S. 3902 · 118th Congress
Appraisal Industry Improvement Act
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
TesterSponsor1 cosponsor · 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill revises the federal regulation of real estate appraisers by expanding eligibility criteria to perform appraisals, specifying training requirements, and providing for grants.
What it does: CRS summary · Introduced in Senate · Mar 11, 2024
Appraisal Industry Improvement Act
This bill revises the federal regulation of real estate appraisers by expanding eligibility criteria to perform appraisals, specifying training requirements, and providing for grants. The Federal Financial Institutions Examination Council’s Appraisal Subcommittee oversees state licensing and certification of appraisers and maintains a registry of appraisers eligible to perform appraisals tied to mortgages involving federally backed programs, federally insured banks, or government sponsored enterprises.
The bill allows federal employees who are certified or licensed as an appraiser to perform appraisals in states and territories other than the state or territory in which they are certified or licensed. The bill also provides requirements for qualifying education for appraisers.
The bill expands the national appraiser registry to include trainees with state credentials.
The bill allows the Appraisal Subcommittee to make grants to state appraiser certifying and licensing agencies for the purpose of addressing appraiser workforce needs. The bill also adds representation on the subcommittee from the Department of Veterans Affairs, the Rural Housing Service of the Department of Agriculture, and the Department of Housing and Urban Development.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Appraisal Industry Improvement Act
Latest action (Mar 11, 2024): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Mar 11, 2024
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.