This bill requires the Appraisal Subcommittee to establish and maintain a cloud-based system called the Portal for Appraiser Credentialing and AMC Registration Information, which will serve as a central hub for appraisers and appraisal management companies to submit license, certification, and registration applications and renewals. The portal will connect with state licensing agencies to streamline the sharing of application information, education records, exam results, and background check data, while states retain the authority to make final licensing decisions independently. The bill also requires the Attorney General to provide criminal history information to state officials through this portal system, with the Appraisal Subcommittee serving as an intermediary with the FBI to reduce administrative burden. Funding for the portal will come through reasonable user fees charged to applicants and appraisal companies, structured to be revenue-neutral to development and maintenance costs, and the Appraisal Subcommittee will provide grants to states to help them connect their systems to the portal. The bill establishes an advisory committee with representatives from industry associations, appraisers, lenders, appraisal management companies, and state agencies to provide guidance on the portal's development.
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