Environmental & Healthcare Legislative Watch50 States · D.C. · U.S. Congress
From official state and federal legislative records. Informational only, not legal advice.
Now law
This is now an official law, recorded in the state's law books.
The governor signed it. Nothing left to watch.
In plain words
AI summaryWritten by AI from the bill text. Check the official text before relying on it.
Create a new section of KRS 324A.010 to 324A.100 to require actions against a certified or licensed real property appraiser to be brought within 1 year; amend various sections of KRS Chapter 324A to change "real estate appraisal" to "real property appraisal"; define "evaluation," "federally related transaction," and "real property-related financial transaction"; replace the Real Estate Appraisers Board with an independent agency to be known as the Real Property Appraisers Board; attach the Real Property Appraisers Board to the Department of Professional Licensing for administrative purposes; change the number of board members from 5 to 7; require 2 board members to be certified residential real property appraisers; require those employed by the board to investigate grievances to have 10 years of experience, hold a credential equal to the credential held by the appraiser under investigation, and have experience in appraising the type of property relevant to the investigation; allow the board to employ persons it deems necessary; allow the board to use hearing officers of the Attorney General's Office; allow the board or its authorized agents to give advice on best practices management; prohibit legal action arising from any advice given by the board or its agents relating to best practices management; prohibit any person not licensed or certified as a real property appraiser from providing any type of appraisal performed by a licensed or certified real property appraiser unless they are exempt; allow a licensed or certified real property appraiser to provide an evaluation; require a certificate or license holder to complete 28 hours of continuing education hours; allow hours completed for 1 USPAP update course to apply toward the continuing education requirement; require complaints to be filed with the board within 1 year after the date of transmittal of the appraisal report; establish a biennial license renewal period; increase initial application and renewal fees
