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2017 SESSION

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SB 1573 Appraisal management companies; compensation of appraiser within 30 days of delivery of report.

Introduced by: Frank W. Wagner | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Appraisal management companies; compensation to appraisers. Requires that an appraisal management company compensate the appraiser within 30 days of the initial delivery by the appraiser of the completed appraisal report, except in the case of breach of contract or noncompliance with the conditions of the engagement or performance of services that violate the Uniform Standards of Professional Appraisal Practice.

SUMMARY AS PASSED SENATE:

Appraisal management companies; compensation to appraisers. Requires that an appraisal management company compensate the appraiser within 30 days of the initial delivery by the appraiser of the completed appraisal report, except in the case of breach of contract or an appraisal that contains one or more documented errors of law, regulation, appraisal standards, or reasonable requirements of the appraisal management company that have not been corrected by the appraiser. The bill also prohibits an appraisal management company from contracting with an appraiser who is a current employee of the appraisal management company or allowing an employee of the same appraisal management company to complete appraisal services.

SUMMARY AS INTRODUCED:

Appraisal management companies; compensation to appraisers. Requires that an appraisal management company compensate the appraiser within 30 days of the initial delivery by the appraiser of the completed appraisal report.