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AL SB53
Bill
Status
1/9/2018
Primary Sponsor
Clyde Chambliss
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AI Summary
SB53 Summary
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Requires appraisal fees and appraisal management company fees to be disclosed separately and distinctly on closing statements for residential real estate transactions.
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Applies when residential real estate valuation services are coordinated by an appraisal management company as defined in Section 34-27A-2, Code of Alabama 1975.
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Authorizes the Alabama Real Estate Appraisers Board to adopt applicable rules to implement this requirement.
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Becomes effective on the first day of the third month following passage and approval by the Governor, or when otherwise becoming law.
Legislative Description
Appraisers and appraisal managerial companies, fees charged to be disclosed separately and distinctly, Alabama Real Estate Appraisers Board may adopt rules
Appraisals
Last Action
Read for the first time and referred to the Senate committee on Banking and Insurance
1/9/2018