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ASA, NAIFA, ASFMRA Express “Strong Opposition” to CA Senate Bill 70

Apr 10, 2017

On April 10 ASA, along with the National Association of Independent Fee Appraisers and the American Society of Farm Managers and Rural Appraisers, sent a letter to the Chair of the California Senate’s Standing Committee on Business, Professions and Economic Development to voice opposition to Senate Bill 70. The bill, if passed, would “allow appraisers to omit critical information from appraisal reports”, such as “prior appraisals having been performed by the appraiser, or sales, option, or listing information”. While this would require consent by the client, “it is easy to imagine this consent being tucked into the boiler plate language of an engagement letter”.

The letter emphasizes “there is no benefit to consumers or appraisers in the…bill, and in fact the bill could encourage unethical behavior and harm consumers”. Moreover, such a bill would “place California at odds with the 54 other jurisdictions who rely on [the Uniform Standards of Professional Appraisal Practice] as the governing set of appraisal standards” by allowing for the omission of specific requirements USPAP otherwise imposes. Such a move would override the existing biennial review USPAP undergoes, and erode Standards that have been developed and refined by public comment for over a quarter of a century.

To read the full letter sent by ASA, NAIFA, and ASFMRA opposing CA SB 70, click here.