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.
CONFORM APPRAISER FEES/TRUTH IN LENDING.
Printer-friendly: Click to view
| View NCGA Bill Details | 2017-2018 Session |
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.
Status: Ref To Com On Rules, Calendar, and Operations of the House (House Action) (Apr 13 2017)
Bill History:
-
Tue, 11 Apr 2017 House: Filed
-
Thu, 13 Apr 2017 House: Passed 1st Reading
-
Thu, 13 Apr 2017 House: Ref To Com On Rules, Calendar, and Operations of the House
H 851
Bill Summaries:
-
Bill H 851 (2017-2018)Summary date: Apr 13 2017 - View Summary
View: All Summaries for Bill