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2015 SESSION

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SB 1445 Appraisal management companies; appraiser compensation.

Introduced by: Stephen H. Martin | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED SENATE:

Appraisal management companies; compensation of appraisers. Provides for an appraisal management company to compensate appraisers in compliance with § 129E(i) of the federal Truth in Lending Act (15 U.S.C. § 1601 et seq.).

SUMMARY AS INTRODUCED:

Appraisal management companies; payment of fees to appraisers; disclosure. Provides for an appraisal management company to compensate appraisers at a rate that is customary and reasonable for appraisals being performed in the market area of the property being appraised. The bill also requires an appraisal management company to provide a separate statement to the client disclosing (i) the fees paid to an appraiser for appraisal services and (ii) the fees charged by the appraisal management company for services associated with the management of the appraisal process.