Amends GS 93E-2-4(i), pertaining to the requirement for appraisal management companies to provide appraisers customary and reasonable compensation. Requires an appraisal management company to compensate appraisers for appraisal assignments of one- to four-family dwellings (currently, for appraisal assignments of property secured by the principal dwelling of the consumer) in compliance with section 129E(i) of the federal Truth in Lending Act (15 USC 1601 et seq) and regulations promulgated thereunder. Eliminates the requirement for the North Carolina Appraisal Board to base its rules establishing customary and reasonable rates on objective third party information, such as academic studies and independent private sector surveys. Effective October 1, 2017.
APPRAISAL ASSIGNMENT MODIFICATIONS.
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View NCGA Bill Details(link is external) | 2017-2018 Session |
AN ACT TO MODIFY THE LAW RELATED TO APPRAISAL ASSIGNMENTS.Intro. by Gunn.
Status: Ref To Com On Rules and Operations of the Senate (Senate Action) (Apr 3 2017)
Bill History:
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Thu, 30 Mar 2017 Senate: Filed(link is external)
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Mon, 3 Apr 2017 Senate: Passed 1st Reading(link is external)
S 573
Bill Summaries:
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Bill S 573 (2017-2018)Summary date: Mar 31 2017 - View Summary
View: All Summaries for Bill