NC S573

Modifies G.S. 93E-2-4(i) to change the scope of appraisal assignment compensation requirements from "property secured by the principal dwelling of the consumer" to "one- to four-family residential dwellings."

Requires appraisal management companies to compensate appraisers in compliance with section 129E(i) of the federal Truth in Lending Act (15 U.S.C. § 1601 et seq.) and its implementing regulations.

Removes the requirement that the Board adopt rules establishing customary and reasonable appraisal rates based on objective third-party information such as academic studies and independent private sector surveys.

The North Carolina Board retains authority to adopt rules necessary to enforce appraisal compensation requirements under federal law.

Effective date: October 1, 2017.