The California legislature in considering legislation seeking to modernize its regulatory system. It has been passed by the State Assembly and the Senate Business, Professions and Economic Development Committee and currently is pending in the Senate Appropriations Committee. If AB 624 would allow state-certified appraisers to use standards of valuation practice other than the Uniform Standards of Professional Appraisal Practice when performing non-federally related appraisal work.
Any alternative valuation standards would need to be reviewed and approved by the California Bureau of Real Estate Appraisers and the client. AB 624 is similar to legislation that was enacted into law in Texas and is under consideration in several other states.