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MS HB1229
Bill
Status
Failed
2/5/2019
Primary Sponsor
Henry Zuber
Click for details
AI Summary
- Reduces the payment timeline for appraisal management companies from sixty days to thirty days after an independent contract appraiser provides a completed appraisal report
- Exceptions to the thirty-day requirement include bona fide breach of contract, substandard performance of services, or alternate payment terms agreed upon by both parties
- Requires appraisal management companies to certify annually to the commission that they have systems in place to meet this payment requirement
- Prohibits appraisal management companies from preventing appraisers from disclosing the fee paid to the appraiser in the appraisal report, though companies may specify the format and location of disclosure
- Effective date is July 1, 2019
Legislative Description
Appraisal management companies; require payment to independent contract appraiser within 30 days after report is provided to company.
Last Action
Died In Committee
2/5/2019
Committee Referrals
Judiciary A1/21/2019
Full Bill Text
No bill text available