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118-hr-5443118th CongressWALLET

AACE Act

Sponsored By: Representative Lee, Susie [D-NV-3]

Became Law

Summary

Accelerates and standardizes appraisal and valuation services for real property under the Department of the Interior. This law sets a single framework to speed appraisals while aiming to keep appraiser independence, objectivity, and quality intact.

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  • Appraisers: Creates a defined "covered appraiser" role and lets a person licensed or certified in one State perform Interior appraisals under the new rules. The Secretary must generally prefer a certified general real property appraiser licensed where the property is located, with limited exceptions for availability, qualification, or cost.
  • Federal property transactions and operations: Centralizes licensing and broadens the pool of acceptable non‑Federal appraisers to help move valuations faster. All policies, manuals, and guidance about scoping, contracting, and review must be published publicly within 90 days.
  • States and oversight: Preserves applicable Federal and State laws unless specifically changed and protects pre‑enactment State licensing requirements from applying to Interior‑jurisdiction transactions. The law requires an initial report within 1 year and annual reports for at least 4 years on usage, workforce effects, and case‑by‑case decisions.

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 1 benefits, 0 costs, 1 mixed.

More transparency in Interior appraisals

The Department of the Interior must post all appraisal policies, manuals, guidance, handbooks, and procedures online within 90 days and provide them on request. Within 1 year of enactment, and then each year for at least four more years, the Secretary must report to Congress. Each report compares how many appraisals were requested and how long they took before and after this law, explains the impact of the single‑State licensing rule, and lists each case using non‑Federal covered appraisers with the criteria used. Reports also describe appraisal workforce staffing and offer recommendations.

Appraisers can work across states for Interior

The law lets a State‑licensed or certified real property appraiser use one State license to do Interior appraisals in any State. This applies only to transactions under the Secretary of the Interior’s jurisdiction. The Secretary must try to use an in‑State certified general appraiser. An out‑of‑state certified general appraiser can be used only if an in‑State appraiser is unavailable within a reasonable time, not qualified, or not cost competitive. Older laws that required in‑State licenses for these Interior transactions do not apply, and the law defines terms like “covered appraiser,” “Department,” “Secretary,” and “State.” Effective upon enactment.

Sponsors & CoSponsors

Sponsor

Lee, Susie [D-NV-3]

NV • D

Cosponsors

  • Rep. Joyce, David P. [R-OH-14]

    OH • R

    Sponsored 9/13/2023

  • Rep. Fitzpatrick, Brian K. [R-PA-1]

    PA • R

    Sponsored 11/1/2023

  • Rep. Peters, Scott H. [D-CA-50]

    CA • D

    Sponsored 11/13/2023

  • Rep. Garbarino, Andrew R. [R-NY-2]

    NY • R

    Sponsored 11/21/2023

  • Rep. Edwards, Chuck [R-NC-11]

    NC • R

    Sponsored 2/14/2024

  • Rep. Panetta, Jimmy [D-CA-19]

    CA • D

    Sponsored 2/26/2024

  • Rep. Lawler, Michael [R-NY-17]

    NY • R

    Sponsored 2/26/2024

  • Rep. D'Esposito, Anthony [R-NY-4]

    NY • R

    Sponsored 3/1/2024

  • Del. Moylan, James C. [R-GU-At Large]

    GU • R

    Sponsored 3/11/2024

  • Rep. Ciscomani, Juan [R-AZ-6]

    AZ • R

    Sponsored 3/19/2024

  • Rep. Titus, Dina [D-NV-1]

    NV • D

    Sponsored 4/5/2024

  • Rep. Amodei, Mark E. [R-NV-2]

    NV • R

    Sponsored 4/20/2024

  • Rep. Horsford, Steven [D-NV-4]

    NV • D

    Sponsored 4/26/2024

Roll Call Votes

No roll call votes available for this bill.

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