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    Jul 29, 2023

    The Portal for Appraisal Licensing Act

    118th Congress Appraisal Legislation

    The Portal for Appraisal Licensing Act of 2023 (“PAL Act”), was introduced in the House of Representatives by Reps. Barry Loudermilk (R-GA), David Kustoff (R-TN), Josh Gottheimer (D-NJ), and Ritchie Torres (D-NY), and in the Senate by Sens. Jon Tester (D-MT) and Mike Rounds (R-SD). The bipartisan legislation modernizes the real estate appraisal licensing system by establishing the Portal for Appraisal Licensure, a “cloud-based” nationwide licensing system for real estate appraisers, like regulatory structures enacted in other industries, such as insurance and mortgage originators. 

    The PAL Act by authorizes the Appraisal Subcommittee – a federal agency – to work with state appraiser regulatory agencies to do the following:

    • Work with state appraiser regulatory agencies to utilize the platform for license management and establish consistent license application and renewal procedures for -
      • Continuing education renewal time periods for certified and licensed appraisers.
      • Conducting a common background check for states that require one.
    • Work with state appraiser regulatory agencies, professional appraisal organizations and other stakeholders in establishing and maintaining the system.
    • Real-time sharing of information across state lines.

    The PAL Act is an opportunity to fix a costly and inefficient system, lower costs and improve the attractiveness of the profession.

    Appraisal Institute's Positon: SUPPORT