SENATE BILL 427

Sponsored By:

Senator Dorman

Entitled:

Licensed and Certified Real Estate Appraisers - Scope of Practice and Payment by Lenders

Synopsis:

Expanding the definition of providing real estate appraisal services to include valuation of any real estate in the State that will result in the total indebtedness of a person that exceeds $1; prohibiting a lender that enters into a contract with a licensed or certified real estate appraiser from making payment dependent on a factual finding of the appraisal or from withholding payment after 90 days under specified circumstances; etc.

History by Legislative Date

Senate Action

2/2

First Reading Finance

2/6

Hearing 2/14 at 1:00 p.m.

2/26

Unfavorable Report by Finance

House Action

No Action

Bill indexed under the following Subjects:

APPRAISALS

BANKS AND TRUST COMPANIES

CIVIL ACTIONS -see also- SMALL CLAIMS

CONTRACTS -see also- LAND INSTALLMENT CONTRACTS; PROCUREMENT

CREDIT UNIONS

FINANCIAL INSTITUTIONS -see also- BANKS; CREDIT UNIONS; etc.

LICENSES -see also- ALCOHOLIC BEV LIC; DRIVERS' LICENSES

MORTGAGES

PENALTIES

REAL ESTATE -see also- AGENTS AND BROKERS

SAVINGS AND LOAN ASSOCIATIONS

Bill affects the following Statutes:

Business Occupations and Professions

( 16-101 , 16-702 )

Real Property

( 14-127 )

Documents:

Bill Text: First Reading (PDF), Third Reading, Enrolled

Fiscal Note: Available (PDF)

Amendments: None offered