Senate Introduces Companion Bill to Reform Appraisal Licensing System

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.