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IN SB0246
Bill
AI Summary
SB 246 Summary
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Appraisal management companies must pay real estate appraisers by the payment date or specified event outlined in their contract, or within 30 days of appraisal return if no contract exists or the contract lacks payment terms.
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Appraisal management companies are prohibited from preventing real estate appraisers from including their preparation costs and fees in the appraisal documentation.
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Amends Indiana Code section 25-34.1-11 regarding appraisal management practices and professional standards.
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Effective July 1, 2016.
Legislative Description
Appraisal management practices. Provides that an appraisal management company that engages a real estate appraiser to perform an appraisal shall pay the real estate appraiser for the appraisal to be performed not later than: (1) the: (A) payment date; or (B) occurrence of a specified event upon which payment is to be made; that is set forth in the contract or agreement between the appraisal management company and the real estate appraiser; or (2) 30 days after the return of the appraisal to the appraisal management company by the real estate appraiser, if: (A) a contract or agreement between the
Last Action
First reading: referred to Committee on Commerce & Technology
1/7/2016