SB 53

Session
Regular Session 2018
Title
Appraisers and appraisal managerial companies, fees charged to be disclosed separately and distinctly, Alabama Real Estate Appraisers Board may adopt rules
Description

Under existing law, an appraisal management company may coordinate the appraisal of real estate for a fee

This bill would require the appraisal fee and any fee charged by the appraisal management company to be disclosed separately and distinctly on the closing statement

This bill would also authorize the Alabama Real Estate Appraisers Board to adopt applicable rules

Relating to real estate appraisers and appraisal management companies; to require the disclosure of certain appraisal fees; and to authorize the Alabama Real Estate Appraisers Board to adopt applicable rules.

Subjects
Appraisals
View Original PDF: SB 53 - Introduced - PDF

Under existing law, an appraisal management company may coordinate the appraisal of real estate for a fee

This bill would require the appraisal fee and any fee charged by the appraisal management company to be disclosed separately and distinctly on the closing statement

This bill would also authorize the Alabama Real Estate Appraisers Board to adopt applicable rules

Relating to real estate appraisers and appraisal management companies; to require the disclosure of certain appraisal fees; and to authorize the Alabama Real Estate Appraisers Board to adopt applicable rules.

Section 1

(a) When residential real estate valuation services are ordered in connection with any real estate transaction and the valuation services are coordinated by an appraisal management company, as defined in Section 34-27A-2, Code of Alabama 1975, the appraisal fee and any fee charged by the appraisal management company shall be disclosed separately and distinctly on the closing statement. (b) The Alabama Real Estate Appraisers Board may adopt applicable rules pursuant to this act.

Section 2

This act shall become effective on the first day of the third month following its passage and approval by the Governor, or its otherwise becoming law.

No articles found.
Action Date Chamber Action
January 9, 2018SRead for the first time and referred to the Senate committee on Banking and Insurance
2018-03-21
Chamber: Senate
Result: Passed
2018-03-06
Chamber: House
Result: Failed
2018-02-20
Chamber: House
Result: Passed
2018-02-01
Chamber: Senate
Result: Passed
2018-02-01
Chamber: Senate
Result: Passed