GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 2017

S                                                                                                                                                     1

SENATE BILL 573

Short Title:      Appraisal Assignment Modifications.		(Public)
Sponsors:	Senator Gunn (Primary Sponsor).
Referred to:	Rules and Operations of the Senate

April 3, 2017

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.