STATEHOUSE (Feb. 21, 2018) — The Indiana House of Representatives recently voted in support of a bill sponsored by State Rep. Doug Miller (R-Elkhart) that would establish protections for real estate appraisers who estimate the value of a property.
Miller said this legislation would establish rules for the appraisal management company and real estate appraisers, creating guidelines that would eliminate current delays and issues that arise from real estate appraisers not getting paid on time or at all.
“This bill I’m sponsoring goes hand-in-hand with a very similar piece of legislation I am co-authoring to bring needed clarity and transparency to the appraisal management process, protecting all parties with guidelines concerning contracts, deadlines and fees,” Miller said. “If left unaddressed, these complications in the appraisal process could continue to cause costly delays for property owners and buyers.”
Miller said this bill would outline the terms appraisal companies must follow when paying real estate appraisers for their work. The bill would also require the appraisal management companies to pay an annual registration fee to the Real Estate Appraiser Licensure and Certification Board. Working with the Real Estate Commission, these bodies ensure management companies and appraisers are following proper protocols to the benefit of the profession, property owners and public trust.
This bill now advances to the governor for consideration as a new law. For more information on Senate Enrolled Act 351, visit iga.in.gov.
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State Rep. Doug Miller (R-Elkhart) represents House District 48, which includes portions of Elkhart County.
A high-resolution photo of Miller can be downloaded by clicking here.
