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Senate Bill 0324


Senate Bill 0324

ARCHIVE (2009)

Latest Information

 

DIGEST OF INTRODUCED BILL


Real estate appraisals. Prohibits certain interested persons in a real estate transaction from influencing or attempting to influence: (1) the independent judgment of a real estate appraiser; or (2) the development, reporting, result, or review of an appraisal. Sets forth certain acts that constitute a prohibited attempt to influence an appraiser or an appraisal. Requires a creditor that regularly issues mortgage loans in Indiana to do the following: (1) Ensure that its process for obtaining or reviewing appraisals for its mortgage loans is isolated from its mortgage loan origination process. (2) Ensure that the borrower in a mortgage loan is provided a free copy of any appraisal report concerning the subject real estate not later than three days before the loan closing. (3) Establish a toll free telephone number and an electronic mail address for receiving complaints from interested parties concerning attempts to influence appraisals prepared in connection with the creditor's mortgage loans. (4) Report the results of the creditor's investigations of complaints received to the real estate appraiser licensure and certification board (board). (5) Establish an appraisal review program or quality control process designed to review at least 10% of the appraisals prepared in connection with the creditor's mortgage loans. (6) Report annually to the board the results of each periodic review conducted under the review program or quality control process. Prohibits a creditor in a mortgage loan from using an appraisal report: (1) prepared by an appraiser employed by the creditor or an affiliate of the creditor; or (2) obtained through an appraisal company owned by the creditor or an affiliate; except under certain circumstances. Provides that certain participants in real estate
    Current Status:
     In Committee - first House
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