To tackle incidents of appraisal scalping in the city, the new regulation stipulates that appraisal agencies are prohibited from soliciting judicial appraisal services, by improper means, like collecting rebates or referral fees.
The credit information of appraisal agencies and applicants will be registered in the public credit information platform of the city, according to the new regulation.
The regulation also stipulates the qualification requirements of relevant appraisal agencies and daily supervision on appraisal activities of the city.
Shanghai Municipal Bureau of Justice launched a smart system on January 1, as an effort to improve transparency in the process. Relevant parties can easily query the appraisal report by scanning a QR code.
Residents can use the WeChat mini program or visit the legal service centers in the city for consultation on appraising issues.
Shanghai has been making efforts to establish its judicial appraisal expertise as an important brand in Shanghai's legal services. Besides the regulation, it will also set up a research center on appraisal technology transformation and create a workshop with renowned experts, the authority said.
It will also select 260 experts from across the country to team up for a think tank of judicial appraisal in Shanghai and the Yangtze River Delta region, in a bid to provide intellectual support for the development of this industry.