Louisiana Gov. Bobby Jindal signed into law a new bill that takes effect Aug. 1 and makes multiple changes to the state’s Real Estate Appraisers Law, Valuation Review reported.
House Bill 1018 amends provisions related to the state’s examination applications, experience review and license renewal, nonresidential licensure, continuing education requirements, disciplinary proceedings and the Real Estate Appraisers Board.
Under the new law, members of the board will be allowed to serve three consecutive three-year terms as opposed to the current limit of two three-year terms.
The bill increases the minimum requirements for appraiser licensure, including minimum education requirements and Appraiser Qualifications Board-mandated examination and experience requirements. Applicants also must undergo AQB-mandated background checks, Valuation Review reported.
Additionally, applicants for a trainee license will have to work under supervisors who have been licensed for at least three years. Both trainee applicants and supervising appraisers are required to complete a course that complies with minimum specifications for course content as established by the AQB.
New prerequisites for license renewal for appraiser trainees stipulate they must have an equivalent of 14 hours of continuing education per year, a change from the previous requirement of 15 hours of classroom instruction. Trainees cannot receive licensure unless they have passed an AQB-approved exam, Valuation Review reported.
Continuing education requirements for license renewal have been changed to not less than 28 hours (or its equivalent) in AQB-approved courses. The previous requirement was 30 hours.
Nonresidents of Louisiana can apply for licensure as a real estate appraiser in the state in accordance with Subsection (B) of Section 1122 of the Financial Institutions Reform, Recovery and Enforcement Act of 1989.