SB 1060 Summary

• Amends 59 O.S. 2011, Section 858-822 to prohibit appraisal management companies (AMCs) from altering, modifying, or changing completed appraisals without the appraiser's written consent, including restrictions on removing signatures, adding/removing information, or using appraisals for other transactions.

• Authorizes independent appraisers to recertify completed appraisals upon request and payment of a recertification fee, with AMCs required to request recertification under specific conditions involving loan transfers between lenders.

• Establishes seven conditions for mandatory recertification: original appraisal requested by first lender, mortgagor changes to subsequent lender, subsequent lender requests recertification for same property and mortgagor, mortgagor has paid original fee and agrees to pay recertification fee, original appraisal not more than 30 days old, and subsequent lender accepts recertified appraisal.

• Sets maximum recertification fee at 25% of the original appraisal fee, to be paid by the mortgagor at time of recertification request.

• Effective date: November 1, 2013.