Senate Bill 351
Enrolled Senate Bill (S)
DIGEST
Appraisal management companies. Provides that an appraisal management company that engages a real estate appraiser as an independent contractor as described in the statute concerning appraisal management companies to perform an appraisal shall pay the real estate appraiser for the appraisal not later than: (1) the deadline indicated by the payment terms set forth in: (A) the contract or agreement between the appraisal management company and the real estate appraiser; or (B) the real estate appraiser's invoice, if such a contract or agreement: (i) does not exist; or (ii) exists but does not specify any payment terms; or (2) 45
Appraisal management companies. Provides that an appraisal management company that engages a real estate appraiser as an independent contractor as described in the statute concerning appraisal management companies to perform an appraisal shall pay the real estate appraiser for the appraisal not later than: (1) the deadline indicated by the payment terms set forth in: (A) the contract or agreement between the appraisal management company and the real estate appraiser; or (B) the real estate appraiser's invoice, if such a contract or agreement: (i) does not exist; or (ii) exists but does not specify any payment terms; or (2) 45
days after the delivery of the appraisal report to the appraisal management company if a contract, an agreement, or an invoice: (A) does not exist with respect to the appraisal; or (B) exists but does not specify any payment terms. Specifies exceptions to an appraisal management company's obligation to pay at the required times, in the case of the following: (1) A breach of the contract between the appraisal management company and the real estate appraiser. (2) The inclusion in the appraisal report of significant and material documented errors. (3) The failure of the real estate appraiser's scope of work to meet or exceed: (A) the expectations of parties in similar assignments; and (B) what the actions of the real estate appraiser's peers would be in similar assignments. Provides that an appraisal management company may not prohibit a real estate appraiser from including in an appraisal report the real estate appraiser's fee amount for preparing the appraisal. Requires an appraisal management company that qualifies as an appraisal management company under federal law to pay to the real estate appraiser licensure and certification board (board) the annual AMC registry fee, as established by the Appraisal Subcommittee of the Federal Financial Institutions Examination Council (Appraisal Subcommittee). Sets forth the formula for determining the amount of the fee. Requires the board to transmit the AMC registry fees collected to the Appraisal Subcommittee on an annual basis. Authorizes the real estate commission to adopt and amend rules to implement these provisions and to conform the AMC registry fee imposed by the board with the AMC registry fee established by the Appraisal Subcommittee. Makes a technical change.
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