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OK SB1198
Bill
Status
3/6/2012
Primary Sponsor
Michael Jackson
Click for details
AI Summary
SB 1198 Summary
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Amends 59 O.S. 2011, Section 858-821, regarding payment requirements for appraisal management companies (AMCs).
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Reduces the required payment timeframe for appraisers from sixty (60) days to thirty (30) days after submission of completed appraisal work.
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Payment deadline applies to appraisers unless there is a bona fide case of breach of contract or substandard performance of services.
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Allows for mutually agreed upon alternate payment arrangements between AMCs and appraisers.
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Effective date: November 1, 2012.
Legislative Description
Appraisal management companies; decreasing time period for certain payment. Effective date.
Professions and Occupations
Last Action
CR; Do Pass Economic Development, Tourism and Financial Services Committee
4/5/2012