ENGROSSED SENATE
BILL NO. 1198	By:	Anderson of the Senate

			and

		Jackson of the House

An Act relating to appraisal management companies; amending 59 O.S. 2011, Section 858-821, which relates to payment; decreasing time period for certain payment; and providing an effective date.

BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1.     AMENDATORY     59 O.S. 2011, Section 858-821, is amended to read as follows:
Section 858-821.  Each AMC shall, except in bona fide cases of breach of contract or substandard performance of services, make payment to an appraiser for the completion of an appraisal or valuation assignment within sixty (60) thirty (30) days of the date on which the appraiser transmits or otherwise provides the completed appraisal or valuation study to the AMC or its assignee unless a mutually agreed upon alternate arrangement has been previously established.
SECTION 2.  This act shall become effective November 1, 2012.
Passed the Senate the 5th day of March, 2012.

	
	Presiding Officer of the Senate

Passed the House of Representatives the ____ day of __________, 2012.

	
	Presiding Officer of the House
	of Representatives