A BILL TO BE ENTITLED AN ACT TO AMEND THE LAWS REGULATING REAL ESTATE APPRAISERS.
Amends GS 93E-1-3(a), providing that a registered trainee can prepare an appraisal report under the supervision of a certified real estate appraiser (previously, a registered trainee could prepare an appraisal report under the supervision of a licensed or certified appraiser). Makes changes throughout to remove reference to licensed appraisers.
Amends GS 93E-1-6 (Qualifications for registration and certification; applications; application fees; examinations), providing that an applicant for certification as a certified residential real estate appraiser or certified general real estate appraiser must hold a bachelor's degree from an accredited college or university (or community college in the case of residential appraiser). Also requires an applicant to have satisfactorily completed a course of instruction in real estate appraisal principles; such courses must have been completed on or after January 1, 2008. Extends the experience period in which one must obtain a specified number of experience hours or the minimum requirement as imposed by the Appraisal Foundation to an eight-year period immediately preceding the date of the application (was, five-year period immediately preceding). Requires all applicants to consent to a criminal history record check, refusal of which can serve as grounds for denial of an application. Provides the policy, procedures, and processes for the record checks and safekeeping of confidential information.
Amends GS 93E-1-6.1 (Trainee supervision), requiring all trainees and any appraisers desiring to supervise a trainee to complete a course in trainee supervision, as required in rules adopted by the North Carolina Appraisal Board (Board).
Amends GS 93E-1-8 (Education program approval and fees), making technical and conforming changes.
Amends GS Chapter 93E by creating a new 93E-1-15 (Payment of fees by electronic means), providing that the Board may allow any of its fees to be paid through electronic means. A processing fee that does not exceed the actual cost to the Board for the processing can be charged.
Amends GS 93E-2-4 (Qualifications for registration; duties of registrants), providing that the registration issued by the Board to appraisal management companies will certify that the entity has established a trust or escrow account in which the portion of all receipts from the entity's clients that are to be paid to appraisers are deposited into the account when the fees are received from the entity's client. This certification will also include the name of the financial institution in which the account is established. Also requires that the trust or escrow account will be a demand deposit account in a federally insured depository institution conducting lawful business in North Carolina that agrees to make the institution's records of the appraisal management company's accounts available for inspection. Also requires that registered appraisal management companies ensure that appraisers receive fees within 45 days of the date the appraisal is transmitted.
Amends GS 93E-2-6 by adding a new subsection, GS 93E-2-6(d), providing that the Board may allow any of its fees to be paid through electronic means. A processing fee that does not exceed the actual cost to the Board for the processing can be charged.
Amends GS 93E-2-8 (Disciplinary authority), providing that if an applicant or registrant has commingled appraisal fees owed to appraisers with the appraisal management company's operating or other funds, or failed to maintain proper trust or escrow accounts, the Board can deny, suspend, revoke, or refuse to issue or renew the registration of an appraisal management company. Provides that all financial records related to the required trust or escrow account will be subject to audit for cause or random audit, subject to the discretion of the Board. Inspection of these records does not require prior notice. Written authorization will be given to the bank, allowing the bank to release any and all requested information, relative to the accounts, to the parties authorized under this section to inspect those records. Provides the Board is exempt from the requirements of GS Chapter 53B, regarding subpoenas issued to compel the production of a licensee's trust account records held by an appraisal management company.
Amends GS 93E-2-9 by adding a new subsection, GS 93E-2-9(c1), requiring every appraisal management company to maintain complete records showing the deposit, maintenance, and withdrawal of appraisal fees held in escrow or in trust for appraisers. The Board can require copies of these records to be sent to them. The CEO or financial officer of the appraisal management company will certify under oath to the veracity and accuracy of the copies. Expenses associated with these records will be borne by the company.
Amends GS 114-19.30 (Criminal history record check of applicants or registrants for registration as real estate appraisal management companies), changing title of the section to Criminal history record check of applicants for trainee registration appraiser certification, or registrants for registration as real estate appraisal management companies. Provides that the Department of Justice can also provide to the NC Appraisal Board, from the State and National Repositories of Criminal Histories, the criminal history of any applicant or registrant for registration under Article 1 of GS 93E (was, only applicants or registrants under Article 2 of GS 93E).
Effective July 1, 2014.
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