Bill Summary for S 462 (2019-2020)

Summary date: 

Jun 27 2019

Bill Information:

View NCGA Bill Details2019-2020 Session
Senate Bill 462 (Public) Filed Monday, April 1, 2019
AN ACT TO REPLACE NORTH CAROLINA EDUCATION REQUIREMENTS TO BECOME A LICENSED OR CERTIFIED APPRAISER WITH THE REQUIREMENTS OF THE APPRAISAL FOUNDATION APPRAISER QUALIFICATIONS BOARD, TO ALLOW THE NORTH CAROLINA APPRAISAL BOARD TO COLLECT NEW FEES, TO MAKE OTHER MODIFICATIONS THAT WOULD ALLOW NORTH CAROLINA APPRAISAL MANAGEMENT COMPANIES TO BE PLACED ON THE APPRAISAL MANAGEMENT COMPANY NATIONAL REGISTRY, AND TO MODIFY CERTAIN JMAC AWARDS.
Intro. by Burgin, McInnis, Wells.

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Bill summary

Senate committee substitute to the 1st edition makes the following changes.

Further modifies the proposed changes to GS 93E-1-6, concerning the qualifications for licensure and certification as a real estate appraiser. Adds a high school diploma or its equivalent to the requirements of applicants for registration, licensure, or certification. Makes further conforming and technical changes.

Further amends GS 93E-1-9, concerning nonresident licensure and certification, to remove the qualification for out of state applicants to be of a state which offers real estate appraiser licensing or certification privileges to NC residents. Makes additional conforming changes. 

Modifies the proposed changes to GS 93E-2-6 to require the NC Appraisal Board (Board) to collect from registrants any additional fees required pursuant to 12 USC 3338 (Roster of State certified or licensed appraisers; authority to collect and transmit fees) to render NC registered appraisal management companies and federally regulated appraisal management companies eligible to perform services in connection with federally related transactions (previously, did not include rendering federally regulated appraisal management companies eligible).

Amends GS 93E-2-2(a)(1), defining appraisal management company. Under current law, the term excludes six entities and persons. Modifies the exclusions, now providing for their exemption from registration with the Board (rather than for their exclusion from the term). Adds to the exemptions an appraisal management company that is a subsidiary owned and controlled by a financial institution regulated by a federal financial institution regulatory agency pursuant to specified federal law.

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