This legislative update summarizes bills from the 2021 Regular Legislative Session that are effective immediately and that we consider are of interest to our clients.
1. PERFORMANCE OF A REAL PROPERTY EVALUATION FOR USE BY CERTAIN FINANCIAL INSTITUTIONS (House Bill 2533)
Prior to the June 15, 2021 effective date of House Bill 2533, Texas Occupations Code Chapter 1103 (“Real Estate Appraisers”) required certified and licensed appraisers to comply with the Uniform Standards of Professional Appraisal Practice (USPAP). House Bill 2533 amends Sections 1103.003, .004 and .405 to make Chapter 1103 compatible with the federal regulations by the OCC-Treasury, FDIC and NCUA allowing licensed or certified appraisers to perform evaluations without complying with USPAP when a USPAP compliant appraisal is not required for certain financial transactions.