Appraisers Bill Passes Unanimously

During a busy legislative week with bills still being printed and considered, the Labor Committee held a work session on Tuesday for LD 1514, legislation which will help address the real estate appraiser shortage. The committee unanimously voted Ought to Pass as Amended—a strong sign that the bill may be enacted. The amendments add two seats to the Board of Real Estate Appraisers, one for real estate brokers and one for the financial services industry, including mortgage professionals. This is a change from the initial bill, which replaced the public board seats with these positions.  

The amendment also changed the requirement for a licensed appraiser on the board to a certified residential appraiser, and language will index the maximum amount for licensed appraisers appraising complex properties to the federal maximum. The committee will provide an additional language review of LD 1514, but given their strong support, we expect potential changes to be minimal.

This bill is a major priority for the League’s legislative agenda and its passage would be a significant win for credit unions. If the bill becomes law, the League will recommend a representative from our industry to serve on the Board of Real Estate Appraisers for the Governor’s consideration.