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2012 SESSION
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.
FULL TEXT
- 01/09/12 House: Prefiled and ordered printed; offered 01/11/12 12102594D pdf | impact statement
- 02/09/12 House: Committee substitute printed 12105248D-H1 pdf | impact statement
- 02/27/12 Senate: Committee substitute printed 12105639D-S1 pdf | impact statement
- 03/05/12 House: Bill text as passed House and Senate (HB210ER) pdf | impact statement
- 03/30/12 Governor: Acts of Assembly Chapter text (CHAP0405) pdf
HISTORY
- 01/09/12 House: Prefiled and ordered printed; offered 01/11/12 12102594D
- 01/09/12 House: Referred to Committee on General Laws
- 01/13/12 House: Assigned GL sub: #1 Housing
- 02/08/12 House: Subcommittee recommends reporting with amendment(s) (7-Y 0-N)
- 02/09/12 House: Reported from General Laws with substitute (21-Y 0-N)
- 02/09/12 House: Committee substitute printed 12105248D-H1
- 02/12/12 House: Read first time
- 02/13/12 House: Read second time
- 02/13/12 House: Passed by temporarily
- 02/13/12 House: Committee substitute agreed to 12105248D-H1
- 02/13/12 House: Engrossed by House - committee substitute HB210H1
- 02/14/12 House: Read third time and passed House BLOCK VOTE (100-Y 0-N)
- 02/14/12 House: VOTE: BLOCK VOTE PASSAGE (100-Y 0-N)
- 02/15/12 Senate: Constitutional reading dispensed
- 02/15/12 Senate: Referred to Committee on General Laws and Technology
- 02/27/12 Senate: Committee substitute printed 12105639D-S1
- 02/27/12 Senate: Reported from General Laws and Technology with substitute (15-Y 0-N)
- 02/29/12 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/29/12 Senate: Read third time
- 02/29/12 Senate: Reading of substitute waived
- 02/29/12 Senate: Committee substitute agreed to 12105639D-S1
- 02/29/12 Senate: Engrossed by Senate - committee substitute HB210S1
- 02/29/12 Senate: Passed Senate with substitute (39-Y 0-N)
- 02/29/12 House: Placed on Calendar
- 02/29/12 House: Passed by temporarily
- 02/29/12 House: Senate substitute agreed to by House 12105639D-S1 (83-Y 0-N)
- 02/29/12 House: VOTE: ADOPTION (83-Y 0-N)
- 03/05/12 House: Enrolled
- 03/05/12 House: Bill text as passed House and Senate (HB210ER)
- 03/05/12 House: Signed by Speaker
- 03/07/12 Senate: Signed by President
- 03/30/12 Governor: Approved by Governor-Chapter 405 (effective - see bill)
- 03/30/12 Governor: Acts of Assembly Chapter text (CHAP0405)