MS HB472

Extends the repeal date of Section 73-34-103 from July 1, 2016 to July 1, 2019, maintaining the requirement that appraisal management companies obtain registration from the Mississippi Real Estate Appraiser Licensing and Certification Board to conduct business in the state.

Requires appraisal management company applicants to submit a $20,000 surety bond payable to the State of Mississippi to protect persons who suffer damages from breach of contract or violations of law.

Mandates registration applications include company name, business address, contact information, ownership details for 10% or more stakeholders, and a designated controlling person as main contact with the commission.

Requires certifications that the company verifies appraisers hold valid licenses, complies with Uniform Standards of Professional Appraisal Practice (USPAP), uses only licensed appraisers for federally related transactions, and maintains independence standards with reasonable appraiser compensation.

Effective date of July 1, 2016, with registrations valid for one year and subject to renewal with substantially similar information.