California SB 223

Senate Bill 223, passed and signed by the Governor last month prohibits property appraisers from colluding to artificially raise prices of their appraisals in order to raise their compenstation. In other words, they can’t base their fees on the prices at which they appraise a propery at. Can you believe this wasn’t illegal already? Crazy. From the text of the bill:

No person with an interest in a real estate transaction involving an appraisal shall improperly influence or attempt to improperly influence, through coercion, extortion, or bribery, the development, reporting, result, or review of a real estate appraisal sought in connection with a mortgage loan.