GENERAL ASSEMBLY OF NORTH CAROLINA
SENATE BILL 573
Short Title: Appraisal Assignment Modifications.
Senator Gunn (Primary Sponsor).
Rules and Operations of the Senate
April 3, 2017
A BILL TO BE ENTITLED
AN ACT to modify the law related to appraisal assignments.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 93E‑2‑4(i) reads as rewritten:
"(i) For appraisal
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
SECTION 2. This act becomes effective October 1, 2017.