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IN SB0039
Bill
Status
1/5/2016
Primary Sponsor
Dennis Kruse
Click for details
AI Summary
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Requires appraisal management companies to compensate real estate appraisers at customary and reasonable rates for the market area where the property is located, consistent with federal law.
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Market area must be identified by a single county, metropolitan area, or postal ZIP code area.
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Appraisal management companies may establish compensation rates using objective third party information including government agency fee schedules, academic studies, and independent private sector surveys.
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Prohibits appraisal management companies from using compensation rate studies ordered or requested by appraisal management companies themselves.
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Allows the real estate appraiser licensure and certification board to adopt rules establishing customary and reasonable appraisal compensation rate schedules for use by appraisal management companies.
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Effective July 1, 2016.
Legislative Description
Real estate appraiser compensation rates. Requires real estate appraisal management companies to compensate real estate appraisers for performing appraisals at a rate that is customary and reasonable for appraisals performed in the market area in which the property that is appraised is located based on: (1) objective third party information, including government agency fee schedules, academic studies, and independent private sector surveys; or (2) customary and reasonable appraisal compensation rate schedules established by the real estate appraiser licensure and certification board.
Last Action
First reading: referred to Committee on Commerce & Technology
1/5/2016