Introduced Senate Bill (S)

Authored by

DIGEST

Appraisal management practices. Provides that an appraisal management company that engages a real estate appraiser to perform an appraisal shall pay the real estate appraiser for the appraisal to be performed not later than: (1) the: (A) payment date; or (B) occurrence of a specified event upon which payment is to be made; that is set forth in the contract or agreement between the appraisal management company and the real estate appraiser; or (2) 30 days after the return of the appraisal to the appraisal management company by the real estate appraiser, if: (A) a contract or agreement between the Appraisal management practices. Provides that an appraisal management company that engages a real estate appraiser to perform an appraisal shall pay the real estate appraiser for the appraisal to be performed not later than: (1) the: (A) payment date; or (B) occurrence of a specified event upon which payment is to be made; that is set forth in the contract or agreement between the appraisal management company and the real estate appraiser; or (2) 30 days after the return of the appraisal to the appraisal management company by the real estate appraiser, if: (A) a contract or agreement between the appraisal management company and the real estate appraiser does not exist with respect to the appraisal; or (B) a contract or agreement exists but does not specify a date by which, or an event upon the occurrence of which, the appraisal company is to pay the real estate appraiser for the appraisal. Provides that an appraisal management company may not prohibit a real estate appraiser from including in an appraisal the real estate appraiser's costs and fees for preparing the appraisal. Makes a technical change. ... View more