Panel advances regulation codifying State Conservation Bank appraisal policy

Representative Bill Taylor, chair of the Regulations and Administrative Procedures Committee, moved and the committee voted to forward a proposed regulation on procurement of appraisal services for the State Conservation Bank to the full committee with a recommendation that it be approved.

The regulation would codify the State Conservation Bank's existing internal policy for purchasing appraisal services so the agency does not pay more than fair market value. Raleigh West, director of the State Conservation Bank, told the committee the change follows outside counsel and an opinion from the attorney general's office that the bank is statutorily required to promulgate regulations on appraisal services.

"My name is Raleigh West. I'm the director for the conservation bank, and I'm joined, with, Adair Rourke," West said when introduced to the committee. He told members the bank funds third-party real estate transactions to produce conservation outcomes and has historically relied on an internal vetting process for appraisers.

West described the bank's vetted list of appraisers and said the proposed regulation largely codifies that internal practice. "Historically, we have had an internal policy regarding appraisals, whereby we ensure that we are never paying more than fair market value as instructed by our statute," West said. He said outside counsel reviewed the statute and flagged language stating the bank "shall promulgate regulations regarding appraisal services," prompting the formal regulation.

Committee discussion was brief and procedural. Representative Bill Taylor said there had been no external issues raised on the topic, and the committee membership approved the motion by voice vote; members present responded "Aye."

The committee record shows the motion was to send the draft regulation to the full committee with the recommendation that it be approved; no amendment or substantive change was proposed during the meeting.

The proposed regulation does not change the bank's appraisal standards according to agency remarks; it transfers the existing internal policy text into the agency's formal regulatory code. The bank referenced a recent conservation purchase in the district, Shaws Creek, as an example of the agency's work.

The committee did not record a roll-call vote or identify the motion's mover or seconder by name in the transcript; the action was taken by voice vote and forwarded to the full committee for further consideration.