HB 2664

Abstract

Amends the State Finance Act. Establishes the Appraisal Management Company Recovery Fund. Amends the Appraisal Management Company Registration Act. Provides that the Real Estate Appraisal Administration Disciplinary Board may charge a fee, not to exceed $800, to be paid at the time of submission of an original application and each renewal application, for a license as an appraisal management company. Provides that such fees shall be deposited in the Appraisal Management Company Recovery Fund. Provides that the Board shall administer the fund for the purpose of providing restitution to certified general and residential real estate appraisers who have suffered pecuniary loss due to appraisal management companies ceasing to be registered with the Board. Provides that the amount paid to an appraiser shall equal the actual amount of appraisal fees proven to be owed to the appraiser by the relevant appraisal management company, and any reasonable and appropriate court costs associated with determining the final judgment in favor of the appraiser. Provides that any monies remaining in the fund at the close of the fiscal year shall not lapse, but shall be carried forward into the succeeding fiscal year. Provides that the fund is not subject to sweeps, administrative charge-backs, or any other fiscal or budgetary maneuver that would transfer any amounts from the fund into any other fund of the State. Authorizes the Department of Financial and Professional Responsibility to adopt rules ensuring that the balance of the fund shall not fall below $900,000, and suspend imposing fees when the balance of the fund is $900,000. Effective immediately.