effect immediately if it receives
  a vote of two-thirds of all the members elected to each house, as
  provided by Section 39, Article III, Texas Constitution. If this
  Act does not receive the vote necessary for immediate effect, this
  Act takes effect September 1, 2023.
 
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