Federal Legislation & Regulatory
118th CONGRESS APPRAISAL LEGISLATION
H.R. 2771/S. 2692: The Portal for Appraisal Licensing Act
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