General Law Committee

JOINT FAVORABLE REPORT

Bill No.:

SB-205

Title:

AN ACT MAKING MINOR AND TECHNICAL CHANGES TO REAL ESTATE APPRAISER AND APPRAISAL MANAGEMENT COMPANY STATUTORY DEFINITIONS.

Vote Date:

3/13/2014

Vote Action:

Joint Favorable Substitute

PH Date:

2/25/2014

File No.:

SPONSORS OF BILL:

General Law Committee

REASONS FOR BILL:

To make minor and technical changes to Department of Consumer Protection statutes as a result of compliance review conducted by the Appraisal Subcommittee of the Federal Financial Institutions Examination Council.

RESPONSE FROM ADMINISTRATION/AGENCY:

William Rubenstein, Commissioner, Department of Consumer Protection:

The Department of Consumer Protection DCP) is in favor of this bill. Commissioner Rubenstein testified by reminding the committee that the Department of Consumer Protection has responsibility for licensing and oversight of Real Estate Appraisal Management Companies with statutory authority. He continued to mention that this body is established and charged, by federal law, with the auditing of the state's statutory and regulatory structure. Although the audit stated that Connecticut is “substantially” in compliance with federal requirements, these minor changes are recommended. Examples of the proposed charges include, removing references to “limited residential appraiser,” and “limited general appraiser,” etc. He continued to mention that failure to make these changes may cause jeopardy to the future of DCP licensed appraisers.

NATURE AND SOURCES OF SUPPORT:

None

NATURE AND SOURCES OF OPPOSITION:

None

Reported by: Adrian Spence

Date: 3/17/14