Appraisers' Coalition of Washington

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Legislative

 

ACOW Legislative

 

 

ACOW Legislative Affairs By: Jim Irish, SRA

Washington’s Fifty-Ninth Legislature will convene its first session on Monday, January 9, 2006. The issues known to be of concern to appraisers are:

TRAINEE APPRAISERS - Senate Bill (SB) 5274 became Chapter 339 of the Washington Laws of 2005 upon its signing by Governor Gregoire on May 9, 2005 in front of representatives of ACOW and DOL. It authorizes the establishment of a “State-registered Appraiser Trainee” classification within the Washington’s real estate appraiser program. The REAC (18.140 RCW) and DOL are now drafting revisions to 308-125-WAL to implement the new law. It also provides for interest of our fees to be credited to the dedicated Real Estate Appraiser Account.

LENDER PRESSURE - The Department of Financial Institutions (DFI) is drafting revisions to the Mortgage Broker Practices Act RCW 19.146 to examine loan originators and otherwise increase protection to consumers of mortgage lending services in an effort to help curtail predatory lending. Two publications sent quarterly to all certified and licensed real estate appraisers, the “Communicator” (Fall 2004) and “Working Real Estate” (August 2004), each contained articles dealing with this issue. The “Communicator” treats the subject in its “Editorial – A Few Bad Apples. . .” on page 35. “Working RE” gets to coping in “Survival 101 – Getting Along without Going Along”. The two are excellent companion reading pieces. Our national organizations are working on the issue with the federal government, and with FHLMC and FNMA. They also are seeking input from their members, such as through AI’s Appraiser Independence Action Center which provides resources to help appraisers combat client pressure.

DISCLOSURE BY LLC’S ON EXCISE TAX AFFIDAVITS - Sales Price information customarily disclosed through the amount of Real Estate Excise Tax paid with the filing of the Real Estate Excise Tax Affidavit will now be available to local governments and to the general public when a property is transferred through a Limited Liability Company (LLC) because the tax is paid directly to the State Department of Revenue in such a transaction, and is subject to confidentiality requirements. With the enactment of HB1315 or Chapter 326 of The Laws of 2005 by Governor Gregoire, also on May 9, 2005, ACOW supported this bill at the request of many appraisers.


 

 

 

 

 

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