HB 1384 Summary

• Creates the Appraisal Management Company Recovery Fund in the State Treasury, administered by the Mississippi Real Estate Appraiser Licensing and Certification Board to provide restitution to licensed or certified appraisers who suffer pecuniary losses from appraisal management companies ceasing registration.

• Requires appraisal management companies to pay up to $800 annually into the recovery fund upon initial registration and renewal, with the board maintaining a minimum fund balance of $800,000.

• Limits fund distributions to appraisers who have obtained final court judgments for unpaid appraisal fees and court costs, with pro rata distribution among multiple claimants if fund balance is insufficient.

• Amends requirements for appraisal management company ownership to prohibit ownership by persons with revoked appraiser licenses and requires owners of more than 10% to undergo fingerprint-based criminal history background checks through the FBI and Mississippi Department of Public Safety.

• Becomes effective July 1, 2014, and requires the board to publish annual financial statements for the recovery fund within 120 days of fiscal year end.