Real estate appraisal management companies; includes feed paid to appraiser in appraisal reports. (HB210)
Introduced By
Del. Jackson Miller (R-Manassas)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
✓ |
Signed by Governor |
☐ |
Became Law |
Description
Regulation of real estate appraisal management companies. Adds definitions of "appraisal services and "appraiser" and provides exemptions from licensure for certain entities. The bill also (i) authorizes the Board, beginning July 1, 2014, to issue a license to a person or entity to do business as an appraisal management company in the Commonwealth provided such person or entity meets certain requirements set out in the bill; (ii) requires the Board to require an appraisal management company as a condition of licensure to execute a performance agreement and provide collateral to the Board in form of cash, letter of credit, or bond in an amount sufficient as reasonably determined by the Board to secure the payment of the obligations of the licensee for its transactions in the Commonwealth for a period not less than 12 months; (iii) provides that the fees charged by an appraisal management company and fees paid to appraisers shall be separately reflected on the good faith estimate provided by the lender and on the settlement statement; (iv) increases the civil penalty from not more than $2,500 to $10,000 for willful violations by a real estate appraisal management company; and (v) requires the disclosure on the settlement statement of any fees paid to a real estate appraisal management company. The bill requires the Real Estate Appraiser Board to adopt emergency regulations to implement the provisions of the bill. Read the Bill »
Outcome
History
Date | Action |
---|---|
01/09/2012 | Committee |
01/09/2012 | Prefiled and ordered printed; offered 01/11/12 12102594D |
01/09/2012 | Referred to Committee on General Laws |
01/13/2012 | Assigned GL sub: #1 Housing |
01/17/2012 | Impact statement from DPB (HB210) |
02/08/2012 | Subcommittee recommends reporting with amendment(s) (7-Y 0-N) |
02/09/2012 | Reported from General Laws with substitute (21-Y 0-N) (see vote tally) |
02/09/2012 | Committee substitute printed 12105248D-H1 |
02/12/2012 | Read first time |
02/13/2012 | Read second time |
02/13/2012 | Passed by temporarily |
02/13/2012 | Committee substitute agreed to 12105248D-H1 |
02/13/2012 | Engrossed by House - committee substitute HB210H1 |
02/14/2012 | Read third time and passed House BLOCK VOTE (100-Y 0-N) |
02/14/2012 | VOTE: BLOCK VOTE PASSAGE (100-Y 0-N) (see vote tally) |
02/15/2012 | Constitutional reading dispensed |
02/15/2012 | Referred to Committee on General Laws and Technology |
02/20/2012 | Impact statement from DPB (HB210H1) |
02/27/2012 | Committee substitute printed 12105639D-S1 |
02/27/2012 | Reported from General Laws and Technology with substitute (15-Y 0-N) (see vote tally) |
02/29/2012 | Impact statement from DPB (HB210S1) |
02/29/2012 | Constitutional reading dispensed (40-Y 0-N) (see vote tally) |
02/29/2012 | Read third time |
02/29/2012 | Reading of substitute waived |
02/29/2012 | Committee substitute agreed to 12105639D-S1 |
02/29/2012 | Engrossed by Senate - committee substitute HB210S1 |
02/29/2012 | Passed Senate with substitute (39-Y 0-N) (see vote tally) |
02/29/2012 | Placed on Calendar |
02/29/2012 | Passed by temporarily |
02/29/2012 | Senate substitute agreed to by House 12105639D-S1 (83-Y 0-N) |
02/29/2012 | VOTE: ADOPTION (83-Y 0-N) (see vote tally) |
03/05/2012 | Enrolled |
03/05/2012 | Bill text as passed House and Senate (HB210ER) |
03/05/2012 | Impact statement from DPB (HB210ER) |
03/05/2012 | Signed by Speaker |
03/07/2012 | Signed by President |
03/30/2012 | G Approved by Governor-Chapter 405 (effective - see bill) |
03/30/2012 | G Acts of Assembly Chapter text (CHAP0405) |