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HB 303 - Regulation of Real Estate Appraisers & Appraisal Management Companies

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Looking at the pdf of this senate bill (proposed). Lines 484-545 have real "teeth" to protect appraiser independence and the product.
 
Frank, it seems that Tennessee has adopted some new language to their bill it states "The legislation contains strict provisions regarding appraiser fee schedules and prohibits the use of indemnification clauses" I think now is the time to go in for the kill, the public is fed up with the banks and their is a wave of populism sweeping the country. With any luck who knows maybe we can regulate them out of existence.
 
Thanks frank, for the hard work. As I approach the brink, reading your posts briefly pulls me back. Any updates that look promising?
 
On Friday, March 26, 2010, HB 303 passed the Florida House Government Operations Appropriations Committee with a unanimous vote. (The Staff Analysis link has not yet been updated with the vote tally)

The favorable vote is actually for a Committee Substitute (CS) bill. This is due to amendments suggested as a result of negotiations late Thursday evening. A group of opponents, including Bank of America, SunTrust and headed by a team from LPS (owners of LSI) posed a threat to the bill. LPS had been meeting with one of the members of the committee and she was leaning towards opposition. The Committee Chair suggested we meet and attempt to work things out.

After a nearly four hour meeting, changes were agreed to, an amendment drafted and sent to the committee staff for drafting. We shook hands close to 10:00 P.M.

Although the meeting started at 8:30 A.M, HB 303 was the last bill heard. Believing we had a deal, the proponents of the bill waived speaking in support. To our surprise, the LPS representative rose and spoke in opposition. After fielding questions from several of the committee members, including several stinging inquiries from Rep. Workman, a co-sponsor of the bill, the Chair weighed in.

Rep. Alan Hays, Chair of the Committee, had poked his head in on the negotiating meeting around 9:30 P.M. the night before. At that time, he asked how things were going and was pleased to hear we were all in agreement and had resolved a number of issues. When he addressed the LPS representative at the committee meeting, he reminded him of the comments made the night before, asked if they were true, and expressed his amazement at his change of mind and opposition to the deal he agreed to the night before.

There was no debate on the bill, and the vote was unanimous in favor.

If possible, express your gratitude to the bill's sponsor, Rep. Hudson, the cosponsors, Rep. Nehr and Rep. Workman. Include the Committee Chair, Rep. Hays and Committee member Rep. Wood.

Appraisers should also know the Florida Association of Realtors really stepped up to the plate on this one too. There were four FAR Legislative Team Staff members attending. Florida Realtors also facilitated the negotiating session on Thursday evening. This bill is one of their Legislative Priorities for 2010. Trey Goldman of FAR is really helping on this bill.
 
Thanks for the report on HB 303, Frank. I sent Rep. Workman an email expressing my gratitude for his efforts. If you did not know it, his family has a respectable mortgage business in Brevard County, and I have performed appraisal work for them in the past, and have also had the pleasure of getting to Know Rep. Workman at several local civic functions. He is really a great individual, and we are lucky to have him. He is a former National Guard tank commander if I recall!

He is up for re-election, and is running against a woman, Amy Tidd, who all I know about her is that she is ex enlisted Navy. She has no prior political experience except for one failed campaign against Workman in 2008. I have no idea what her stances are on anything except that she is against raising the auto tag fees, but somehow she has garnered some support. She was recently given some well publicized award as an outstanding woman in Brevard County, yet I know of nothing she has ever done! I think it was a made up award to get her exposure, but I'm not sure. She is also a vocal tree hugger, and seems to attract a fair amount of support on that stance alone...

Anyway, if you are in Rep. Workmans District 30, make sure you vote for him, and tell your neighbors and friends too!
 
Oh yeah lets fingerprint the board of BofA, Citi, LPS...LOL .Regulate them in and regulate them out. Long live the regulators.
 
Oh yeah lets fingerprint the board of BofA, Citi, LPS...LOL .Regulate them in and regulate them out. Long live the regulators.


Yeb, I can not wait to file a complaint with the FREAB!
 
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