AN ACT TO BAR CIVIL ACTIONS FILED AFTER THE PERIOD OF RECORD RETENTION ESTABLISHED UNDER THE UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE OR FIVE YEARS, WHICHEVER IS GREATER, AND TO REQUIRE APPRAISAL MANAGEMENT COMPANIES TO ACCEPT CRIMINAL BACKGROUND CHECKS PERFORMED WITHIN THE PRECEDING TWELVE MONTHS.
Amends GS 1-51 concerning certain civil actions that must be commenced or filed in five years providing that such actions can be brought against licensed, certified, or registered real estate appraisers or trainees within (1) five years of the date the appraisal was performed or (2) within the time period required for retention of the work file for the appraisal, whichever is greater.
Amends GS 93E-2-4 to provide that if registered appraisal management companies require criminal background checks as a condition of employment or other type of work relationship, then they must accept criminal background checks that (1) have been conducted in the previous 12 months and (2) substantially conform to the requirements of GS 93E-2-11.
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