Bill: HB 2533, 87(R) - 2021

Committee

House Licensing & Administrative Procedures

2nd Chamber Committee

Senate Business and Commerce

Vote Recommendation

Vote Recommendation	Economic Freedom	Property Rights	Personal Responsibility	Limited Government	Individual Liberty
Yes	Positive	Positive	Neutral	Positive	Positive

Author(s)

Drew Darby

Sponsor(s)

Robert Nichols

Bill Caption

Relating to the performance of a real property evaluation for use by certain financial institutions.

Fiscal Notes

No fiscal implication to the State is anticipated.

Bill Analysis

Current federal law allows appraisal waivers for residential and commercial real estate transactions below a certain value threshold. State requirements on this issue are more stringent than federal requirements. HB 2533 would harmonize state law with the recently updated federal regulations in order to allow an appraiser to make an evaluation rather than a full appraisal in order for a lender to finance a qualifying real estate transaction.

Vote Recommendation Notes

The provisions of HB 2533 would support limited government, individual liberty, and free market principles by allowing more flexibility in the process of determining the value of a qualifying property in order to allow a real estate transaction to move forward. This would help reduce appraisal backlogs in a booming real estate market, speed up financing approval, and likely reduce costs. Texas Action supports HB 2533.

Source URL (retrieved on 04/26/2024 01:04 AM): http://reports.texasaction.com/bill/87r/hb2533?print_view=true