SB53 Alabama 2018 Session

Summary

Primary Sponsor

Clyde ChamblissSenator

Republican

Session

Regular Session 2018

Title

Appraisers and appraisal managerial companies, fees charged to be disclosed separately and distinctly, Alabama Real Estate Appraisers Board may adopt rules

Summary

The bill requires separate disclosure of appraisal fees and appraisal-management-company fees on the closing statement and lets the state Real Estate Appraisers Board set rules.

What This Bill Does

When residential valuation services are coordinated by an appraisal management company, the appraisal fee and any AMC fee must be shown separately and clearly on the closing statement. The Alabama Real Estate Appraisers Board is authorized to adopt rules to implement these requirements. The changes take effect on the first day of the third month after the bill is passed and signed into law.

Who It Affects

• Appraisal management companies must disclose their fees separately from the appraisal fee on the closing statement.
• Real estate appraisers and appraisal-related businesses are subject to the new disclosure requirements and any related rules adopted by the board.
• Homebuyers, borrowers, and other parties to real estate transactions will see more transparent, itemized fees on the closing statement.
• The Alabama Real Estate Appraisers Board is empowered to adopt rules to enforce and implement these provisions.

Key Provisions

• Section 1(a): When residential valuation services are coordinated by an appraisal management company, the appraisal fee and any fee charged by the AMC must be disclosed separately and distinctly on the closing statement.
• Section 1(b): The Alabama Real Estate Appraisers Board may adopt applicable rules to implement this act.
• Section 2: The act becomes effective on the first day of the third month following its passage and governor approval.

AI-generated summary using openai/gpt-5-nano on Feb 24, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Appraisals