Bill Text: CA AB1796 | 2009-2010 | Regular Session | Amended

California Assembly Bill 1796 (Prior Session Legislation)

Bill Title: Appraisal management companies.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Introduced - Dead) 2010-04-20 - In committee: Set, second hearing. Held under submission. [AB1796 Detail]

Download: California-2009-AB1796-Amended.html

BILL NUMBER: AB 1796	AMENDED
	BILL TEXT

	AMENDED IN ASSEMBLY  MARCH 24, 2010

INTRODUCED BY   Assembly Member Hall

                        FEBRUARY 10, 2010

   An act to add Section 11345.8 to the Business and Professions
Code, relating to real estate appraisers.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 1796, as amended, Hall. Appraisal management companies.
   Existing law, the Real Estate Appraisers' Licensing and
Certification Law, provides for the licensure and regulation of real
estate appraisers and vests the duty of enforcing and administering
that law in the Office of Real Estate Appraisers. Existing law
requires appraisal management companies, as defined, to register with
the Office of Real Estate Appraisers, and subjects those entities to
the provisions of the Real Estate Appraisers' Licensing and
Certification Law.
   This bill would require the Director of the Office of Real Estate
Appraisers to adopt specified regulations governing appraisal
management companies.
   Vote: majority. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  In 2009, the Legislature enacted Senate Bill 237
(Chapter 173 of the Statutes of 2009) to require appraisal management
companies (AMCs) to register with the Office of Real Estate
Appraisers (OREA) and be subject to the provisions of the Real Estate
Appraisers' Licensing and Certification Law (Part 3 (commencing with
Section 11300) of Division 4 of the Business and Professions Code).
The Legislature finds and declares that further delineation of the
authority of OREA is necessary to clarify its ability to regulate the
activities of AMCs.
  SEC. 2.  Section 11345.8 is added to the Business and Professions
Code, to read:
   11345.8.  The director shall  adopt regulations governing
appraisal management company activities, including, but not limited
to,   include in the next set of regulations that are
adopted following enactment of this section, guidance regarding 
the following:
   (a)  Use   Assignment  of out-of-area
appraisers  by appraisal management companies  .
   (b)  Timeliness   The appraisal management
company role in timeliness  and accuracy of  employed or
retained  appraisers' work product. 
   (c) Conflict of interest guidelines regarding referrals from a
controlling lender or title company.  
   (c) Conflicts of interest. 
   (d) Maintenance of policies  by appraisal management companies
 that ensure compliance with the requirements of Section 1090.5
of the Civil Code.