AN ACT TO REPLACE NORTH CAROLINA EDUCATION REQUIREMENTS TO BECOME A LICENSED OR CERTIFIED APPRAISER WITH THE REQUIREMENTS OF THE APPRAISAL FOUNDATION APPRAISER QUALIFICATIONS BOARD, TO ALLOW THE NORTH CAROLINA APPRAISAL BOARD TO COLLECT NEW FEES, TO MAKE OTHER MODIFICATIONS THAT WOULD ALLOW NORTH CAROLINA APPRAISAL MANAGEMENT COMPANIES TO BE PLACED ON THE APPRAISAL MANAGEMENT COMPANY NATIONAL REGISTRY, AND TO MODIFY CERTAIN JMAC AWARDS. SL 2019-146. Enacted July 22, 2019. Sections 1-3 are effective October 1, 2019. The remainder is effective July 22, 2019.
Bill Summaries: S462 (2019-2020 Session)
Summary date: Jul 22 2019 - View summary
Summary date: Jun 28 2019 - View summary
Senate committee substitute to the 2nd edition makes the following changes.
Amends GS 143B-437.012(d) regarding grant eligibility requirements under the Job Maintenance and Capital Development Fund. Concerning the eligibility requirements for a "heritage manufacturing employer," adds a new provision to allow an agreement with the business to provide that the grant paid out over the term of the agreement be in varying annual payments and in amounts deviating from the factors listed in subsection (l) of the statute for any individual payment, so long as the factors are considered in the aggregate award to be paid to the business over the entire term of the agreement. Makes conforming changes to the act's long title.
Summary date: Jun 27 2019 - View summary
Senate committee substitute to the 1st edition makes the following changes.
Further modifies the proposed changes to GS 93E-1-6, concerning the qualifications for licensure and certification as a real estate appraiser. Adds a high school diploma or its equivalent to the requirements of applicants for registration, licensure, or certification. Makes further conforming and technical changes.
Further amends GS 93E-1-9, concerning nonresident licensure and certification, to remove the qualification for out of state applicants to be of a state which offers real estate appraiser licensing or certification privileges to NC residents. Makes additional conforming changes.
Modifies the proposed changes to GS 93E-2-6 to require the NC Appraisal Board (Board) to collect from registrants any additional fees required pursuant to 12 USC 3338 (Roster of State certified or licensed appraisers; authority to collect and transmit fees) to render NC registered appraisal management companies and federally regulated appraisal management companies eligible to perform services in connection with federally related transactions (previously, did not include rendering federally regulated appraisal management companies eligible).
Amends GS 93E-2-2(a)(1), defining appraisal management company. Under current law, the term excludes six entities and persons. Modifies the exclusions, now providing for their exemption from registration with the Board (rather than for their exclusion from the term). Adds to the exemptions an appraisal management company that is a subsidiary owned and controlled by a financial institution regulated by a federal financial institution regulatory agency pursuant to specified federal law.
Summary date: Apr 1 2019 - View summary
Amends GS 93E-1-6, concerning the qualifications for licensure and certification as a real estate appraiser. Eliminates the existing education requirements for registration as a trainee, application for licensure as a licensed real estate appraiser, application for certification as a certified residential real estate appraiser, and application for certification as a certified general real estate appraiser. Instead, requires each applicant for registration, licensure, or certification to (1) successfully complete education, experience, and examination as required by The Appraisal Foundation Appraiser Qualifications Board for each level of registration, licensure, or certification and (2) satisfy any additional education or experience requirements the NC Appraisal Board (Board) imposes by rule. Requires the applicant to pay the fee for the required competency examination directly to the private testing service rather than to the Board to defray the cost of testing administered by private service. Eliminates the requirement for each applicant for licensure or certification as a real estate appraiser to pass a competency examination. Adds that action will be deferred pending a hearing before the Board for any applicant that has not affirmatively demonstrated satisfaction of the requirements for licensure (previously, only applies to registration and certification). Makes conforming changes.
Amends GS 93E-1-9, removing provisions concerning nonresident real estate trainee registration. Authorizes the Board to undertake to license or certify on a reciprocal basis persons licensed or certified in another state if the appraiser licensing and certification program of the other state is in compliance with 12 USC 3331, et seq. (regarding the Appraisal Subcommittee of Federal Financial Institutions Examinations Council [Appraisal Subcommittee]; previously required the Board to deem the person to possess qualifications equivalent to NC resident licensed or certified real estate appraisers).
Enacts GS 93E-2-6, requiring the Board to collect from registrants any additional fees required pursuant to 12 USC 3338 (Roster of State certified or licensed appraisers; authority to collect and transmit fees) to render NC registered appraisal management companies eligible to perform services in connection with federally related transactions. Directs the Board to remit the additional fees to the Appraisal Management Company (AMC) National Registry of the Appraisal Subcommittee. Further authorizes the Board to collect a fee from an appraisal management company that is a subsidiary wholly owned and controlled by a financial institution in order to be eligible to be placed on the AMC National Registry.
The above provisions apply to registrations, licensures, and certifications issued on or after October 1, 2019.
Amends GS 93E-2-7, prohibiting an appraisal management company from requiring or attempting to require an appraiser to prepare an appraisal if the appraiser might have a direct or indirect interest in the property or transaction involved. Prohibits any appraisal management company procuring or facilitating an appraisal in connection with a consumer credit transaction secured by the principal dwelling of a consumer to have a direct or indirect interest in the property or transaction involved.