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Committee approves bill aligning state appraisal‑management definition with federal standard
Summary
House Bill 25‑01 modifies Arizona's definition of 'appraisal management company' in state statute to conform to the federal definition; the agency sponsor urged the change and the committee recorded a unanimous do‑pass recommendation.
House Bill 25‑01, sponsored by the Department of Insurance and Financial Institutions, would change the definition of "appraisal management company" under Arizona's occupations and professions statute to include appraisal panels administering property appraisal services for clients in Arizona within a 12‑month period. The presenter said the change simply conforms state statute to the federal definition.
Fausto Borrell of the Arizona Department of Insurance and Financial Institutions told the committee the bill is agency‑sponsored and intended to align state law with federal statute. "All the bill does is just conform the definition of appraisal management company in Arizona statute to the definition in federal statute," he said.
The clerk called the roll and the committee recorded seven ayes and no nays. The committee gave House Bill 25‑01 a due‑pass recommendation, and then adjourned.
House Bill 25‑01 will proceed following the committee's report.
