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2008 SESSION

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SB 158 Wet Settlement Act; lender's disclosure of charges for appraisal and valuation.

Introduced by: A. Donald McEachin | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Wet settlement act; lender's disclosure of appraisal information. Requires any lender providing a loan secured by a first mortgage on real estate containing not more than four residential dwelling units to disclose on the settlement statement any fee charged to the borrower for an appraisal and any fee charged to the borrower for a valuation or opinion of value prepared using an automated or other mechanism prepared by a person who is not licensed as an appraiser.

SUMMARY AS PASSED SENATE:

Wet settlement act; lender's disclosure of appraisal information.  Requires any lender providing a loan secured by a first mortgage on real estate containing not more than four residential dwelling units to disclose on the settlement statement whether the borrower is being charged a fee for an appraisal prepared by a certified residential real estate appraiser or a valuation or opinion of value prepared using an automated or other mechanism prepared by a person who is not licensed as a certified real estate appraiser.

SUMMARY AS INTRODUCED:

Wet settlement act; lender's disclosure of appraisal information.  Requires any lender providing a loan secured by a first mortgage on real estate containing not more than four residential dwelling units to disclose on the settlement statement whether the borrower is being charged for an appraisal or a valuation using an automated or other mechanism for valuing the property.