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2012 SESSION

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HB 210 Real estate appraisal management companies; includes feed paid to appraiser in appraisal reports.

Introduced by: Jackson H. Miller | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED HOUSE: (all summaries)

Regulation of real estate appraisal management companies.  Adds definitions of "appraisal services” and "appraiser" and provides exemptions from licensure for certain entities. The bill also (i) authorizes the Board, beginning July 1, 2014, to issue a license to a person or entity to do business as an appraisal management company in the Commonwealth provided such person or entity meets certain requirements set out in the bill; (ii) requires the Board to require an appraisal management company as a condition of licensure to execute a performance agreement and provide collateral to the Board in form of cash, letter of credit, or bond in an amount sufficient as reasonably determined by the Board to secure the payment of the obligations of the licensee for its transactions in the Commonwealth for a period not less than 12 months; (iii) increases the civil penalty from not more than $2,500 to $10,000 for willful violations by a real estate appraisal management company; and (iv) requires the disclosure on the settlement statement of any fees paid to a real estate appraisal management company. The bill requires the Real Estate Appraiser Board to adopt emergency regulations to implement the provisions of the bill.


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