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 financial institutions. It mandates that appraisal management companies maintain detailed records of service requests and retain these records for five years. The bill also stipulates that records must be available for inspection by the board upon request. Furthermore, it modifies the conditions under which an independent appraiser can be removed from an appraiser panel, requiring prior written notice and evidence of specific violations if applicable.

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