March 15: Significant day for appraisers and the MBREA - by Richard Simmons

Richard Simmons, MBREA

March 15 was a significant day for both Massachusetts appraisers and the MBREA on Beacon Hill. Known as Joint Rule 10 day, it was the deadline when the various legislative committees made decisions on bills. There are three possible outcomes for legislation coming out of a committee: a favorable report allowing legislation to progress, an “ought not to pass” recommendation, or sending a bill to a study which essentially kills it.

MBREA drafted four pieces of legislation for the 2015-2016 legislative session. All four bills have received favorable reports and are moving further down the pipeline towards passage.

Senate Bill 162, an Act further regulating the continuing education requirements for certain real estate appraisers and trainees, is furthest along having received a favorable report back in December. It was assigned to the Senate Committee on Ways and Means and MBREA representatives met with Ways and Means staff and we are confident the bill will be sent along to the Senate floor for action. This bill rescinds disciplinary action taken against appraisers who missed the 24 month deadline for USPAP updates that stopped being enforced in 2011.

Receiving favorable reports yesterday were the following MBREA bills:

House Bill 947, an Act to regulate appraisal management companies will create accountability for appraisal management companies in MA by requiring them to become licensed.

Senate Bill 131, an Act providing consumers with equal protection for all real estate appraisals. This bill closes a loophole in state law by requiring the use of a licensed or certified appraiser for all appraisals, not just for federally related transaction.

House Bill 269, an Act providing timely consumer protection for users of real estate appraisal services restricts the state board from investigating a complaint on appraisals that generally are more than five years old.

We wish to acknowledge the work of the MBREA’s Government Affairs Committee, led by Allan Cohen, as well as the many appraisers who showed their support by contacting their state senators and representatives. There is still more work to do to see any of these bills become law and we look forward to being able to count on you to take action when we ask.

We also acknowledge appraisers from other New England states who have contacted MBREA about helping bring some of these initiatives to their state. We are available to work with you in drafting legislation and promoting it to your colleagues.

Please feel free to contact Steve Sousa at MBREA’s office with any questions about these bills.

Richard Simmons, Jr., RA is the 2016 MBREA president, Boston, Mass.