The bill amends several sections of the North Dakota Century Code to enhance the regulation of appraisal management companies. Key definitions are clarified, including the introduction of the term "federally regulated appraisal management company," which refers to companies owned by insured depository institutions and regulated by federal agencies. The bill also specifies the functions of appraisal management services and outlines the requirements for ownership of appraisal management companies, ensuring that individuals with a history of disciplinary actions against their appraiser licenses cannot hold ownership stakes.

Additionally, the bill establishes exemptions for certain entities from the provisions of the chapter, including federally regulated appraisal management companies and those with smaller appraisal panels. It mandates that appraisal management companies maintain detailed records of service requests and retain these records for five years, with provisions for board inspection. The amendments also include changes to the process of removing independent appraisers from panels, requiring prior written notice and evidence of misconduct. Overall, the bill aims to strengthen oversight and ensure compliance within the appraisal management industry in North Dakota.

Statutes affected:
PREFILED: 43-23.5-01, 43-23.5-07, 43-23.5-08, 43-23.5-15, 43-23.5-21
Adopted by the Senate Industry and Business Committee: 43-23.5-01, 43-23.5-07, 43-23.5-08, 43-23.5-15, 43-23.5-21
Enrollment: 43-23.5-01, 43-23.5-07, 43-23.5-08, 43-23.5-15, 43-23.5-21
INTRODUCED: 43-23.5-01, 43-23.5-07, 43-23.5-08, 43-23.5-15, 43-23.5-21