Massachusetts H 468: An Act making corrective changes to Chapter 112 of the General Laws

Bill Text

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HOUSE DOCKET, NO. 906        FILED ON: 1/13/2025 
HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 468 
 
The Commonwealth of Massachusetts 
_________________ 
PRESENTED BY: 
Thomas M. Stanley 
_________________ 
To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General 
 Court assembled: 
 The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill: 
An Act making corrective changes to Chapter 112 of the General Laws. 
_______________ 
PETITION OF: 
 
NAME: DISTRICT/ADDRESS: DATE ADDED: 
Thomas M. Stanley 9th Middlesex 1/13/2025 

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HOUSE DOCKET, NO. 906        FILED ON: 1/13/2025 
HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 468 
By Representative Stanley of Waltham, a petition (accompanied by bill, House, No. 468) of 
Thomas M. Stanley relative to the licensing of small appraisal companies.  Consumer Protection 
and Professional Licensure. 
 
[SIMILAR MATTER FILED IN PREVIOUS SESSION 
SEE HOUSE, NO. 4133 OF 2023-2024.] 
 
The Commonwealth of Massachusetts 
 
_______________
 
In the One Hundred and Ninety-Fourth General Court 
(2025-2026) 
_______________
 
 
An Act making corrective changes to Chapter 112 of the General Laws. 
 
 Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority 
of the same, as follows: 
 
1 SECTION 1. Section 276 of chapter 112 of the General Laws, as appearing in the 2020 
2Official Edition, is hereby amended by inserting after the definition of “Employee in charge” the 
3following definition:- 
4 “Federal Appraisal Subcommittee”, a subcommittee of the Federal Financial Institutions 
5Examinations Council which consists of the designees of the heads of the federal financial 
6institutions’ regulatory agencies, pursuant to Title XI of the Financial Institutions Reform, 
7Recovery and Enforcement Act of 1989, and the designee of the Secretary of Housing and Urban 
8Development. 

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9 SECTION 2. Section 277 of chapter 112 of the General Laws, as so appearing, is hereby 
10amended by striking out, in clause (ii) of subsection (a), the words “engage in or attempt to 
11perform appraisal management services or to”. 
12 SECTION 3. The first sentence of section 278 of said chapter 112, as so appearing, is 
13hereby amended by inserting after the word “Financial” the word:- “Institutions”. 
14 SECTION 4. Section 279 of said chapter 112, as so appearing, is hereby amended by 
15striking out subsection (c) and inserting in place thereof the following:- 
16 (c) A person who directly or indirectly owns more than 10 per cent of an entity applying 
17for registration and the controlling person and employee in charge of an entity applying for 
18registration shall be of good moral character as determined by the board and shall, at a minimum, 
19furnish to the board information concerning the person’s identity, for submission to any 
20government agency or entity authorized to receive such information for a criminal history 
21background check as determined by the board. An appraisal management company that is 
22owned, in whole or in part, directly or indirectly, by a person who has had a license or certificate 
23to act as an appraiser or to engage in any activity related to the transfer of real property refused, 
24denied, canceled, surrendered in lieu of revocation or revoked in the commonwealth or in any 
25other state, whether on a temporary or permanent basis, shall not be eligible for registration. 
26 SECTION 5. Section 283 of said chapter 112, as so appearing, is hereby amended by 
27inserting after the first sentence the following sentence:- “The board shall collect and remit to the 
28Federal Appraisal Subcommittee the annual national registry fee received from each appraisal 
29management company and each federally regulated appraisal management company as required 

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30by federal rules or regulations promulgated pursuant to Title XI of the Financial Institutions 
31Reform, Recovery and Enforcement Act of 1989, 12 U.S.C. 3331 et seq.” 
32 SECTION 6. Section 285 of said chapter 112, as so appearing, is hereby amended by 
33striking out, in subsection (a), the words “managing principal”. 
34 SECTION 7. Said section 285 of said chapter 112 is hereby further amended by striking 
35out, in subsection (b), the words “managing principal”. 
36 SECTION 8. Section 286 of said chapter 112, as so appearing, is hereby amended by 
37striking out, in subsection (a), the words “managing principal”. 
38 SECTION 9. Said section 286 of said chapter 112 is hereby further amended by striking 
39out, in subsection (b), the words “managing principal,”. 
40 SECTION 10. Section 289 of said chapter 112, as so appearing, is hereby amended by 
41inserting, in subsection (b), after the words “controlling person,” the word:- “or”. 
42 SECTION 11. Said section 289 of said chapter 112, as so appearing, is hereby further 
43amended