GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2017
S D
SENATE BILL DRS15144-MM-92 (03/15)
Short Title: Appraisal Assignment Modifications. |
(Public) |
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Sponsors: |
Senator Gunn (Primary Sponsor). |
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Referred to: |
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A BILL TO BE ENTITLED
AN ACT to modify the law related to appraisal assignments.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 93E‑2‑4(i) reads as rewritten:
"(i) For appraisal
assignments of property secured by the principal dwelling of the consumer, one‑
to four‑family residential dwellings, an appraisal management company
shall compensate appraisers in compliance with section 129E(i) of the federal
Truth in Lending Act (15 U.S.C. § 1601 et seq.) and regulations promulgated
thereunder. The Board shall adopt rules necessary to enforce this subsection.
Rules establishing customary and reasonable rates shall be based on objective
third‑party information, such as academic studies and independent private
sector surveys."
SECTION 2. This act becomes effective October 1, 2017.