It should be intuitively obvious that any law named after those two Richard heads is going to be a disaster.
No doubt about it.
It is also driving appraisers out of the business, as the bulk of the appraisal fee goes to the banks, who rake off a piece of the fee, then the appraisal management company (owned by the banks) rake off another 50-60% of the fee. Appraisers who used to charge the lender $300-350 for an appraisal now are paid $175-200 with the borrower charged $450-650 for the appraisal fee.
So the appraiser is now working on an income of $25-30K after expenses. So experienced appraisers are retiring. And the requirements to become an appraiser are draconian, so no new appraisers are coming into the business. Especially when they see what it takes and the probable income.