The bureau shall, on or before February 1, 1994, and at least annually thereafter, transmit to the appraisal subcommittee specified in subdivision (g) of Section 11302 a roster of persons licensed pursuant to this part.
Chapter 9Miscellaneous
Section § 11422
This law requires the bureau to send a list of licensed appraisers to a specific appraisal subcommittee every year, starting from February 1, 1994.
appraisal subcommittee roster of persons licensed appraisers annual transmission February 1 deadline transmission to subcommittee compliance subdivision (g) Section 11302 BPC Section 11422 appraisal licensing
Section § 11423
If you're applying for a property loan in California and it involves real estate, the lender must let you know in writing that you have the right to get a copy of the appraisal, especially if you paid for it. This request for the appraisal copy needs to be made in writing and sent to the lender within 90 days after they inform you about the status of your loan application or if you withdraw it. The lender has 15 days to send you the appraisal copy once they get your request or after receiving the appraisal, whichever is later. If it's a residential property loan, this notice must be clear and in bold type, explaining your rights and the time frame for your request. The lender can require you to pay for the appraisal and its copy before releasing it. This law doesn't change who can rely on the appraisal or cover appraisals for properties the lender already owns or for loan modifications where no appraisal fee was charged.
(a)CA Business and Professions Code § 11423(a) For purposes of this section:
(1)CA Business and Professions Code § 11423(a)(1) “Applicant” means a person who has made a written request for an extension of credit which is proposed to be secured by real property. The term does not include a guarantor, surety, or other person who will not be directly liable on the loan.
(2)CA Business and Professions Code § 11423(a)(2) “Appraisal” shall have the same meaning as set forth in subdivision (b) of Section 11302.
(3)CA Business and Professions Code § 11423(a)(3) “Residential real property” means real property located in the State of California containing only a one-to-four family residence.
(b)CA Business and Professions Code § 11423(b) A lender in a loan transaction secured by real property shall provide notice as described in this section to a loan applicant of the applicant’s right to receive a copy of the appraisal, provided he or she has paid for the appraisal.
An applicant’s written request for a copy of an appraisal must be received by the lender no later than 90 days after (1) the lender has provided notice of the action taken on the application, including a notice of incompleteness, or (2) the application has been withdrawn.
(c)CA Business and Professions Code § 11423(c) The lender shall mail or deliver a copy of an appraisal within 15 days after receiving a written request from the applicant, or within 15 days after receiving the appraisal, whichever occurs later.
(d)CA Business and Professions Code § 11423(d) Where the loan is proposed to be secured by residential real property, the notice of the applicant’s right to a copy of the appraisal as provided in subdivision (b) shall be given in at least 10-point boldface type, as a separate document in a form that the applicant may retain, and no later than 15 days after the lender receives the written application. The notice shall specify that the applicant’s request for the appraisal must be in writing and must be received by the lender no later than 90 days after the lender provides notice of the action taken on the application or a notice of incompleteness, or in the case of a withdrawn application, 90 days after the withdrawal. An address to which the request should be sent shall be specified in the notice. Release of the appraisal to the applicant may be conditioned upon payment of the cost of the appraisal.
(e)CA Business and Professions Code § 11423(e) Where the loan is proposed to be secured by nonresidential real property, the notice of the applicant’s right to a copy of the appraisal shall be given within 15 days of receiving the appraisal. The notice shall specify that the applicant’s request for a copy of the appraisal must be in writing and that the request must be made within the time specified in subdivision (b) and that the applicant is only entitled to receive the appraisal or appraisals obtained by the lender for the purpose of evaluating the applicant’s pending request for an extension of credit. Release of the appraisal to the applicant may be conditioned upon payment of the cost of the appraisal and the cost of duplicating the appraisal.
(f)CA Business and Professions Code § 11423(f) Nothing in this section is intended to effect a change in current law in any manner with respect to reliance on an appraisal by anyone other than the lender who released the appraisal.
(g)CA Business and Professions Code § 11423(g) This section does not apply to appraisals obtained by lenders on property owned by the lender, nor to appraisals obtained by the lender in anticipation of modifying any existing loan agreement if the lender has not charged for the appraisal.
(h)CA Business and Professions Code § 11423(h) In the case of loans secured by residential real property, compliance with Regulation B (12 CFR Part 202 et seq.) of the Federal Reserve Board is deemed to be compliance with the provisions of this section and Section 10241.3.
(i)CA Business and Professions Code § 11423(i) This section is in addition to any right of access to appraisals that exists under any other provision of state or federal law.
extension of credit secured by real property appraisal copy request loan applicant rights written request 90 days notice period residential real estate nonresidential property appraisal payment conditions 10-point boldface notice Federal Reserve Board Regulation B right of access lender obligations loan application status property appraisal release
Section § 11424
This law states that when licensees are determining the market value of a property, they cannot consider factors like race, religion, gender, or any other characteristics that are protected under the federal Fair Housing Act. This means market value should be based only on property-related criteria, not on who the owners or neighbors are. Also, a separate section of the law mentioned, Section 10185, doesn't apply here.
(a)CA Business and Professions Code § 11424(a) Licensees shall not base, either partially or completely, their analysis or opinion of market value on the basis of race, color, religion (creed), gender, gender expression, age, national origin (ancestry), disability, marital status, source of income, sexual orientation, familial status, employment status, or military status of either the present or prospective owners or occupants of the subject property, or of the present owners or occupants of the properties in the vicinity of the subject property, or on any other basis prohibited by the federal Fair Housing Act.
(b)CA Business and Professions Code § 11424(b) The
provisions of Section 10185 do not apply to this section.
market value analysis fair housing violations discrimination in property valuation licensee responsibilities race-based valuation protected characteristics Fair Housing Act compliance property valuation discrimination bias-free appraisal exclusion of demographic factors non-discriminatory property analysis real estate appraisals valuation ethics prohibited considerations in valuation source of income bias
