Introduced
by
To explicitly and specifically prohibit real estate appraisers from developing an appraisal that will be used to justify a real estate loan with the understanding that the outcome of the appraisal will determine whether the appraiser gets future business from the client, or with the understanding that payment for the appraisal is dependent on attaining a minimum value desired by the client. Violations would be subject to up to three years in prison and a $5,000 fine.
Referred to the Committee on Banking and Financial Services
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that revises the penalties.
The substitute passed by voice vote
Passed in the House 108 to 0 (details)
To explicitly and specifically prohibit real estate appraisers from developing an appraisal that will be used to justify a real estate loan with the understanding that the outcome of the appraisal will determine whether the appraiser gets future business from the client, or with the understanding that payment for the appraisal is dependent on attaining a minimum value desired by the client. Violations would be subject to up to one year in prison and a $15,000 fine.
Referred to the Committee on Banking and Financial Institutions
Reported without amendment
With the recommendation that the bill pass.
Amendment offered
To clarify the definition of "setting preconditions on the outcome of an appraisal".
The amendment passed by voice vote
Passed in the Senate 33 to 0 (details)
To explicitly and specifically prohibit real estate appraisers from developing an appraisal that will be used to justify a real estate loan with the understanding that the outcome of the appraisal will determine whether the appraiser gets future business from the client, or with the understanding that payment for the appraisal is dependent on attaining a minimum value desired by the client. Violations would be subject to up to one year in prison and a $15,000 fine.
To concur with the Senate-passed version of the bill.
Passed in the House 90 to 0 (details)
