New Suspicious Law in CA
Folks in the Golden State, here’s something you’d better keep a very keen eyeball on:
Appraiser Discrimination – AB 948 (Holden) Signed by Gov. Newsom
This law requires a purchase agreement in a real estate transaction to inform a seller and buyer of the opportunity to report, through the Department of Consumer Affairs’ internet website or telephone number, any suspicion of a discriminatory appraisal by the holder of a real estate appraiser license. Furthermore, it would require such a notice to be provided by a lender when a buyer is applying for a loan. Finally, the bill will make changes to the fair housing law to apply the law to appraisal discrimination and refinancing transactions.
Further, I’d suggest the various appraiser organizations in CA band together in a cohesive group and really STUDY what this new law actually says, to determine what the aggrieved party can and CANNOT do in terms of filing a complaint against a LICENSED appraiser.
Suspicion is a dangerous word. It could turn into situations very damaging to appraisers.
I suggest a CE class (or 2 hr seminar) be written and shared with each of the organizations so that LICENSED appraisers can become intimately familiar with this law.
I stressed the word ‘licensed’ because those of you who are not licensed, and do no FRT assignments appear to be “off the hook” presently. But that could change in the future.
This bill, among other things, would require the bureau to place on an existing complaint form a check box asking if the complainant believes that the opinion of the value of the real estate is below market value. The bill would also require the bureau to collect specified demographic information, voluntarily provided, regarding sellers, those seeking to refinance, buyers, or an authorized representative in real estate transactions making a complaint. The bill would require the bureau to compile the collected demographic information and report that information to the Legislature on or before July 1, 2024.
This bill would require, beginning January 1, 2023, an applicant to complete at least one hour of instruction in cultural competency, as defined. The bill, as part of the continuing education requirement in order to renew a license or restore a license to active status, would require for each licensee renewing on or after January 1, 2023, at least 2 hours of elimination of bias training. Beginning January 1, 2023, a licensee would be required to complete at least one hour of instruction in cultural competency every 4 years.
George Dell is an acquaintance of mine, and I’ve taken two classes from him.
This Friday, at 12 noon PACIFIC TIME, he will be presenting a FREE webinar focusing on avoiding bias in your work. Co-presenter is Peter Christensen, Attorney.
If you’ve been following all the media harangues with multiple stories (usually the same stories repeated in separate sources), you know that “bias” is the new buzz word painted on appraiser backs. The reason this is happening is not really a secret anymore; it’s part of the “political agenda” promulgated by certain people.
This webinar may help you avoid issues where a borrower or client may get the impression that you are ‘biased’ in your work, and in the value you report.
If you want to take the webinar “How to Avoid Being Accused of Bias, Register Here!
In case you missed his “Market Price Indexing: Peaking Prices?” webinar, you can watch it below.
- Mortgage Application Volume Nearing Historic Low - September 22, 2023
- The Unbiased Reality of Census Tract Data Dump… Open Letter to FHFA - August 15, 2023
- Isn’t that Just PAVEY! PAVE Response and Marcia Fudge - August 8, 2023