Portal for Appraisal Licensing Act of 2023

Hozzl · 2024-01-26T08:15:23Z

Explore the details of House Bill 2771 Portal for Appraisal Licensing Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

1/26/2024, 8:15 AM

Summary of Bill HR 2771

Bill 118 hr 2771, also known as the Portal for Appraisal Licensing Act of 2023, aims to create a centralized online portal for individuals seeking to obtain or renew a license to practice real estate appraisal. The bill seeks to streamline the licensing process by providing a user-friendly platform where applicants can submit their documentation, complete required courses, and track the status of their application.

The portal will also serve as a resource for appraisal licensing boards to access information on applicants, monitor compliance with continuing education requirements, and communicate with license holders. This centralized system is intended to improve efficiency, reduce paperwork, and ensure consistency in the licensing process across different states.

Additionally, the bill includes provisions for the establishment of minimum education and experience requirements for real estate appraisers, as well as guidelines for disciplinary actions against license holders who violate ethical standards or engage in misconduct. These measures are aimed at promoting professionalism and accountability within the real estate appraisal industry. Overall, the Portal for Appraisal Licensing Act of 2023 seeks to modernize and standardize the licensing process for real estate appraisers, ultimately benefiting consumers by ensuring that appraisals are conducted by qualified and competent professionals.

Congressional Summary of HR 2771

Portal for Appraisal Licensing Act of 2023

This bill establishes a central portal for real estate appraisers and real estate appraisal management companies to apply for and to renew certain licenses, certifications, and registrations. The portal must provide connectivity with state agencies and include the ability to pay fees. The Department of Justice must provide access to criminal history information to state officials for required background checks.

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Current Status of Bill HR 2771

Bill HR 2771 is currently in the status of Bill Introduced since April 20, 2023. Bill HR 2771 was introduced during Congress 118 and was introduced to the House on April 20, 2023. Bill HR 2771's most recent activity was Referred to the House Committee on Financial Services. as of April 20, 2023

Bipartisan Support of Bill HR 2771

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 2771

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill HR 2771

Portal for Appraisal Licensing Act of 2023

To amend the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to establish a Portal for Appraiser Credentialing and AMC Registration Information, and for other purposes.