Financial Institution Agent Analyses Not Real Estate Appraisal
Current law exempts from the definition of a "real estate appraisal" certain analyses prepared by an officer, director, or regularly salaried employee of a financial institution or its affiliate when the analyses are used for internal purposes only. Federal law also exempts such analyses when they are prepared by an agent of a financial institution or its affiliate. The act adds these agents to the list of people who can make these exempt analyses.
(Note: This summary applies to this bill as enacted.)