Bill Summary for S 600 (2015-2016)

Summary date: 

Jun 21 2016

Bill Information:

View NCGA Bill Details2015-2016 Session
Senate Bill 600 (Public) Filed Thursday, March 26, 2015
AN ACT TO REQUIRE APPRAISAL MANAGEMENT COMPANIES TO COMPENSATE APPRAISERS IN COMPLIANCE WITH FEDERAL LAW AND TO ALLOW FEDERAL APPELLATE JUDGES TO PERFORM MARRIAGE CEREMONIES.
Intro. by Meredith, Rabon.

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Bill summary

House amendment makes the following changes to the 4th edition.

Amends proposed GS 93E-2-4(i) to provide that for appraisal assignments of property secured by the principal dwelling of the consumer (was, for appraisal assignments of one- to four-family dwellings), an appraisal company must compensate appraisers in compliance with section 129E(i) of the federal Truth in Lending Act and associated regulations. Adds the requirement that rules establishing customary and reasonable rates be based on objective third-party information.

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