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GA HB1050
Bill
Status
Passed
6/2/2010
Primary Sponsor
Tommy Benton
Click for details
AI Summary
- Requires appraisal management companies (AMCs) to register with the Georgia Real Estate Appraisers Board before conducting business in the state, including providing business details, owner information, a designated controlling person, and an irrevocable consent to service of process
- Prohibits AMCs from employing or contracting with appraisers who do not hold valid Georgia licenses, requiring systems to verify appraiser credentials and periodically review appraisal work for compliance with board standards
- Bars AMCs from pressuring appraisers to modify valuations, making fees contingent on predetermined outcomes such as loan closings, altering completed appraisal reports, or requiring appraisers to surrender their digital signatures or seals
- Authorizes the board to investigate AMCs, impose fines up to $1,000 per violation (capped at $5,000 per proceeding), and suspend or revoke registrations; the board may also require proof of financial responsibility such as a surety bond
- Takes effect 90 days after the Governor's approval and expands the Georgia Real Estate Appraisers Board's authority to regulate AMCs, including requiring AMCs to separately disclose appraiser fees and management fees to clients
Legislative Description
Real estate appraisers; appraisal management companies; add regulations
Last Action
Effective Date
8/31/2010
Committee Referrals
Regulated Industries and Utilities3/16/2010
Regulated Industries2/2/2010
Full Bill Text
No bill text available