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The legislatures in 30 states, the District of Columbia, Guam, the Northern Mariana Islands and the U.S. Virgin Islands are currently in session. The Appraisal Institute’s Washington office continues to work with its chapters, regions and state coalitions to help shape public policy affecting AI professionals and the valuation profession.

The Appraisal Institute on Dec. 13 announced that its leadership and some staff are participating in workstreams related to housing equity issues that are being facilitated by the Office of the Comptroller of the Currency’s Project REACh, or Roundtable for Economic Access and Change.

While most state legislatures have concluded their work for the year, 18 are still in session and considering measures affecting Appraisal Institute Professionals and the valuation profession. In all, AI’s Washington office has monitored more than 100 state legislative proposals this year and continues to work with its chapters, regions and state coalitions to help shape public policy.

The U.S. Department of Labor is seeking comments on its proposal to modify regulations that its Wage and Hour Division uses to analyze employee or independent contractor classification under the Fair Labor Standards Act, or FLSA. The changes are intended to make regulations more consistent with judicial precedent and the FLSA's text and purpose. Valuation firms are among the organizations affected by the proposal, as are appraisal management companies, appraisers operating under independent contractor arrangements and financial institutions. Comments are due Nov. 28.

A message from AI President Sandra K. Adomatis

Forty-eight states have indicated that they will accept the Practical Applications of Real Estate Appraisal, known as PAREA, as an alternative way for appraisers to satisfy the experience requirements necessary to become licensed.

Sens. Jon Tester, D-Mont., and Mike Rounds, R-S.D., on July 27 introduced S 2692, the Portal for Appraisal Licensing Act or “PAL Act,” legislation that is identical to HR 2771, which was introduced in the House on April 20 and addresses modernization of the real estate appraisal licensing system. The Appraisal Institute has long advocated for this type of reform because it can reduce costs and simplify processes for appraisers and those who use the services of appraisers.

West Virginia Gov. Jim Justice on March 30 signed HB 4285, legislation that makes technical changes to the state’s Real Estate Appraiser Licensing and Certification Act. Now, the state appraiser board must provide to individuals whose initial license application or renewal was rejected a written statement within 15 days explaining what qualifications or requirements they failed to satisfy. If an initial license was rejected due to an applicant’s failure to comply with the Uniform Standards of Professional Appraisal Practice in their reports submitted for experience review, the board must provide written guidance regarding the deficiencies and give applicants 60 days to remedy them.

The Office of the Comptroller of the Currency, the Federal Reserve, the Federal Deposit Insurance Corp., the National Credit Union Administration, the Consumer Financial Protection Bureau and the Federal Housing Finance Agency on June 1 released a proposed rule for automated valuation models.

More than 120 Appraisal Institute Professionals went to Capitol Hill May 18 to urge congressional support for regulatory relief and appraisal modernization.