Bill Text: SC S0877 | 2017-2018 | 122nd General Assembly | Comm Sub
Bill Title: Appraisal management company registration requirements
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2018-05-31 - Act No. 197 [S0877 Detail]
Download: South_Carolina-2017-S0877-Comm_Sub.html
COMMITTEE AMENDMENT ADOPTED AND AMENDED
March 13, 2018
S. 877
S. Printed 3/13/18--S.
Read the first time January 9, 2018.
A BILL
TO AMEND SECTION 40-60-330(B)(11) OF THE 1976 CODE, RELATING TO APPRAISAL MANAGEMENT COMPANY REGISTRATION REQUIREMENTS, TO PROVIDE THAT THE REGISTRATION REQUIRED IN SECTION 40-60-330(A) MUST INCLUDE A SURETY BOND IN AN AMOUNT NOT TO EXCEED FIFTY THOUSAND DOLLARS.
Amend Title To Conform
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 40-60-330(B)(11) of the 1976 Code is amended to read:
"(11) a detailed statement of current financial condition of the entity on a form approved by the board or a surety bond in an amount not to exceed fifty thousand dollars, whichever the registering appraisal management company selects;"
SECTION 2. Section 40-1-70 of the 1976 Code is amended by adding an appropriately numbered new subsection to read:
"( ) filing claims against any surety bond on a form approved by a board and in accordance with procedures established by the board in regulation."
SECTION 3. Section 40-60-330 of the 1976 Code is amended by adding an appropriately lettered new subsection to read:
"( ) The registration requirement provided in subsection (B)(11), whether a financial statement or a surety bond is selected, does not apply to individual appraisers or individual appraisers serving on an appraisal panel of an appraisal management company. Appraisal management companies shall be responsible for any cost of a surety bond as required by subsection (B)(11)."
SECTION 4. This act takes effect upon approval by the Governor.
