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For Immediate
Release
6/22/06
CONTACT:
PA
Senate Republican Communications
(717) 787-6725
Senate Passes Pileggi Bill to Update Appraiser Law
HARRISBURG -- Yesterday,
the State Senate unanimously passed a bill, introduced by Senator Dominic
Pileggi (R-Delaware, Chester), designed to update Pennsylvania law concerning
the qualifications and classes of real estate appraisers.
In
response to the savings and loan crisis, Congress mandated in the
federal Financial Institutions Reform, Recovery, and Enforcement Act of
1989 that all appraisals in certain federally-related transactions must
conform to nationwide performance standards developed by the Appraisal
Foundation. The two certification classes for federal transactions are
"certified residential" and "certified general" appraisers. The
Appraisal Foundation also promulgated nationwide standards for "licensed
appraisers" (who cannot do federal transactions) and for appraiser
trainees.
Although Pennsylvania law had the proper "certified" categories, it did
not contain the other types of licenses recognized by The Appraisal
Foundation and other states. The bill provides for the creation of a
trainee classification, making the qualifications and standards uniform
for those desiring to become an appraiser in Pennsylvania. It also
allows the State Board of Certified Appraisers in the Department of
State to create an intermediate "licensed" class, and to require
continuing education of all classes of appraiser.
"These
changes will make Pennsylvania law consistent with the recommendations
of the Appraisal Foundation, as well as the practices of most other
states," stated Pileggi. "It is designed to encourage the recognition
of Pennsylvania appraisers by other states, and also to encourage
persons to enter the appraisal profession."
The
bill now goes to the House of Representatives for its consideration.
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