AN ACT TO AMEND THE LAWS REGULATING REAL ESTATE APPRAISERS. Enacted August 23, 2013. Sections 10 and 11 are effective August 23, 2013. The remainder is effective January 1, 2014.
Summary date: Sep 3 2013 - More information
Summary date: Jul 17 2013 - More information
Senate committee substitute makes the following changes to the 3rd edition.
Amends 93E-1-6, now titled Qualifications for registration, licensure, and certification; applications; application fees; examinations, providing for the licensure as a licensed real estate appraiser, requiring written application to the Board on the forms prescribed by the Board, which sets forth the applicant's qualifications for licensure. Provides that applicants desiring to be licensed real estate appraisers must satisfy four requirements, (1) hold an associate's degree or higher from an accredited college, community college, or university, (2) demonstrate to the Board that the applicant possesses the knowledge and competence necessary to perform appraisals of real property by having satisfactorily completed a course of instruction of at least 150 hours of classroom instruction, with specified subjects, completed on or after January 1, 2008, (3) present evidence of at least 2,500 hours, or the minimum required by the federal government if greater, of experience in real estate appraising within the immediately preceding eight-year period preceding the date of the application and over at least a two calendar year period, and (4) satisfy any additional criteria as may be imposed by the Board.
Provides that applicants that desire to become certified residential real estate appraisers must hold a bachelor's degree from an accredited college or university (previously, required a qualified associate's degree or provided for certain equivalencies to the requirement of a bachelor's degree).
Provides that applicants that desire to become certified general real estate appraisers must hold a bachelor's degree or higher from an accredited college or university (previously, provided for certain equivalencies to the requirement of a bachelor's degree).
Deletes proposed changes to sections GS 93E-1-9, concerning nonresident registration and certification, GS 93E-1-11(a), concerning specified duties of the Executive Director of the Board, and GS 93E-2-6, concerning fees and renewals.
Amends GS 114-19.30, making conforming changes, providing for criminal history record checks of applicants for appraiser licensure.
Deletes proposed section 93E-2-12, Appraisal Management Company Recovery Fund.
Authorizes the Legislative Research Commission to study issues relating to the NC Appraisal Board, limited to the advisability of establishing a recovery fund to provide restitution to appraisers. Sets out six items the Commission can study, including the need for the fund and whether a surety bond is adequate and conducting a cost benefit analysis of the recovery fund. Effective when the act becomes law.
Summary date: Jun 27 2013 - More information
House committee substitute makes the following changes to the 2nd edition.
Deletes previous changes made to GS 93E-1-6(a), (2)a and (3)a, regarding requirements for certification as a residential or general real estate appraiser.
Deletes Section 7 from the act, which contained a new proposed section, GS 93E-1-15, payment of fees by electronic means.
Amends proposed section GS 93E-2-12, Appraisal Management Company Recovery Fund, making clarifying changes to subsection (b). Makes organizational and clarifying changes to subsection (d) and (e).
Summary date: Jun 13 2013 - More information
House committee substitute makes the following changes to the 1st edition.
Amends GS 93E-1-6, concerning qualifications for registration and certification for real estate appraisers, deleting language referring to the licensure or to licensed real estate appraisers.
Amends GS 93E-1-9, changing title to Nonresident registration and certification, and GS 93E-1-11(a), deleting any mention of licensure or licensed real estate appraisers, in lieu of referring to registered or certified real estate appraisers.
Amends GS 93E-2-4, providing that in order to be registered as an appraisal management company, the registration must include, among other things, a certification that the entity has a trust or escrow account in which a portion of all receipts from the entity's clients are to be paid to appraisers are deposited into the account when the fees are received (previously, only required the entity to obtain a surety bond). Provides that registered appraisal management companies must ensure that appraisers receive fees within 45 days (was, 30 days).
Deletes provisions concerning the surety bond requirement and provides new language requiring the trust or escrow account of registered appraisal management companies to be a demand deposit account in a federally insured depository institution lawfully doing business in North Carolina that agrees to make the institution's records of the appraisal management company's trust or escrow account available for inspection by the Commission's representatives. Deletes language in GS 93E-2-6 that required each applicant for registration or renewal as an appraisal management company to pay $500 into the Appraisal Management Company Recovery Fund.
Amends GS 93E-2-8, Disciplinary authority, deleting language regarding the maintenance of a surety bond. Establishes that an appraisal management company can be disciplined for commingling the appraisal fees owed to appraisers with the appraisal management company's operating or other funds or for failure to maintain and deposit in a trust or escrow account in a bank as required. Adds language that allows the Board to conduct financial audits of the trust or escrow accounts, without prior approval. Requires the management company to provide written authorization to the bank to release such information as needed to inspect those records. Establishes that the Board is exempt from the requirements of GS 53B, which requires the issuance of subpoenas to compel the production of a licensee's trust account records.
Deletes previously included new section GS 93E-2-12, Appraisal Management Company Recovery Fund.
Amends GS 93E-2-9, adding subsection (c1), requiring every appraisal management company to meet specified recordkeeping requirements in regards to the trust and escrow account.
Deletes provision providing that persons previously certified or licensed by the Board are deemed to have met specified requirements of this act.
Amends effective date to July 1, 2014 (was, January 1, 2014).
Summary date: Jun 12 2013 - More information
House committee substitute to the first edition to be summarized.
Summary date: Apr 4 2013 - More information
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.
Summary date: Apr 3 2013 - More information
To be summarized.
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