Bill Text: NC H851 | 2017-2018 | Regular Session | Amended

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Bill Title: Conform Appraiser Fees/Truth in Lending

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2017-04-13 - Ref To Com On Rules, Calendar, and Operations of the House [H851 Detail]

Download: North_Carolina-2017-H851-Amended.html

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GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 2017

H                                                                                                                                                    1

HOUSE BILL 851

 

 

Short Title:      Conform Appraiser Fees/Truth in Lending.		(Public)
Sponsors:	Representatives Ross and Setzer (Primary Sponsors). For a complete list of sponsors, refer to the North Carolina General Assembly web site.
Referred to:	Rules, Calendar, and Operations of the House

April 13, 2017

A BILL TO BE ENTITLED

AN ACT to conform the law on the compensation of appraisers by appraisal management companies to the federal truth‑in‑lending act as interpreted by the Consumer Financial Protection Bureau's Regulation Z and to replace an inconsistent reference to principal dwellings with a reference to one‑ to four‑family residential dwellings.

The General Assembly of North Carolina enacts:

SECTION 1.  G.S. 93E‑2‑4(i) reads as rewritten:

"(i)       For appraisal assignments of property secured by the principal dwelling of the consumer, one‑ to four‑family residential dwellings, an appraisal management company shall compensate appraisers in compliance with section 129E(i) of the federal Truth in Lending Act (15 U.S.C. § 1601 et seq.) and regulations promulgated thereunder. The Board shall adopt rules necessary to enforce this subsection. Rules establishing customary and reasonable rates shall be based on objective third‑party information, such as academic studies and independent private sector surveys."

SECTION 2.  This act becomes retroactively effective January 1, 2017.