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NC S829

Bill

Status

Passed

7/22/2010

Primary Sponsor

Clark Jenkins

Click for details

Origin

Senate

2010 Session

AI Summary

  • Requires registration with the North Carolina Appraisal Board for all real estate appraisal management companies beginning January 1, 2011, with initial registration fees not to exceed $3,500 and annual renewal fees not to exceed $2,000.

  • Establishes prohibited practices for appraisal management companies including influencing appraisers through coercion, withholding payment, threatening removal from panels, or providing predetermined valuation targets.

  • Mandates each registered company designate a certified real estate appraiser as compliance manager and maintain records of licensing verification, appraiser competencies, quality control reviews, and service requests for five years.

  • Grants the Board authority to deny, suspend, or revoke registration and impose civil penalties up to $10,000 per violation for non-compliance, false applications, or violations of appraisal standards.

  • Authorizes the Board to conduct criminal history background checks on applicants and registrants, with convictions not automatically disqualifying but considered against specific factors including crime severity and time elapsed.

Legislative Description

Regulation of Appraisal Management Companies

Last Action

Ch. SL 2010-141

7/22/2010

Committee Referrals

Finance6/10/2010
Commerce, Small Business, and Entrepreneurship8/6/2009
Finance3/25/2009

Full Bill Text

No bill text available