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MS SB2869
Bill
Status
Passed
3/22/2019
Primary Sponsor
Rita Potts Parks
Click for details
AI Summary
- Reduces the payment timeline for appraisal management companies to pay independent contract appraisers from 60 days to 30 days after receiving the completed appraisal report
- Maintains exceptions allowing extended payment timelines for bona fide contract breaches, substandard service performance, or alternate payment terms mutually agreed upon by the appraiser and company
- Requires appraisal management companies to certify annually to the commission that they have a system in place to meet the 30-day payment requirement
- Permits appraisers to disclose the fee paid to them in the appraisal report body, though companies may specify the format and location of such disclosure
- Takes effect July 1, 2019
Legislative Description
Appraisal management companies; reduce the number of days by which an independent contract appraiser must be paid for appraisal services.
Last Action
Approved by Governor
3/22/2019
Committee Referrals
Banking and Financial Services2/19/2019
Business and Financial Institutions1/21/2019
Full Bill Text
No bill text available