AN ACT TO AMEND TITLE 24 OF THE DELAWARE CODE RELATING TO PROFESSIONS AND OCCUPATIONS.

This bill updates the real estate appraisers’ practice act to comply with federal law by clarifying the definition of federally-related transaction and adding a definition for federal financial institutions regulatory agencies. Changes to these definitions would render Delaware’s definitions consistent with federal law. Section two of the bill changes the renewal for appraisal management companies (AMC) from every two years to annually to facilitate the renewal procedure for the Division of Professional Regulation. Section three of the bill eliminates the current allowance in Delaware for a revoked or suspended real estate appraiser to have an ownership interest in an AMC, and section four disallows AMCs from removing an appraiser from its appraiser panel without prior notice. Delaware’s law currently allows AMCs to do so if the appraiser was only added to the panel in the previous 60 days. Federal law does not have any such allowance.