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 a 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.
Substitute offered
To replace the previous version of the bill with one that increases the proposed monetary penalty from a maximum fine of $5,000 to $15,000, and reduces the maximum prison term from three years to one year.
The substitute passed by voice vote
Passed in the Senate 38 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 three years in prison and a $5,000 fine.
Referred to the Committee on Banking and Financial Services
