SB181 Alabama 2019 Session

Summary

Primary Sponsor

Shay ShelnuttSenator

Republican

Session

Regular Session 2019

Title

Real Estate Appraisers Board, evaluations of property for financial institutions authorized by federal financial institutions regulatory agencies, excluded from regulation by the board, investigators employed by board authorized to be licensees, Secs. 34-27A-2, 34-27A-3, 34-27A-5, 34-27A-23 am'd.

Summary

SB 181 would allow licensed Alabama real estate appraisers to perform evaluations for certain federally regulated lending transactions that do not require an appraisal, and remove those evaluations from state board regulation, while permitting a board investigator to also be a licensee.

What This Bill Does

Defines 'evaluation' as a property valuation used for lending transactions allowed by federal regulators that do not require a formal appraisal. Allows licensed appraisers to perform these evaluations, which would not be governed by the Alabama Real Estate Appraisers Board and would be regulated by federal law and agency rules. Requires evaluations to state that they are not an appraisal and lets the board employ investigators who can also be licensed appraisers.

Who It Affects

• Licensed real estate appraisers in Alabama would be allowed to perform evaluations for federally related lending transactions that do not require an appraisal, and those evaluations would fall outside the board's regulation.
• Federal-regulated lending institutions and related real estate transactions could use these evaluations (instead of full appraisals) under federal guidelines, with oversight provided by federal rules rather than the state board.

Key Provisions

• Evaluation is defined as a valuation for lending transactions permitted by federal regulators that do not require an appraisal.
• Evaluations performed by licensed appraisers for federally related transactions would not be governed by the Alabama Real Estate Appraisers Board Chapter 27A and would be governed by federal law and agency rules.
• An investigator employed by the board may be a practicing licensee of the board.
• Evaluations must include the statement 'This is not an appraisal' and the chapter would not otherwise apply to such evaluations.
• The bill preserves existing exemptions that allow non-appraisers to perform certain market analyses or opinions, and clarifies labeling and licensure requirements for appraisers.

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

Subjects

Real Estate Appraisers Board