Bill Summary for H 851 (2017-2018)

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Summary date: 

Apr 13 2017

Bill Information:

View NCGA Bill Details2017-2018 Session
House Bill 851 (Public) Filed Tuesday, April 11, 2017
AN ACT TO CONFORM THE LAW ON THE COMPENSATION OF APPRAISERS BY APPRAISAL MANAGEMENT COMPANIES TO THE FEDERAL TRUTH-IN-LENDING ACT AS INTERPRETED BY THE CONSUMER FINANCIAL PROTECTION BUREAU'S REGULATION Z AND TO REPLACE AN INCONSISTENT REFERENCE TO PRINCIPAL DWELLINGS WITH A REFERENCE TO ONE- TO FOUR-FAMILY RESIDENTIAL DWELLINGS.
Intro. by Ross, Setzer.

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Bill summary

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 residential 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 January 1, 2017.