SB 1060 Summary

• Amends 59 O.S. 2011, Section 858-822 to authorize appraisers to recertify completed appraisals under specific conditions when requested by mortgage lenders for new loan transactions.

• Establishes seven mandatory conditions for appraisal recertification, including that the original appraisal must be no more than 30 days old and the mortgagor must pay the recertification fee.

• Sets the maximum recertification fee at 25% of the original appraisal fee paid by the mortgagor.

• Maintains existing prohibitions on appraisal management companies (AMCs) altering appraisals without appraiser consent and clarifies when appraisals may be reused for different transactions through the recertification process.

• Effective date: November 1, 2013.