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2017 SESSION

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17102071D
SENATE BILL NO. 1573 Offered January 20, 2017 A BILL to amend and reenact § 54.1-2022.1 of the Code of Virginia, relating to appraisal management companies; compensation to appraisers. ---------- Patron-- Wagner ---------- Referred to Committee on General Laws and Technology ----------

Be it enacted by the General Assembly of Virginia:

1. That § 54.1-2022.1 of the Code of Virginia is amended and reenacted as follows:

§ 54.1-2022.1. Appraiser compensation; timely payment.

A. An appraisal management company shall compensate appraisers in compliance with § 129E(i) of the federal Truth in Lending Act (15 U.S.C. § 1601 et seq.) and regulations promulgated thereunder.

B. An appraisal management company shall compensate the appraiser within 30 days of the initial delivery by the appraiser of the completed appraisal report.