A regulation that was adopted in Louisiana restrained price competition among appraisers, according to a legal action that was filed against the state’s appraisal board.
The Louisiana Real Estate Appraisers Board, a state agency controlled by licensed real estate appraisers, adopted a regulation that became effective in November 2013.
The regulation implemented a requirement that appraisal management companies pay appraisers “customary and reasonable” fees — allegedly an unlawful restriction of price competition.
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