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 exemptions from certain provisions for appraisal firms, federally regulated appraisal management companies, and those with smaller appraisal panels. Additionally, it outlines the requirements for ownership of appraisal management companies, emphasizing that individuals with a history of disciplinary actions against their appraiser licenses cannot hold ownership stakes.

Further amendments include stipulations for record retention, requiring appraisal management companies to maintain detailed records of service requests and retain them for five years. The bill mandates that these records must be available for inspection by the board upon request. It also modifies the process for removing independent appraisers from panels, ensuring that prior written notice is given, along with evidence of any misconduct. Overall, the bill aims to strengthen oversight and accountability within the appraisal management sector 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