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IN SB0351
Bill
AI Summary
SB 351 Summary
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Requires appraisal management companies to pay real estate appraisers by the deadline specified in their contract, agreement, or invoice, or within 45 days of appraisal report delivery if no payment terms are established.
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Allows appraisal management companies to delay payment if the appraiser breaches the contract, includes significant documented errors in the appraisal report, or fails to meet the scope of work expectations of similarly situated appraisers.
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Prohibits appraisal management companies from preventing real estate appraisers from disclosing their fee amounts in appraisal reports.
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Establishes an annual AMC registry fee of $25 per appraiser who performed appraisals for the company in connection with covered transactions, to be transmitted to the federal Appraisal Subcommittee.
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Effective July 1, 2018, except the AMC registry fee provision takes effect upon passage; declares an emergency for the act.
Legislative Description
Appraisal management companies. Provides that an appraisal management company that engages a real estate appraiser as an independent contractor as described in the statute concerning appraisal management companies to perform an appraisal shall pay the real estate appraiser for the appraisal not later than: (1) the deadline indicated by the payment terms set forth in: (A) the contract or agreement between the appraisal management company and the real estate appraiser; or (B) the real estate appraiser's invoice, if such a contract or agreement: (i) does not exist; or (ii) exists but does not specify any payment terms; or (2) 45
Last Action
Public Law 15
3/7/2018